Regulatory Alerts2024-11-20
Added
Amendments To MAS Notice 302 On Product Development And Pricing And MAS Notice 321 On Direct Purchase Insurance Products
The Monetary Authority of Singapore has amended MAS Notice 302 and MAS Notice 321 to streamline the regulatory approval process for direct life insurers. Insurers must now seek prior MAS approval only for products featuring innovations entirely new to the Singapore life insurance industry, while products with features new only to the insurer require ex-ante notification one month before launch. These changes, effective 21 November 2024, aim to balance rigorous oversight for novel industry risks with reduced administrative burden for incremental product developments.
Topics
Share