Specifically, the MAS has highlighted situations where it would “need to take pre-emptive measures to safeguard the interests of policyholders, without any intention of cancelling the registration of the insurer.”
The regulator also wants powers to allow foreign supervisers to inspect insurers in Singapore, provide supervisory information to home regulators and the insurer’s head office or parent company, and inspect the overseas branches and subsidiaries of Singapore-incorporated insurers.
The removal of key personnel from insurers, both in terms of those about to be appointed and those already in existing roles, is a further action the MAS wishes to take.
For the full consultation paper details go here.
