Regulatory Alerts2024-03-26
Added
Guidelines on the Online Distribution of Life Policies with No Advice
The Monetary Authority of Singapore mandates that direct life insurers offering life policies via online channels without advice must implement specific consumer safeguards. Insurers are required to provide comprehensive product information, highlight conditional acceptance terms, and display prominent warnings regarding policy risks and the free-look period. Additionally, insurers must ensure robust internal controls for technology and anti-money laundering risks while providing clear avenues for client queries and complaints.