The Monetary Authority of Singapore (MAS), together with the General Insurance Association of Singapore, Life Insurance Association, and Singapore Reinsurers' Association have established a new committee to foster sound culture and strengthen the standards of conduct among insurers in Singapore.
The committee, known as the Insurance Culture and Conduct Steering Committee (ICCSC), will monitor trends and identify emerging issues, collaborate with MAS on initiatives such as industry self-assessments and the development of practice guides, as well as champion the adoption of good practices by the insurance industry including distributors.
It is chaired by Dr Khoo Kah Siang, Chief Executive Officer, Manulife (Singapore), and comprises members from 13 insurers in the country, who have responsibilities in HR, business, distribution, risk management, legal, compliance, and operations (full list below).
Commenting on the establishment, 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 added: "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."
Insurance Culture and Conduct Steering Committee members
- Chairperson: Dr Khoo Kah Siang, Chief Executive Officer, Manulife (Singapore)
- Michael Dannemann, Head, Human Resource, South-east Asia, Munchener Ruckversicherungs Gesellschaft, Singapore Branch
- Sean Goh, Managing Director, Life, AXA Insurance
- James Lee, Managing Director, Group Human Capital, The Great Eastern Life Assurance Company
- Kevin Leong, Chief Executive Officer, AXA XL Insurance, Singapore Branch
- Loh Wei Lyn, Chief Corporate Officer, Asia Capital Reinsurance Group
- Looi Pek Hong, Head, Legal and Compliance, MSIG Insurance (Singapore)
- Jean Ong, Chief Risk and Compliance Officer, Chubb Insurance Singapore
- Ong Kian Peng, Chief Operating Officer, HSBC Life Singapore
- Christian Sandric, President and Chief Executive Officer, AIG Asia Pacific Insurance
- Karin Winbauer, Head, Risk and Compliance, Allianz SE Reinsurance Branch Asia Pacific
- Andrew Yeo, Chief Executive, NTUC Income Insurance Co-operative
- Deepika Zingade, Vice President Human Resources – Asia Pacific, Swiss Re International SE Singapore
Photo / iStock