Regulatory Alerts2021-09-28
Added
Notice 120 Disclosure and Advisory Process Requirements For Accident and Health Insurance Products
The Monetary Authority of Singapore issues Notice 120 to establish mandatory requirements and best practice standards for the disclosure and advisory processes regarding accident and health insurance products. The notice applies to direct insurers, insurance agents, registered and exempt brokers, and licensed or exempt financial advisers who provide advice on or arrange these policies. It outlines supervisory expectations for the oversight of representatives, the sale of integrated shield plans, and post-sales reviews of long-term accident and health policies.