Regulatory Alerts2017-07-18
Added
MAS Guidelines on Advance Premium Facility for Insurers
The Monetary Authority of Singapore issued this circular to prohibit insurers from soliciting advance premiums through marketing campaigns that offer attractive interest rates. The regulator mandates that such facilities must be strictly incidental to insurance business and not marketed as deposit-taking or savings accounts. Insurers are required to limit advance payments to one year, disclose specific terms in writing, and clarify that these funds are not bank deposits.