Informs insurers of the consequential amendments as well as other amendments to certain Notices arising from the Banking (Amendment) Act 2020.
MAS Notice 211 - Minimum and Best Practice Training and Competency Standards for Direct General Insurers
Requirements and best practice standards for direct general insurers in relation to training and competency for their insurance agents and other relevant persons.
This notice applies to all direct general insurers other than marine mutual insurers and financial guarantee insurers.
It sets out:
(a) Requirements for a direct general insurer in relation to its insurance agents;
(b) Minimum examination requirements for a direct general insurer in relation to the training and competency of its staff, staff of a service provider and its insurance agents; and
(c) Best practice standards to be observed in respect of its staff, staff of a service provider and its insurance agents.