The Insurance Authority has urged insurers and brokers to strengthen self-reporting and oversight after inspections found recurring governance and due diligence gaps.
Investigators from the Fair Trade Commission visited the headquarters of eight insurers to secure materials linked to corporate group accident insurance tenders.
The agency had also affirmed the insurer’s A+ financial strength rating for its key life/health subsidiaries, alongside affirming the parent’s “a-” issuer credit rating.
The proposals would require agencies to set clearer standards for recommendations, give customers fuller explanations and strengthen internal oversight.
An internal probe found 11 secondees across seven agencies removed 379 items of operational data, prompting tighter controls and one-month voluntary pay cuts for senior executives.
