MAS seeks to simplify data collection rules for insurance sales

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The Monetary Authority of Singapore (MAS) is proposing to reduce the amount of information financial institutions will need to collect from clients when selling them certain insurance policies.

In a consultation paper published on February 2, the central bank said the aim was to allow customers to buy simple and cost-effective policies more easily. 

It said this could also help to “narrow insurance protection gaps”. These refer to the differences between optimal insurance coverage and the amount

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