A statement issued by the MAS on Thursday revealed that Aviva had been ordered to pay a fine on 19 June this year after it allowed three of its representatives to provide financial advice when they were not licensed to do so.
Between 26 November 2010 and 17 December 2013, the three representatives advised on life policies either directly, through publications or in writing.
They also arranged contracts of insurance for life policies.
During this time, the representatives were not legally allowed to provide advice as they were not appointed representatives or provisional representatives for that type of financial advisory service.
Aviva was subsequently fined $5,000 ($3,635, €3,333, £2,334) for contravening regulations.
A spokesperson from Aviva said: “We take all regulatory matters seriously. The deemed breach occurred before 2013 within one segment of our group insurance (also known as employee insurance) business.
“Since then, we have worked with MAS to ensure compliance with the regulations. The team has received the Representative Notification Framework licence deemed necessary.
“We remain committed to providing the highest quality of service to all our corporate and individual customers.”
