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Singapore issues new guidelines to boost trust in general insurance



Singapore’s Insurance Culture and Conduct Steering Committee (ICCSC) has released guidelines for general insurance (GI) intermediaries to bolster consumer trust. These guidelines, part of a series initiated in 2019, focus on ethical practices and preventing misconduct. Key measures include strict background checks to prevent “rolling bad apples”, or problematic individuals, from re-entering the industry, and a ban on referral fees and unlicensed intermediaries. The guidelines advocate for balanced remuneration practices, emphasising ethics and compliance training. ICCSC chair Khoo Kah Siang highlighted the positive impact of these guidelines on industry accountability. The initiative is supported by the General Insurance Association of Singapore and related bodies. Enhanced risk management and performance evaluation measures are already being implemented by some companies.

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