Singapore’s financial regulator and several insurance industry associations have jointly established a steering committee, which seeks to “foster sound culture and strengthen standards of conduct” among members of the industry.
The Insurance Culture and Conduct Steering Committee (ICCSC) was formed by the Monetary Authority of Singapore (MAS), the General Insurance Association of Singapore (GIA), the Life Insurance Association (LIA) and the Singapore Reinsurers’ Association (SRA), according to a statement from the financial regulator.
The committee is chaired by Dr Khoo Kah Siang, CEO of Manulife Singapore, and is part of MAS’s thrust to promote prudent risk-taking and robust risk management that support the insurer’s safety and soundness, as well as ethical business practices that safeguard consumer interest and ensure fair dealing, the statement said.
Aside from Khoo, the committee is comprised of representatives from 12 other re/insurers. These are: Munich Re, AXA, Great Eastern, AXA XL, Asia Capital Re, MSIG, Chubb, HSBC Life, AIG, Allianz, NTUC Income, and Swiss Re.
According to MAS, the committee will monitor trends and identify emerging issues, collaborate with MAS on initiatives such as industry self-assessments and the development of good practice guides, and champion adoption of good practices by the insurance industry, including distributors and intermediaries.
“Good culture and conduct helps insurers and their distributors do what is right and ethical by their customers, and build strong business resilience,” said Ho Hern Shin, MAS’s assistant managing director for banking and insurance. “The establishment of the ICCSC demonstrates the industry’s commitment to these objectives. MAS looks forward to active collaboration with the ICCSC.”