Dear Sir/Madam
TRAINING & COMPETENCE FOR SPECIALISED PRODUCTS
The objective of the CEDLI recommendation on Training & Competence is to ensure safeguard of consumers' interest by having competent insurance advisers. The T&C initiatives on training hours and company T&C plan have already been implemented. Another CEDLI T&C initiative on Modular Training Programme will be implemented on 1 July 2001 and 1 January 2002.
2 In the face of fast changing financial landscape, life insurers are launching new and sometimes complex products for existing and new market segments. Principals of insurance advisers are reminded to put in place similar high standard of training and competence requirements for their insurance advisers to ensure the provision of appropriate advice for the sale of these specialised products. Specialised products include disability income insurance, Supplementary Retirement Scheme (SRS) insurance, Takaful and long-term care insurance.
Yours sincerely,
MRS HAUW SOO HOON
EXECUTIVE DIRECTOR
INSURANCE DEPARTMENT
FINANCIAL SUPERVISION GROUP
