Regulatory Alerts2020-04-16
Added
MAS Notice 117 Training and Competency Requirement: Health Insurance
The Monetary Authority of Singapore issued Notice 117 to establish minimum examination and continuing professional development requirements for health insurance products. The regulation applies to direct insurers, insurance brokers, financial advisers, and their respective representatives or staff. It mandates specific competency standards to ensure proper disclosure and advisory practices for accident and health insurance policies.
Notices
Last Revised Date: 16 April 2020
Notice 117 Training and Competency Requirement: Health Insurance
Requirements for insurers, insurance brokers, financial advisers and their representatives or broking staff on training and competency in relation to health insurance products.
View Notice
Notice 117 Training and Competency Requirement: Health Insurance
(368.3 KB)
This notice applies to:
Direct insurers and persons who act as an insurance agent for the insurers.
Registered direct insurance brokers and their broking staff.
Exempt direct insurance brokers and their broking staff.
Licensed financial advisers and their representatives.
Exempt financial advisers and their representatives who provide advice on or arrange health insurance policies.
It sets out minimum examination requirements for health insurance, and continuing professional development requirements in respect of shield plans.
16 Apr 2020
MAS Notice 117 (Amendment) 2020 (375.2 KB) takes effect from 16 Apr 2020.
28 Dec 2015
MAS Notice 117 (Amendment) 2015 (201.8 KB) takes effect from 1 Jan 2016.
26 Nov 2010
MAS Notice 117 (Amendment) 2010 (20.2 KB)
takes effect.
11 Aug 2010 MAS Notice 117 (Amendment) 2010 (49.2 KB) takes effect.
26 Jan 2004
MAS Notice 117 dated 26 Jan 2004 (12 KB) [Cancelled with effect from 1 Jan 2016]
Requirements and best practice standards on continuing professional development for insurance brokers and their broking staff.
Requirements and best practices for insurers, insurance brokers, financial advisers and their representatives or broking staff on the disclosure and advisory process for accident and health insurance products.
Provides guidance on the relief measures for the General Insurance and Health examinations and Continuing Professional Development requirements under the Insurance Act relating to COVID-19 situation.
Sets out the amendments to MAS Notice 211 to clarify on applicability, 'fit and proper' requirements, and updates to annexes. The changes take effect on 20 July 2015.