Insurers required to submit info to S'pore monetary authority

A bill that allows Monetary Authority of Singapore (MAS) to require insurers to submit information for a web portal was passed in Singapore parliament to amend the Insurance Act, local media reported on Monday.

The bill requires insurers to submit information to web aggregator compareFIRST and to specify the fees payable by insurers for its development, operation and maintenance and use, which will complement earlier amendments made to the Financial Advisers Act, as well as raise the standards and professionalism of the financial advisory industry.

With the aim of helping consumers make more informed decisions when purchasing life insurance, MAS in collaboration with the Consumers Association of Singapore (CASE), the Life Insurance Association and MoneySENSE has launched the Internet portal compareFIRST, which enables consumers to compare premiums, key benefits and features of life policies from different insurers.

The bill allows MAS to 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. It also sets a limit to upfront commissions and spreads the total commissions paid on a life policy over a specified period. Endi