The insurers have been ordered to overhaul compensation structures, strengthen sales oversight and submit externally reviewed remediation plans by November.
The authorities searched nine locations and made 15 arrests linked to suspected fraudulent practices at an insurance exam centre for FLMI qualification.
The regulator said it had imposed conditions on the licence renewals of two broker companies in early June after identifying weaknesses in their controls.
The move extends the Insurance Authority's remuneration framework to the bancassurance channel, requiring banks to spread the bulk of their commissions over at least five years.
The Insurance Authority has urged insurers and brokers to strengthen self-reporting and oversight after inspections found recurring governance and due diligence gaps.
Conduct issues still lead to complaints, but complaints are down YoY, with a comparison of data from the first half of 2024 revealing a further downward trend.
The Monetary Authority of Singapore (MAS) has issued a five-year prohibition order against six former agents of Great Eastern Financial Advisers, who were convicted for tax evasion offences. The six were...
