Insurance exam: No deadline extension

Insurance exam: No deadline extension

SINGAPORE - The deadline for financial advisers to pass an exam that will enable them to sell investment-linked products (ILP) will not be extended.

Industry associations and practitioners have lobbied for an extension of the June 30 deadline, but the Monetary Authority of Singapore (MAS) has stood firm.

Financial advisers have until then to pass the Capital Markets and Financial Advisory Services Examination Module 9A (M9A).

A Chinese version of the test will be made available from the middle of this month for older Chinese-speaking agents who have struggled with the English-language one.

The exam tests the knowledge and understanding of the advantages and risks in structured products, especially structured ILPs, which are particularly complex.

Those who do not pass the test by the deadline will be allowed to sell only plain-vanilla life and term insurance products or endowment plans.

Companies that employ these agents will have to put in place the necessary controls and monitoring mechanisms to ensure they stick to their selling restrictions.

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