Regulatory Alerts2011-12-27
Added
Disclosure Requirements for the Policy Owner's Protection Fund
The Monetary Authority of Singapore mandates that insurers disclose Policy Owners' Protection Scheme coverage in policy contracts and product summaries starting 1 January 2012. Insurers must utilize a standardized disclosure statement developed with industry associations and are prohibited from altering its core wording to ensure consistency across the market. Additionally, life policyholders must receive an information sheet regarding coverage scope, while general policyholders must be notified of their coverage upon policy renewal.
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