Insurers now required to submit information to MAS web aggregator | Singapore Informer

SINGAPORE: A Bill was passed in Parliament on Monday (Jul 13) to amend the Insurance Act. The changes are to complement earlier amendments made to the Financial Advisers Act and to raise the standards and professionalism of the financial advisory industry.

The Monetary Authority of Singapore (MAS), in collaboration with the Consumers Association of Singapore (CASE), the Life Insurance Association and MoneySENSE, has launched web aggregator compareFIRST for life insurance policies.

compareFIRST is an internet portal that enables consumers to compare premiums, key benefits and features of life policies from different insurers and is designed to help consumers make more informed decisions when purchasing life insurance.

The Bill allows MAS to require insurers to submit information for the web aggregator and to specify the fees payable by insurers for its development, operation and maintenance and use.

Mirroring the amendments made to the Financial Advisers Act, the Bill also sets a limit to upfront commissions and spreads the total commissions paid on a life policy over a specified period.

MAS will also be able to prescribe matters relating to the manufacture and offer of life insurance policies, such as their characteristics, benefits and manner of distribution or sale.

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