Regulatory Alerts2024-11-20
Added
Notice 302 Product Development and Pricing
The Monetary Authority of Singapore issued Notice 302 to establish regulatory requirements for the development and pricing of life insurance products and investment-linked policy sub-funds. The notice mandates specific management oversight, controls, and approval procedures while prohibiting certain payout features to ensure sound practices. It also provides guidelines for notifying the regulator of new product launches and applies to all direct insurers licensed to carry on life business.
Notices
Last Revised Date: 20 November 2024
Notice 302 Product Development and Pricing
Requirements for the development and pricing of life insurance products and investment-linked policy sub-funds.
Insurance Products and Business Types
Disclosures
Notifications
Issued pursuant to:
Insurance Act 1966 section 154(4)
Applies to:
Direct Insurer (Life)
,
Direct Insurer (Composite)
View Notice
Notice 302 Product Development and Pricing
(254.2 KB)
This notice applies to all direct insurers licensed to carry on life business.
It sets out:
Requirements on management oversight, controls and policies and procedures on pricing and product development.
Prohibited payout features.
Requirements on procedure for approval of new products.
Guidelines for notifying MAS of new products launched.
20 Nov 2024
MAS 302 (Amendment) 2024 (259.5 KB) takes effect on 21 Nov 2024
19 Mar 2021
MAS 302 (Amendment) 2021 (172.9 KB) takes effect on 22 Mar 2021
05 Mar 2020
MAS 302 (Amendment) 2020 (743.1 KB) takes effect on 31 Mar 2020
29 Jun 2018
MAS 302 (Amendment) 2018 (295.5 KB) takes effect on 2 Jul 2018
30 Mar 2015 MAS 302 (287.6 KB) [last revised on 30 Mar 2015]
Requirements for financial advisers and their representatives with respect to recommendations made on investment products.
Requirements for life insurers to manufacture and offer direct purchase insurance (DPI).
Informs direct life and composite insurers on amendments to MAS Notice 302 - Product Development and Pricing, and MAS 321 - Direct Purchase Insurance Products.
Guidelines on sound practices in carrying out insurance business and principles relating to risk management framework.
Requirements and standards in relation to disclosure, investment guidelines, borrowing limits and operational practices for investment-linked policies.
Informs direct life and composite insurers on amendments to MAS Notice 302 - Product Development and Pricing, and MAS 321 Direct Purchase Insurance Products.
Sets out general provisions applicable for insurers such as annual fees, compoundable offences, and free look for life policies, and accident and health policies.
General principles and requirements that apply to all disclosures to clients by financial advisers and their representatives.
Informs all direct life and composite insurers on the finalisation of the FAIR changes and the key changes that have been implemented in relation to enhanced product disclosure.
Sets out the roles and responsibilities of appointed and certifying actuaries, and MAS' expectations on the appointment process and notification of engagements in equivalent roles in other jurisdictions.