Singapore MAS Issues Reprimand to Insurance Brokerage Acesynergy Brokers CEO & Director Tan Chuan Lam for Failure to Comply with Regulatory Requirements Including Annual Submissions, Minimum Headcount, and Weakness in Oversight & Processes, Registration License of Insurance Brokerage Cancelled in 2024 July and to Return All Policyholders’ Moneys & Connect Clients to Respective Insurers
11th September 2024 | Hong Kong
The Monetary Authority of Singapore (MAS) has issued a reprimand to insurance brokerage Acesynergy Brokers CEO & Director Tan Chuan Lam for failure to comply with regulatory requirements including annual submissions, minimum headcount, and weakness in oversight & processes. In 2024 July, the Monetary Authority of Singapore (MAS) cancelled the registration license of insurance brokerage Acesynergy Brokers, and to return all policyholders’ moneys & connect clients to respective insurers. Singapore MAS (10/9/24): “The Monetary Authority of Singapore (MAS) has reprimanded Mr Tan Chuan Lam, the Chief Executive Officer (CEO) and a director of the formerly registered insurance broker, Acesynergy Brokers Pte. Ltd. (ABPL), for breaches committed by ABPL under the Insurance Act. On 24 July 2024, MAS cancelled ABPL’s insurance broker registration following its breaches of MAS’ regulatory requirements, registration condition and written directions. MAS had 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 also failed to comply with MAS’ written directions to remediate MAS’ inspection findings and appoint an independent external person to review its remediation measures. As ABPL’s CEO and director, Mr Tan was responsible for ensuring ABPL’s compliance with MAS’ regulatory requirements, registration conditions and written directions. MAS found that Mr Tan was aware of ABPL’s breaches. Despite MAS’ repeated engagements with him, he failed to take adequate measures to prevent ABPL from committing the breaches. MAS takes a serious view of Mr Tan’s lapses. CEOs and directors must carry out the duties and functions of their offices effectively.”
“ Singapore MAS Issues Reprimand to Insurance Brokerage Acesynergy Brokers CEO & Director Tan Chuan Lam for Failure to Comply with Regulatory Requirements Including Annual Submissions, Minimum Headcount, and Weakness in Oversight & Processes, Registration License of Insurance Brokerage Cancelled in 2024 July and to Return All Policyholders’ Moneys & Connect Clients to Respective Insurers “
(A) Section 142(4) of the Insurance Act 1966 (IA) – Where an offence under the IA is committed by any corporation, any person who, at the time of the commission of the offence, is a director, manager, secretary or other similar officer of that corporation, or is purporting to act in that capacity, shall be guilty of the offence and shall be liable to be proceeded against and punished accordingly unless the person proves that he or she exercised all such diligence to prevent the commission of the offence as he or she ought to have exercised, having regard to the nature of his or her functions in that capacity and to all the circumstances.
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 – 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.”
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