Monetary Authority of Singapore Annual Report 2010/2011
Our Work
ENSURING SAFETY AND SOUNDNESS OF FINANCIAL INSTITUTIONS AND FINANCIAL SYSTEM   27
Prudential Supervision and Surveillance   27
Fostering a Sound and Reputable Financial Centre   27
Property Market Measures   28
Review of Deposit Insurance Scheme in Singapore   28
Insurance Resolution and Policy Owners' Protection   28
Review of Insurance Act   29
Enhancing Safeguards for Retail Customers   29
Enhancing Regulatory Regime for Fund Management Companies   30
Achieving Fair Dealing Outcomes   30
Enhancing Corporate Governance Standards   31
Conclusion of First Two Civil Penalty Cases   31
Box 3: The Representative Notification Framework   32
Enhancing Market Conduct   33
Audit Assurance   33

Review of Insurance Act

MAS is undertaking a comprehensive review of the IA. This is to strengthen MAS' powers for effective regulation and supervision of insurers, enhance clarity on some Act provisions, and align the regulatory approach where possible with those taken in the banking and securities sector. MAS has consulted various stakeholders. The changes will be incorporated into the IA and its subsidiary legislations by 2012.