We provide this risk warning to you as a customer of Trade Risk Solutions Pte. Ltd. (or “The Company”), you should be aware of the following:
1. The Company is permitted to operate in a sandbox for the period from 1 April 2022 to 31 December 2022 (“Sandbox Period”), to only conduct the activity of carrying on direct insurance broking service regulated under the Insurance Act (Cap. 142) (“IA”).
2. The Company is exempted by MAS from complying with the full legal and regulatory requirements under the IA, during the Sandbox Period.
3. The Company is not supervised by MAS during the Sandbox Period.
4. The Company’s insurance broking service may be discontinued by the Company, or where MAS has concerns about the Company, it may require the Company to discontinue the insurance broking service, during the Sandbox Period.
5. The Company’s continued operations after the Sandbox Period would be subject to the Company obtaining the required regulatory approvals from MAS.
6. The Company may decide to discontinue its service after the Sandbox Period.
7. The Company’s customers will not have access to the dispute resolution scheme managed by the Financial Industry Dispute Resolution Centre.
8. The Company is not permitted to allow for more than 1,000 insurance policies to be purchased by one or more customers of the Company.
9. The Company is not permitted to accept or handle any customer’s monies.
10. The Company is not permitted to negotiate any contract of insurance with an insurer (directly or indirectly) except with a licensed insurer acting in the course of its business.