The Monetary Authority of Singapore, the General Insurance Association of Singapore, the Life Insurance Association and the Singapore Reinsurers’ Association have joined forces to establish the Insurance Culture and Conduct Steering Committee (ICCSC).
The idea is to foster “sound culture and strengthen standards of conduct” among all insurers in Singapore.
MAS said it is trying to promote prudent risk-taking and robust risk management that support safety and soundness, and “ethical business practices that safeguard consumer interest and ensure fair dealing.
The ICCSC is chaired by Dr Khoo Kah Siang, chief executive of Manulife (Singapore).
It comprises members from 12 other insurers in Singapore, who have responsibilities in business, distribution, risk management, legal, compliance, operations and human resource.
The group will monitor trends and identify emerging issues, collaborate with MAS on initiatives such as self-assessments and the development of good practice guides, and champion adoption of good practices.
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.”
“Long term success of the insurance industry is built on the premise that consumers can rely on recommended products and solutions to meet their needs,” said Dr Khoo Kah Siang, chairman of the ICCSC. “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.”

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