Amendments to MAS Notice 302 and MAS Notice 321

The Monetary Authority of Singapore issued Circular No. ID 06/21 to amend MAS Notice 302 and MAS Notice 321 regarding product development and direct purchase insurance. These amendments replace hardcopy submission requirements for new or revised products with electronic submissions via email, as previously outlined in Circular No. ID 10/19. The operational expectations for email document submissions established in the earlier circular continue to apply to all direct life and composite insurers.

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Circular No. ID 06/21
19 March 2021
To Chief Executives
All Direct Life and Composite Insurers
Dear Sir/Madam
AMENDMENTS TO MAS NOTICE 302 AND MAS NOTICE 321 The Monetary Authority of Singapore (“MAS”) has made amendments to the following Notices:
(a) MAS Notice 302 Product Development and Pricing; and (b) MAS Notice 321 Direct Purchase Insurance Products. 2 MAS earlier issued Circular No. ID 10/19 dated 14 August 2019 on Conversion of Hardcopy Submissions to Electronic Submissions. In the Circular, it was mentioned that MAS will make consequent amendments to the relevant Notices in due course. These amendments have now been introduced in the above-mentioned Notices such that the hardcopy submission requirements for new or revised products, including direct purchase insurance products, are now replaced with electronic submission (via email) requirements. MAS’ expectations in Circular 10/19 on the operational details for the submission of documents via email will continue to apply. 3 If you have queries, please contact your company’s liaison officer in MAS. Thank you. Yours faithfully [sent via MASNet] DANIEL WANG EXECUTIVE DIRECTOR INSURANCE DEPARTMENT

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Source: Monetary Authority of Singapore — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works