Cir No: FSG 28/2001

ID 5/2000/PT23

 

18 May 2001

 

To: All Principal Officers and Chief Executive Officers
All Direct Insurers,  Direct General Insurance Brokers and Direct Life Insurance Brokers

 

Dear Sir/Madam

TRAINING AND COMPETENCY REQUIREMENTS FOR INSURANCE INTERMEDIARIES : PHASE  TWO OF NEW MODULAR TRAINING PROGRAMME

  
1           Currently, general insurance intermediaries are required to hold a minimum qualification in the Certificate of General Insurance before they sell general insurance products.  Life insurance advisers are subject to the training and competency  requirements spelled out in MAS Circular No : FSG 26/2001 dated 11 May 2001 arising from recommendations made by the Committee on Efficient Distribution of Life Insurance (CEDLI).

Introduction of Employees' Benefits and Healthcare modules on 1 Jan 2002

2           In line with CEDLI's recommendations, two new modules will be introduced on 1 Jan 2002, namely, Employees' Benefits and Healthcare modules.  In addition to the requirements in paragraph 1, life and general insurance intermediaries who advise or sell healthcare or employees' benefits products must take these modules before they sell such products.  

• From 1 Jan 2002, all new life and general insurance intermediaries must pass the relevant modules before they can provide advice or sell any of such products.
  
• To allow a smooth transition, existing insurance intermediaries advising or selling these products are given a period of three months from 1 Jan 2002 to pass these modules.
   

3           Insurers are not allowed to accept any business from any persons who have not obtained the required qualifications. 

4           The Singapore College of Insurance (SCI) is currently working on the details of the new syllabi.  Please contact SCI for any administration matters on the above modules or examinations.

 

Yours faithfully

(Sent thru' MASNET)

MRS HAUW SOO HOON
EXECUTIVE DIRECTOR
INSURANCE DEPARTMENT
FINANCIAL SUPERVISION GROUP