Singapore MAS Cancels Registration License of Insurance Brokerage Acesynergy Brokers & to Return All Policyholders’ Moneys & Connect Clients to Respective Insurers, Acesynergy Brokers Failed to Comply with Regulatory Requirements Including Annual Submissions, Minimum Headcount, and Weakness in Oversight & Processes
25th July 2024 | Hong Kong
The Monetary Authority of Singapore (MAS) has cancelled the registration license of insurance brokerage Acesynergy Brokers, and to return all policyholders’ moneys & connect clients to respective insurers. Aacesynergy Brokers had failed to comply with regulatory requirements including annual submissions, minimum headcount, and weakness in oversight & processes. Singapore MAS (24/7/24): “ 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. 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. 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. MAS takes a serious view of non-compliance with MAS’ regulatory requirements and will not hesitate to take stern action against errant entities.”
“ Singapore MAS Cancels Registration License of Insurance Brokerage Acesynergy Brokers & to Return All Policyholders’ Moneys & Connect Clients to Respective Insurers, Acesynergy Brokers Failed to Comply with Regulatory Requirements Including Annual Submissions, Minimum Headcount, and Weakness in Oversight & Processes “
Singapore MAS Cancels Registration License of Insurance Brokerage Acesynergy Brokers & to Return All Policyholders’ Moneys & Connect Clients to Respective Insurers, Acesynergy Brokers Failed to Comply with Regulatory Requirements Including Annual Submissions, Minimum Headcount, and Weakness in Oversight & Processes
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