MAS seeks to simplify data collection rules for insurance sales

Proposal aims to allow customers in Singapore to buy simple policies more easily


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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