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MAS bans former insurance agents for 'dishonest conduct'

Felicia Tan
Felicia Tan12/2/2020 04:55 PM GMT+08  • 2 min read
MAS bans former insurance agents for 'dishonest conduct'
The agents were charged for providing false information and forging the signature of a policyholder.
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The Monetary Authority of Singapore (MAS) has issued prohibition orders (POs) to two former insurance agents for dishonest conduct.

On Dec 2, the central bank issued a four-year PO to Chong Yoon Loi, formerly from Aviva Financial Advisers, who misled two policyholders into believing that they could hold more than one integrated shield policy, when their applications would result in the termination of their previous policies.

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Chong had also provided false information in the applications of the three policyholders to Aviva and AFA to prevent the policyholders from being identified as “vulnerable clients”. Should they have been identified as such, AFA would have contacted them to ensure that they had understood the policies they were purchasing.

Similarly, MAS issued a two-year PO against Suresh Kannan, formerly from Great Eastern Life for forging the signature of a policyholder in an application for the purchase of an integrated shield plan.

Kannan had also declared that the policyholder did not have any pre-existing medical conditions without checking with the latter.

Following the POs, Chong and Kannan are prohibited from providing any financial advisory service or taking part in the management of, acting as the director of, or becoming a substantial shareholder of any financial advisory firm under the Financial Advisers Act. They are also banned from carrying on business as usual, or taking part in the management of any insurance intermediary under the Insurance Act.

SEE: UOB to set up electronic FX pricing and trade engine in Singapore, to launch by 2Q2021

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