In response to a letter in The Straits Times calling on MAS to impose regulations pertaining to sales practices for investment products sold by banks to consumers, specifically by having a cooling-off period, MAS said this is covered by existing rules on sales practices under the Financial Advisers Act (FAA). MAS added that it has and will take supervisory actions against financial institutions and their representatives who fail to comply with these rules.
Thailand and Singapore Strengthen Cooperation in Insurance Supervision
Bangkok, Thailand, 26 September 2019… The Monetary Authority of Singapore (MAS) and the Office of Insurance Commission (OIC), Thailand, have today signed a Memorandum of Understanding (MOU) to strengthen cooperation in insurance supervision.
2 Dr. Suthiphon Thaveechaiyagarn, Secretary General of the OIC, Thailand, said, “The good relationship between OIC and MAS in terms of insurance supervision has been developed for a long time. This MoU is an important step which will provide OIC and MAS with a committed approach to working more closely. The MoU will advance a framework for cooperation, exchange of information and assistance in insurance supervision between two authorities as well as facilitating mutual development of the insurance sector in both jurisdictions.”
3 Mr. Ong Chong Tee, Deputy Managing Director (Financial Supervision), MAS, said, “This MOU affirms the strong relationship between MAS and OIC, as well as our mutual interest to enhance insurance supervision and collaboration in both our jurisdictions. It further deepens partnerships between insurance regulators in ASEAN.”
4 The MOU on insurance supervision was signed by Dr. Suthiphon Thaveechaiyagarn, Secretary General, OIC and Mr. Daniel Wang, Executive Director (Insurance Department), MAS, in Bangkok at the sidelines of the annual Thailand Insurance Expo.
About the Office of Insurance Commission
The Office of Insurance Commission manages the supervision of insurance companies, brokers and agents and promotes the development of business conducts of insurance companies. OIC also builds the confidence and accessibilities, strengthens the capacity and promotes the infrastructure of the insurance system.
About the Monetary Authority of Singapore
As Singapore’s central bank, the Monetary Authority of Singapore (MAS) promotes sustained, non-inflationary economic growth through the conduct of monetary policy and close macroeconomic surveillance and analysis. It manages Singapore’s exchange rate, official foreign reserves, and liquidity in the banking sector. As Singapore’s integrated financial supervisor, MAS fosters a sound financial services sector through its prudential oversight of all financial institutions in Singapore – banks, insurers, capital market intermediaries, financial advisors, and stock exchanges. It is also responsible for well-functioning financial markets, sound conduct, and investor education. MAS works with the financial industry to promote Singapore as a dynamic international financial centre. It facilitates the development of infrastructure, adoption of technology, and upgrading of skills in the financial industry.