Monetary Authority of Singapore establishes Insurance Culture and Conduct Steering Committee

The Monetary Authority of Singapore, the General Insurance Association of Singapore, the Life Insurance Association and the Singapore Reinsurers’ Association have announced the establishment of the Insurance Culture and Conduct Steering Committee.

The Insurance Culture and Conduct Steering Committee (ICCSC) will foster sound culture and strengthen standards of conduct among insurers in Singapore.

The Monetary Authority of Singapore (MAS) is deepening its engagement with insurers to promote prudent risk-taking and robust risk management that support the insurer’s safety and soundness, and ethical business practices that safeguard consumer interest and ensure fair dealing.

The ICCSC will be chaired by Dr Khoo Kah Siang, Chief Executive Officer, Manulife (Singapore), and comprises members from 12 other insurers in Singapore, who have responsibilities in business, distribution, risk management, legal, compliance, operations and human resource.

It 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.

Ho Hern Shin, Assistant Managing Director (Banking and Insurance), MAS, said “Good culture and conduct helps insurers and their distributors do what is right and ethical by their customers, and build strong business resilience. The establishment of the ICCSC demonstrates the industry’s commitment to these objectives. MAS looks forward to active collaboration with the ICCSC.”

Khoo Kah Siang, Chairman, ICCSC, said “The right culture will foster the right conduct in employees and sales representatives - to do the right thing and serve the best interest of their customers. Our committee looks forward to working with MAS, the insurance industry and related associations, to elevate the culture and conduct standards of the industry.”