The Monetary Authority of Singapore (MAS), the General Insurance Association of Singapore (GIA), the Life Insurance Association (LIA) and the Singapore Reinsurers' Association (SRA), announced today (12 Dec) the establishment of the Insurance Culture and Conduct Steering Committee (ICCSC) to foster sound culture and strengthen standards of conduct among insurers in Singapore.
MAS is deepening its engagement with insurers to promote prudent risk-taking and robust risk management that support the insurer’s safety and soundness, and ethical business practices that safeguard consumer interest and ensure fair dealing.
The ICCSC, chaired by Dr Khoo Kah Siang, CEO, Manulife (Singapore), is a key initiative to pursue these objectives.
It comprises members from 12 other insurers in Singapore, who have responsibilities in business, distribution, risk management, legal, compliance, operations and human resource. It will monitor trends and identify emerging issues, collaborate with MAS on initiatives such as industry self-assessments and the development of good practice guides, and champion adoption of good practices by the insurance industry including distributors.
Ms Ho Hern Shin, Assistant Managing Director (Banking and Insurance), MAS, said, “Good culture and conduct helps insurers and their distributors do what is right and ethical by their customers, and build strong business resilience. The establishment of the ICCSC demonstrates the industry’s commitment to these objectives. MAS looks forward to active collaboration with the ICCSC.”
Dr Khoo Kah Siang, Chairman of the ICCSC, said, “Long term success of the insurance industry is built on the premise that consumers can rely on recommended products and solutions to meet their needs. The right culture will foster the right conduct in employees and sales representatives - to do the right thing and serve the best interest of their customers. Our committee looks forward to working with MAS, the insurance industry and related associations, to elevate the culture and conduct standards of the industry.”
The 12 members of ICCSC are:
- Mr Michael Dannemann, Head, Human Resource, South-east Asia, Munchener Ruckversicherungs Gesellschaft, Singapore Branch
- Mr Sean Goh, Managing Director, Life, AXA Insurance Pte. Ltd.
- Mr James Lee, Managing Director, Group Human Capital, The Great Eastern Life Assurance Company Ltd.
- Mr Kevin Leong, Chief Executive Officer, AXA XL Insurance, Singapore Branch
- Ms Loh Wei Lyn, Chief Corporate Officer, Asia Capital Reinsurance Group Pte. Ltd.
- Ms Looi Pek Hong, Head, Legal and Compliance, MSIG Insurance (Singapore) Pte. Ltd.
- Ms Jean Ong, Chief Risk and Compliance Officer, Chubb Insurance Singapore Limited
- Mr Ong Kian Peng Chief Operating Officer, HSBC Life Singapore Pte. Ltd.
- Mr Christian Sandric, President and Chief Executive Officer, AIG Asia Pacific Insurance Pte. Ltd.
- Ms Karin Winbauer, Head, Risk and Compliance, Allianz SE Reinsurance Branch Asia Pacific
- Mr Andrew Yeo Chief Executive, NTUC Income Insurance Co-operative Ltd.
- Ms Deepika Zingade, Vice President Human Resources – Asia Pacific, Swiss Re International SE Singapore
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