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.
Notices
Last Revised Date: 28 September 2021
Notice 120 Disclosure and Advisory Process Requirements For Accident and Health Insurance Products
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.
View Notice
Notice 120 Disclosure and Advisory Process Requirements For Accident and Health Insurance Products
(358.8 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 accident and health insurance policies.
It sets out mandatory requirements and best practice standards on the disclosure of information and provision of advice for accident and health policies, and life policies with accident and health benefits.
1 Jun 2022
MAS 120 (Amendment) 2022 (676.6 KB) takes effect on 1 Jun 2022.
28 Sep 2021
MAS 120 (Amendment) 2021
(364.6 KB) takes effect on 1 Oct 2021.
30 Sep 2020
Notice 120 (Amendment No. 2) 2020
(350.3 KB) takes effect on 1 Oct 2020.
13 Apr 2020
Notice 120 (Amendment) 2020
(611.6 KB) takes effect on 13 Apr 2020.
30 Oct 2015
Notice 120 (Amendment) 2015 (334.1 KB) takes effect on 1 Nov 2015.
30 Jan 2004
Notice 120 (33.7 KB) dated 30 Jan 2004 [Cancelled with effect from 1 Nov 2015]
Requirements and best practice standards on continuing professional development for insurance brokers and their broking staff.
Information on the supervisory expectations, good practices observed and areas for enhancement in the areas of (i) Oversight of accident and health insurance representatives; (ii) Provision of advice and sale of integrated shield plans; and (iii) Post-sales checks and reviews of long-term accident and health policies.
This consultation paper seeks to: i. reduce the information collection for recommendation of selected insurance products based on the Basic Financial Planning Guide ii. introduce accompanying safeguards for the collection of a reduced set of information items
Consultation number:
P001-2024
Start date:
02 February 2024
Closing date:
15 March 2024
Outlines rules of thumb for individuals to address their savings, insurance, investment, retirement and legacy planning needs at different life stages.
Requirements for insurers, insurance brokers, financial advisers and their representatives or broking staff on training and competency in relation to health insurance products.
Consultation number:
P008-2015
Start date:
12 May 2015
Closing date:
12 June 2015
MAS response date:
30 October 2015
Guidelines on market conduct and service standards for direct general insurers as product providers of insurance policies.