Regulatory Alerts2002-10-01
Added · Updated
Market Conduct Standards for Life Insurers Providing Financial Advisory Services
MAS Notice 306 applies to all direct life insurers providing financial advisory services under the Financial Advisers Act. It requires insurers to appoint fit and proper representatives under written agreements, cap tier structures at three levels, and ensure representatives undergo training and competency assessments. Insurers must establish a Compliance Unit headed by a senior officer, take disciplinary action for misconduct, and prohibit subsidised loans from life insurance funds. Additionally, income and expenses from financial advisory services unrelated to the insurer's role as a product provider must not be paid into or charged to life insurance funds.
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