Received a letter from my previous company saying that i breached MAS regulations for a policy placed in 2010 and renewed in 2011 and thus they reported me to MAS. What the fark man, seriously! The misconduct, they claimed, was that i acted as a reinsurance broker when the company’s licence was only for direct insurance broker services.
I’m astounded how i could be considered a reinsurance broker when i don’t know / liaise / deal with the cedant nor the original insured. Fact of the matter is that my then Thai office approached the Singapore office for help as they were not familiar with Political Risk Insurance and thus i helped by providing consultancy / technical advice to them in discussion with underwriters. My previous company used to trumpet being “united” amongst all the offices. Well, that’s unity for you. When there’s money to be earned, they’ll earn it. Any issues, instead of clarifying with me what happened, i’m just made scapegoat. Totally disgusting behaviour.
Am now in the midst of discussing with my current company if i should raise this as an issue and clarify matters with MAS as this may affect me as a broker.
I’m just so pissed off and annoyed at how underhand the whole issue has been handled. Pui!