The measures provide 90-day grace periods for premiums, coverage extensions, and loan repayments, with report submissions given a 30-day extension without fines or penalties.
Single premium sales jumped 36.5%, while banks remained the largest distribution channel for new business, accounting for S$593m (US$466m) of weighted premiums.
Reinsurer supports FSA’s proposed AIR rules, which would require Japanese life insurers to strengthen stress testing, oversight, and collateral management.
The parties have six months to conclude negotiations and market analysts believe a deal appears more credible than RHB Bank’s earlier, unsuccessful attempt in 2019.
