The Monetary Authority of Singapore (MAS) has revoked the insurance broker registration of Acesynergy Brokers Pte Ltd (ABPL), effective July 24.
This action prohibits ABPL from conducting any insurance broking activities within Singapore from that date.
According to MAS, the brokerage has ensured the return of all remaining policyholders’ funds and has facilitated the connection of these policyholders with their respective insurers.
The revocation, under section 80(2)(h) of the Insurance Act (IA), comes after ABPL’s repeated failures to comply with regulatory standards, registration conditions, and written directives issued by MAS. These breaches included:
An inspection by MAS identified substantial deficiencies in ABPL’s management oversight, as well as its accounting and compliance processes, leading to non-compliance with MAS regulations.
ABPL also failed to act on MAS’s written instructions to address these deficiencies and appoint an independent external reviewer for its remediation measures. These lapses continued despite multiple engagements with ABPL CEO and director Tan Chuan Lam, MAS said.
“MAS takes a serious view of non-compliance with MAS’s regulatory requirements and will not hesitate to take stern action against errant entities,” the regulator said.
In other news from Singapore, the Singapore Insurance Institute (SII), an organisation supporting insurance and financial services professionals in the country, recently announced the election of its council members for the 2024/25 term.
Jeanette Lim, the newly appointed president, outlined her goals to address the challenges and opportunities in the rapidly evolving insurance industry.
“As we embark on this new chapter together, it is crucial for us to acknowledge the challenges and opportunities that lie ahead in the insurance industry. The world is evolving rapidly, and the insurance landscape is no exception,” she said. “Let us seize this opportunity to make a lasting impact in our industry and contribute to the well-being of Singapore’s insurance landscape. Let us come together to exchange ideas, share knowledge, and contribute to the advancement of our industry, and I am confident that, together, we will achieve great things.”
