Regulatory Alerts2021-06-28
Added
MAS Notice 307 on Investment-Linked Policies
The Monetary Authority of Singapore issued Notice 307 to establish mandatory requirements and non-mandatory standards for direct life and composite insurers offering investment-linked policies. The regulation mandates specific disclosures, notifications, unit valuations, and audit practices while setting guidelines for investment strategies and borrowing limits. These standards aim to ensure operational integrity and protect consumers by enforcing strict data accuracy and reporting obligations under the Insurance Act.
Notices
Last Revised Date: 28 June 2021
Notice 307 Investment-Linked Policies
Requirements and standards in relation to disclosure, investment guidelines, borrowing limits and operational practices for investment-linked policies.
Insurance Products and Business Types
Disclosures
Notifications
Issued pursuant to:
Insurance Act (Cap. 142) section 64(2)
Applies to:
Direct Insurer (Life)
,
Direct Insurer (Composite)
View Notice
Notice 307 Investment-Linked Policies
(853.9 KB)
This notice applies to all direct life and composite insurers who offer participating policies.
It sets out: • mandatory requirements on notifications to MAS, valuation of units, audit of ILP sub-funds, disclosures, and other operational practices; and • non-mandatory standards on investment guidelines, borrowing limits, valuation errors and compensation, and other operational practices.
28 Jun 2021 MAS Notice 307 (Amendment) 2021 (857.9 KB)
takes effect on 1 Jul 2021.
08 Oct 2020 MAS Notice 307 (Amendment) 2020 (0.99 MB) takes effect.
08 Oct 2018 MAS Notice 307 (Amendment) 2018 (1.09 MB) takes effect.
11 Dec 2012 MAS Notice 307 (Amendment) 2012 (679.1 KB) takes effect.
23 Sep 2011 MAS Notice 307 dated 23 September 2011 (631.7 KB) takes effect on 1 October 2011.
Requirements for financial advisers and their representatives with respect to recommendations made on investment products.
Requirements for the development and pricing of life insurance products and investment-linked policy sub-funds.
Reminds insurers to ensure data accuracy for Notice 122 returns.
Guidelines on sound practices in carrying out insurance business and principles relating to risk management framework.
Requirements for insurers on submitting returns to MAS, including reporting forms, glossary and submission timeframe.
Informs insurers on the amendments to MAS Notice 122.
To respond to the feedback received on the consultation paper on MAS' proposed changed to the Notice 122.
Consultation number:
P017 - 2021
Start date:
05 November 2021
Closing date:
06 December 2021
MAS response date:
27 May 2022
Informs insurers of the consequential amendments as well as other amendments to certain Notices arising from the Banking (Amendment) Act 2020.
Informs direct life and composite insurers on amendments to MAS Notice 307 (Investment-Linked Policies).
Responses to feedback received on the Proposed Enhancements to Disclosure Requirements for Sale of Investment-Linked Policies.
This consultation paper sets out MAS’ proposals to enhance disclosure requirements for the sale of investment-linked policies, including improving clarity of existing disclosure documents and including available information on fees and charges.
Consultation number:
P006-2015
Start date:
26 June 2015
Closing date:
31 July 2015
MAS response date:
13 March 2019