Notice 306 Market Conduct Standards for Life Insurers Providing Financial Advisory Services

Notices

Last Revised Date: 19 February 2021

Notice 306 Market Conduct Standards for Life Insurers Providing Financial Advisory Services as defined under the Financial Advisers Act

Requirements and standards for life insurers providing financial advisory services.

Training and Competency

Advisory and Sales

Disclosures

Remuneration

Issued pursuant to:

Insurance Act (Cap. 142) section 64(2)

Applies to:

Direct Insurer (Life)

,

Direct Insurer (Composite)

View Notice

Notice 306 Market Conduct Standards for Life Insurers Providing Financial Advisory Services as defined under the Financial Advisers Act

(80.8 KB)

This notice applies to all direct life insurers which provide financial advisory services as defined under the Financial Advisers Act.

It sets out requirements for:

Appointment of representatives;

Maximum tier structure;

Training and competency of representatives;

Loans and advances to representatives;

Compliance unit;

Disciplinary action;

Attribution of income and expenses;

19 Feb 2021

MAS 306 (Amendment) 2021 (94 KB) takes effect.

26 Nov 2010

MAS 306 (Amendment) 2010 (20.7 KB) takes effect.

30 Jun 2010

MAS 306 (Amendment) 2010 (5.61 KB) takes effect.

This consultation paper seeks to: i. clarify and refine the tier structure requirements ii. consolidate and effect the tier structure requirements under the Financial Advisers Act (Cap. 110) iii. introduce restrictions on the direct payment of remuneration to, and acceptance of remuneration by, representatives and/or...

Consultation number:

P011-2021

Start date:

12 July 2021

Closing date:

13 August 2021

MAS response date:

26 July 2024

Informs direct life and composite insurers on amendments to MAS Notice 306 - Market Conduct Standards for Life Insurers Providing Financial Advisory Services as defined under the Financial Advisers Act

Requirements and standards for life insurers as product providers.