CMFAS BCP The Regulatory Landscape & Industry Frameworks question: relationship between industry self-regulation and MAS regulation

CMFAS BCPThe Regulatory Landscape & Industry Frameworks

Which statement best describes the relationship between industry self-regulation and MAS regulation?

A Self-regulation replaces MAS regulation for any insurer that signs up to the relevant industry codes of practice
B Self-regulation complements MAS regulation, often setting standards above the legal minimum
C Self-regulation applies only to reinsurers and captives, not direct insurers
D Self-regulation is legally binding in the same way as the Insurance Act

Show the answer and explanation

Answer: B. Self-regulation complements MAS regulation, often setting standards above the legal minimum

Industry bodies and their codes complement statutory regulation, typically raising conduct and service standards above the legal minimum. They do not replace MAS, and codes do not carry the same force of law as statute.

Common mistake

Self-regulation adds to, but does not substitute for or override, MAS regulation.

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Answer: B. Self-regulation complements MAS regulation, often setting standards above the legal minimum

Common mistake

Self-regulation adds to, but does not substitute for or override, MAS regulation.

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CMFAS BCP The Regulatory Landscape & Industry Frameworks question: relationship between industry self-regulation and MAS regulation

Answer: B. Self-regulation complements MAS regulation, often setting standards above the legal minimum

Common mistake

Related CMFAS BCP questions

CMFAS BCP The Regulatory Landscape & Industry Frameworks question: relationship between industry self-regulation and MAS regulation

Answer: B. Self-regulation complements MAS regulation, often setting standards above the legal minimum

Common mistake

Related CMFAS BCP questions