25 August 2023

On 26 July 2023, the Monetary Authority of Singapore (“MAS”) announced that insurance policy owners will have the option to nominate their beneficiaries online from 2 January 2024.

The process for nominating beneficiaries currently involves hardcopy submissions with in-person witnessing. MAS said that with technological advancements and the development of national digital infrastructures, robust alternatives to physical witnessing are now possible through digital means.

Two approaches will be made available:

  • Online witnessing: The witnessing of the policy owner’s signing of the online form can be carried out using an audio-visual link instead of in-person.
  • Online attestation: Instead of witnessing the signing of the form online, an attestor will make an online declaration on the policy owner’s circumstances.

Given the importance of the authenticity and integrity of records on insurance beneficiary nominations, secure electronic signatures must be used for online submissions. Both the online witness and online attestor, as the case may be, will have to declare that, to the best of his or her knowledge and belief, the policy owner is not under any undue pressure and understands the purpose and effect of making the nomination.

The new online option will be legislatively provided for through amendments to the Insurance (Nomination of Beneficiaries) Regulations 2009.

Reference materials

The following materials are available on the MAS website www.mas.gov.sg and Singapore Statutes Online sso.agc.gov.sg: