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MAS to allow online nomination of insurance beneficiaries

The process for nominating insurance beneficiaries currently involves hard-copy submissions and in-person witnessing.

MAS logo. (PHOTO: REUTERS/Edgar Su)
MAS to allow online nomination of insurance beneficiaries. (PHOTO: REUTERS/Edgar Su)

SINGAPORE – The Monetary Authority of Singapore (MAS) announced on Wednesday (26 July) that insurance policy owners can soon nominate their beneficiaries online.

"Amendments have been made to the Insurance (Nomination of Beneficiaries) Regulations 2009 to enable insurers to provide these options from 2 January 2024," MAS said in a statement.

The process for nominating beneficiaries currently involves hard-copy submissions with in-person witnessing.

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MAS explained that robust alternatives to physical witnessing are now possible through digital means given technological advancements and the development of national digital infrastructures.

How can you nominate insurance beneficiaries online?

There will be two ways an insurance policy owner can nominate beneficiaries online, and these are:

  1. Online witnessing: The witnessing of the policy owner signing the online form can be done via an audio-visual link instead of in-person.

  2. Online attestation: An attestor can make an online declaration on the policy owner's circumstances instead of witnessing the signing of the form online.

MAS said that secure electronic signatures must be used for online submissions. An example of a secure electronic signature provider is Sign with Singpass, which uses signing certificates issued by Singapore's National Certificate Authority.

"Both the online witness and online attestor, as the case may be, will have to declare that, to the best of his/her knowledge and belief, the policy owner is not under any undue pressure and understands the purpose and effect of making the nomination," MAS said.

Dennis Tan, the president of the Life Insurance Association of Singapore, and CEO of Prudential Assurance Company Singapore, said, "Nomination of beneficiaries is important to ensure the payable benefits are paid out to the intended persons according to the wishes of our customers. We welcome this enhancement by MAS to provide customers with greater flexibility and convenience to nominate beneficiaries and will work with our members to roll out progressively."

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