MAS Seeks Comments on Proposed Regulatory Framework for
Accident & Health Insurance

Singapore, 16 October 2003...The Monetary Authority of Singapore (MAS) today released a consultation paper on the proposed regulatory framework for accident & health insurance (A&H) and invites public comments.

2   MAS first sought the public's comments on an A&H framework in August 2002. This consultation paper incorporates feedback from the August 2002 consultation and includes details on the operations of the revised framework.  

3   This consultation paper focuses on the operational details of the framework and aims to:

• describe the scope of the proposed regulatory framework for A&H insurance business
• explain the re-classification of life and general insurance business
• explain the activities that insurers and insurance intermediaries are allowed to undertake
• detail the operational requirements of A&H insurance products' sales process - disclosure, fact-finding, and needs analysis
• describe the reporting and reserving requirements with respect to the proposed risk-based capital framework and
• present the Draft Notice on Disclosure and Advisory Process Requirements for A&H insurance products

4   To establish the proposed A&H regulatory framework, the Insurance Act will be amended. The proposed changes to the Act are expected to take effect on 1 January 2004.

5   The consultation paper is posted on the MAS website www.mas.gov.sg and comments should reach MAS by 17 November 2003. Interested parties may email their comments to hicon03@mas.gov.sg. 

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For the entire consultation paper, please go to our web site:

http://www.mas.gov.sg -> publications-> MAS Consultation Paper -> Consultation Paper on the Proposed Regulatory Framework for Accident & Health Insurance Business