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Regulatory Framework Flashcards

6 cards from real BCP practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.

Read the first 6 Regulatory Framework flashcards as text

  1. What is the role of appointed actuaries in Singapore insurance companies?

    Answer: To ensure the insurer's liabilities are properly valued and the company remains financially sound

    Appointed actuaries are responsible for valuing insurance liabilities, advising on pricing, and ensuring the insurer maintains adequate reserves and meets solvency requirements under MAS regulations.

  2. What is the 'fit and proper' criteria imposed by MAS on insurance company directors and key officers?

    Answer: They must demonstrate competence, honesty, integrity, and financial soundness to hold their positions

    MAS requires directors and key officers of insurance companies to meet 'fit and proper' criteria covering competence, character, financial soundness, and integrity to safeguard policyholders' interests.

  3. Under Singapore regulations, when must an insurer notify MAS about a significant event?

    Answer: As soon as practicable after the event occurs

    Insurers must notify MAS promptly of significant events such as material losses, changes in key management, regulatory actions in other jurisdictions, or anything that may affect the insurer's financial condition.

  4. What is the purpose of the Singapore Actuarial Society (SAS)?

    Answer: To promote the actuarial profession and set professional standards for actuaries in Singapore

    The SAS promotes the development of the actuarial profession in Singapore, sets professional and ethical standards, and provides continuing education for its members.

  5. What anti-money laundering obligations do Singapore insurers have?

    Answer: They must conduct customer due diligence (CDD), monitor transactions, and file suspicious transaction reports (STRs)

    Under MAS Notice 314 and the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act, insurers must conduct CDD, ongoing monitoring, and report suspicious transactions to STRO.

  6. What is the Insurance (Amendment) Act 2020 key change regarding the regulation of insurance intermediaries in Singapore?

    Answer: It introduced a direct licensing framework for insurance brokers and introduced new conduct requirements

    The Insurance (Amendment) Act 2020 introduced enhanced regulatory frameworks including direct licensing for insurance brokers, strengthened conduct requirements, and updated policyholder protection measures.