Insurers to Be Permitted to Offer Option of Online Nomination of Insurance Beneficiaries

17 August 2023

On 26 July 2023, the Monetary Authority of Singapore (“MAS“) announced that insurance policy owners will have online options to nominate their beneficiaries. Amendments to the Insurance (Nomination of Beneficiaries) Regulations 2009, made via the Insurance (Nomination of Beneficiaries) (Amendment) Regulations 2023, will permit insurers to provide these alternative online options from 2 January 2024.

The current process for nominating beneficiaries involves hardcopy submissions with in-person witnessing. From 2 January 2024, insurers will be able to provide alternatives to in-person witnessing via online means under two approaches.

For more information, click here to read the full Legal Update.

CONTACTS

Head, Insurance & Reinsurance

+65 6232 0645

E simon.goh@rajahtann.com

Singapore,

Wang Ying Shuang

Deputy Head, Insurance & Reinsurance

+65 6232 0365

E ying.shuang.wang@rajahtann.com

Singapore,

Country

Singapore

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Insurance & Reinsurance

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Rajah & Tann Asia is a network of legal practices based in Asia.

Member firms are independently constituted and regulated in accordance with relevant local legal requirements. Services provided by a member firm are governed by the terms of engagement between the member firm and the client.

This website is solely intended to provide general information and does not provide any advice or create any relationship, whether legally binding or otherwise. Rajah & Tann Asia and its member firms do not accept, and fully disclaim, responsibility for any loss or damage which may result from accessing or relying on this website.

© 2024 Rajah & Tann Singapore LLP. All rights reserved. Rajah & Tann Singapore LLP (UEN T08LL0005E) is registered in Singapore under the Limited Liability Partnerships Act (Chapter 163A) with limited liability.