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Singapore central bank reprimands insurers AIA, Aviva and Prudential

Singapore central bank reprimands insurers AIA, Aviva and Prudential
Singapore central bank reprimands insurers AIA, Aviva and Prudential   -   Copyright  Thomson Reuters 2021
By Reuters

SINGAPORE – Singapore’s central bank said on Tuesday it has reprimanded the local businesses of insurers AIA, Prudential and Aviva for breaching requirements related to risk management and supervisors’ pay.

The Monetary Authority of Singapore (MAS) said its investigations found numerous instances where remuneration was paid to supervisors over sales of investment products and life policies, violating its regulations.

A MAS reprimand is issued when there are failures in a financial institution that may pose potential risks to its business, market participants and investors.

Those reprimanded were AIA Financial Advisers Private Limited, Prudential Assurance Company Singapore, Aviva Ltd and Aviva Financial Advisers Pte Ltd.

The companies did not immediately respond to separate requests for comment.

The MAS has dealt firmly with these financial institutions “to send a clear message to the industry on the importance of upholding high ethical standards,” Ho Hern Shin, deputy managing director, financial supervision, said in a statement.