MAS Forms New Industry Steering Committee for Insurance Sector
MAS, along with the General Insurance Association of Singapore (GIA), the Life Insurance Association (LIA), and the Singapore Reinsurers’ Association (SRA), announced establishment of the Insurance Culture and Conduct Steering Committee (ICCSC) to foster sound culture and strengthen standards of conduct among insurers in Singapore. MAS is deepening its engagement with insurers to promote prudent risk-taking and robust risk management that support the safety and soundness of insurers.
The newly formed Committee is chaired by Dr Khoo Kah Siang, the Chief Executive Officer of Manulife (Singapore) and comprises members from 12 other insurers in Singapore. The Committee will monitor trends, identify emerging issues, collaborate with MAS on initiatives such as industry self-assessments and the development of good practice guides, and champion adoption of good practices by the insurance industry including distributors.
Keywords: Asia Pacific, Singapore, Insurance, ICCSC, Steering Committee, Risk Management, MAS
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