MAS looks into how insurers pay agents

The authorities are looking more deeply into how life insurance providers here are compensating agents, according to sources.
The authorities are looking more deeply into how life insurance providers here are compensating agents, according to sources. ST PHOTO: ALICIA CHAN

The authorities are looking more deeply into how life insurance providers here are compensating agents, according to sources.

The move by the Monetary Authority of Singapore (MAS) has triggered unease in the industry.

The regulator has, among other moves, roped in senior agency leaders to help with queries, and visited the offices linked to life insurers, The Straits Times understands.

The main focus is whether insurers who tap agents or advisers to distribute their products have contravened rules in their compensation structures, sources say. As a result, some industry insiders are concerned that stricter rules may be imposed.

This comes after recent buyouts from several life insurance players, and renewed poaching activity in the later half of last year.

MAS previously said that it would keep close tabs on mass migration developments.

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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 'MAS looks into how insurers pay agents'. Print Edition | Subscribe