Singapore insurance, finance firms to reopen June 02

Regulator says it will strictly monitor businesses' compliance with safety rules

Singapore insurance, finance firms to reopen June 02

Insurance News

By Gabriel Olano

The Monetary Authority of Singapore (MAS) has announced that financial institutions will be allowed to reopen more of their service locations, beginning June 02.

According to a statement by the regulator, insurance companies, brokers, fund managers, and similar businesses will re-open to accommodate essential customer transactions. These include opening accounts, updating account information, dealing with insurance policy enquiries, and processing claims and applications for relief measures. Money changing services will also resume.

The move is in line with the Ministry of Health’s three-phased approach to resume business operations.

From June 02 onward, financial companies will be allowed to hold in-person meetings with their customers at their business premises, but they need approval from the MAS and must implement safety measures to minimise the risk of COVID-19 infections. All meetings must be conducted strictly on an appointment basis, and customers and staff are required to use the TraceTogether contact tracing app while holding the meeting. The staff will also be required to wear a face shield on top of a face mask.

The MAS will conduct onsite inspections as to whether the companies are adhering to safe management requirements, especially at customer-facing locations. It also said that it will take action against firms that fail to comply.

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