MAS invites feedback on streamlining insurance processes
MAS invites feedback on streamlining insurance processes | Insurance Business Asia
Insurance News
MAS invites feedback on streamlining insurance processes
Proposals aim to enhance access to affordable coverage
Insurance News
By
Roxanne Libatique
The Monetary Authority of Singapore has released a consultation paper, inviting feedback on initiatives to streamline data collection for specific insurance policies aligned with the Basic Financial Planning Guide.
The proposals aim to simplify the process for consumers, facilitating access to straightforward and cost-effective insurance products.
Basic Financial Planning Guide
In collaboration with CPF Board and finance industry associations, MAS and MoneySense introduced the guide in October 2023 to assist Singaporeans in enhancing their financial well-being.
The guide offers a framework for individuals to proactively address savings, insurance, and investment needs. It recommends allocating up to 15% of take-home pay for insurance protection, with further advice on coverage for death, total permanent disability, and critical illness.
Six customised variations of the guide were released on Jan. 31, catering to different life stages.
“The proposals seek to simplify the financial advisory process through which Singaporeans can obtain cost-effective insurance coverage. At the same time, the upper limits stipulated in the Basic Financial Planning Guide on insurance coverage and spending serve as safeguards to protect consumers’ interests,” said Lim Tuang Lee, assistant managing director (capital markets) at MAS.
MAS welcomes feedback on the proposals from financial institutions, consumers, and other interested parties until March 15.
Related Stories
Keep up with the latest news and events
Join our mailing list, it’s free!
