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Singapore Central Bank reprimands insurers AIA, Aviva and Prudential

Singapore Central Bank reprimands insurers AIA, Aviva and Prudential

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Thursday, March 23, 2023
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Singapore Central Bank reprimands insurers AIA, Aviva and Prudential

Singapore Central Bank reprimands insurers AIA, Aviva and Prudential

Singapore’s central bank said that 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 that its investigations found numerous instances where remuneration was paid to supervisors. And that is over sales of investment products and life policies, which violates its regulations. When there are failures in a financial institution, a MAS reprimand is issued. Because that may pose potential risks to its business, market participants and investors.

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AIA Financial Advisers Private Limited, Prudential Assurance Company Singapore, Aviva Ltd and Aviva Financial Advisers Pte Ltd were those which are reprimanded. And none of these companies responded to give comments when asked. Ho Hern Shin, deputy managing director, financial supervision, gave a statement that 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.

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Recent News

Data shows that US inflation cooling

Household wealth anticipation has declined, claim by global poll

Support measures push Japanese corporate bankruptcies to 50 year low

How is the bond yield controlled in Japan?

BOJ’s Kuroda signals readiness to extend pandemic-aid scheme

Policy takes the u-turn; BoJ’s yield curve may slip

Asia shares falls on worries over inflation, Fed outlook

Stocks are calm ahead of a possible CPI hurricane

Artificial intelligence to take on the Aviation industry too

Normalcy wished to revert to airlines after FFA blackout

Dollar dented as consumer sentiment dives

Dollar declines on expectations of weaker US rate increases and China’s resumption

Global Business Review Magazine

Global Business Review is a online print magazine focusing on the updates and information about on emerging markets, Finance, Banking, Technology. Global Business Review provides news, features, analysis, commentary, and interviews from industry across the globe.

Recent News

  • Household wealth anticipation has declined, claim by global poll
  • How is the bond yield controlled in Japan?
  • Policy takes the u-turn; BoJ’s yield curve may slip
  • Stocks are calm ahead of a possible CPI hurricane
  • Normalcy wished to revert to airlines after FFA blackout

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