The Monetary Authority of Singapore (MAS) has cancelled the registration of Acesynergy Brokers Pte. Ltd. (ABPL) as an insurance broker in Singapore with effect from 24 July 2024. ABPL is no longer permitted to carry on insurance broking business in Singapore from the same date. ABPL has returned all remaining policyholders’ moneys and connected them with their respective insurers.
2 MAS’ cancellation of ABPL’s registration under section 80(2)(h) of the Insurance Act (IA) follows ABPL’s failure to comply with applicable regulatory requirements, registration condition and written directions from MAS. These included ABPL’s failure to submit annual regulatory returns on time, arrange for the audit of annual regulatory returns, and appoint the required minimum number of broking staff.
3 MAS’ inspection also found significant weaknesses in ABPL’s management oversight, and accounting and compliance processes, which resulted in ABPL’s breaches of MAS’ regulatory requirements and registration condition. ABPL further failed to comply with MAS’ written directions to remediate the inspection findings and appoint an independent external person to review its remediation measures. This was despite MAS’ repeated engagements with its chief executive officer and director, Mr Tan Chuan Lam.
4 MAS takes a serious view of non-compliance with MAS’ regulatory requirements and will not hesitate to take stern action against errant entities.
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Additional Information:
(A) Section 102(1)(d) read with section 102(2)(a) of the IA
Under section 102(1)(d) read with section 102(2)(a) of the IA, MAS may, if it considers it in the public interest, issue written directions to a relevant person to, among others, comply with such requirements as MAS may specify in the written directions.
(B) Section 80(1) read with 80(2)(h) of the IA
Under section 80(1) read with 80(2)(h) of the IA, MAS may cancel the registration of any insurance broker on the ground that the insurance broker has contravened any provision of the Act or any condition imposed or any direction given by MAS under the Act.
