MAS reprimands CEO of formerly registered insurance broker for breaching regulations

SINGAPORE – The Monetary Authority of Singapore (MAS) said on Sept 10 that it reprimanded the chief executive of formerly registered insurance broker Acesynergy Brokers (ABPL), Tan Chuan Lam, for breaches under the Insurance Act.

MAS had cancelled the insurance broker’s registration on July 24, prohibiting it from conducting insurance broking business in Singapore from the same date. This followed the group’s failure to comply with MAS’ regulatory requirements, registration conditions and written directions.

ABPL had failed to submit its annual regulatory returns on time, arrange for the audit of such returns, and appoint the required minimum number of broking staff, MAS said.

Mr Tan, as ABPL’s chief executive and director, was responsible for ensuring that it complied with these requirements, said MAS. It added that “significant weaknesses” in the company’s management oversight and accounting and compliance processes led to these breaches.

The central bank said that despite its repeated attempts to engage Mr Tan, ABPL did not obey its written directions to remediate the breaches found during an inspection by MAS and to appoint an independent external person to review its remediation measures.

“MAS found that 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,” said the authority.

MAS added that it takes a serious view of Mr Tan’s lapses and urged chief executives and directors to carry out their duties and functions effectively.