Life insurers uneasy as MAS focuses on agents' pay

The MAS roped in senior agency leaders of Prudential to help with queries over a month ago, according to market sources. Separately, the regulator paid a visit to an office linked to Aviva, although details are not clear, the sources said.
The MAS roped in senior agency leaders of Prudential to help with queries over a month ago, according to market sources. Separately, the regulator paid a visit to an office linked to Aviva, although details are not clear, the sources said.ST FILE PHOTO

Regulator's line of questioning centres on whether firms have flouted rules, say sources

Singapore's financial regulator has ramped up efforts in recent weeks to look more deeply into life insurers' compensation structures for agents, triggering a sense of nervousness in the industry.

The Straits Times understands from market sources, who spoke on condition of anonymity, that senior agency leaders of Prudential - one of the major life insurance players - were roped in to help with queries from the Monetary Authority of Singapore (MAS) more than a month ago.

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A version of this article appeared in the print edition of The Straits Times on December 01, 2018, with the headline 'Life insurers uneasy as MAS focuses on agents' pay'. Print Edition | Subscribe