Regulatory Alerts2018-06-29
Added
Notice 318 Market Conduct Standards for Direct Life Insurer as a Product Provider
The Monetary Authority of Singapore issued Notice 318 to establish mandatory market conduct standards for direct life insurers acting as product providers. The regulation imposes strict requirements on disclosures, the sales process, policy replacements, loans, and cessation of business with financial advisers. It also defines non-mandatory standards for disclosure and mandates specific reporting obligations to the regulator.
Notices
Last Revised Date: 29 June 2018
Notice 318 Market Conduct Standards for Direct Life Insurer as a Product Provider
Requirements and standards for life insurers as product providers.
Financial Returns
Disclosures
Advisory and Sales
Representative-related
Issued pursuant to:
Insurance Act (Cap. 142) section 64(2)
Applies to:
Direct Insurer (Life)
,
Direct Insurer (Composite)
View Notice
Notice 318 Market Conduct Standards for Direct Life Insurer as a Product Provider
(362.5 KB)
This notice applies to all direct life insurers as product providers of life policies.
It sets out:
Mandatory requirements on disclosure, the sales process, replacement of life policies, loans and advances, cessation of business with financial advisers and reports to MAS.
Non-mandatory standards on disclosure.
29 Jun 2018
Notice 318 (Amendment) 2018 (615.2 KB) takes effect from 2 Jul 2018.
01 Apr 2015
Notice 318 (Amendment) 2015 (149.3 KB) takes effect from 1 Apr 2015.
30 Oct 2012
Notice 318 dated 30 Oct 2012 (134.5 KB) [Cancelled with effect from 29 Jun 2018]
Requirements for financial advisers and their representatives with respect to recommendations made on investment products.
Informs insurers on the updated Guidelines on the Online Distribution of Life Policies with No Advice [ID 01/17].
Guidelines on safeguards that life insurers should put in place when distributing life policies online without the provision of advice.
Requirements on information that life insurers have to submit to the web aggregator.
Requirements and standards for life insurers providing financial advisory services.
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.