Regulatory Alerts2020-11-16
Added
Notice 320 Management of Participating Life Insurance Business
The Monetary Authority of Singapore issued Notice 320 to establish requirements for direct insurers licensed to carry on life business regarding the management of participating life insurance business. The notice mandates the implementation of internal governance policies, specific controls for the allocation of charges and expenses, and enhanced disclosures related to these operations. These requirements were finalized following a consultation process and are subject to amendments effective from January 2021.
Notices
Last Revised Date: 16 November 2020
Notice 320 Management of Participating Life Insurance Business
Requirements for insurers to put in place internal governance policy, governance and controls related to allocation of charges and expenses, and disclosures related to the management of participating life insurance business.
View Notice
Notice 320 Management of Participating Life Insurance Business
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This notice applies to all direct insurers licensed to carry on life business. It sets out the requirements for putting in place internal governance policy, governance and controls related to allocation of charges and expenses, and disclosures related to the management of participating life insurance business.
16 Nov 2020
Notice 320 (Amendment) 2020 (752.8 KB) takes effect from 1 Jan 2021.
29 Jun 2018
Notice 320 (Amendment) 2018 (298.9 KB) takes effect from 2 Jul 2018.
This consultation paper sets out MAS' proposals to revise the requirements in the area of expense charging and allocation to the participating fund.
Consultation number:
P001-2020
Start date:
06 February 2020
Closing date:
09 March 2020
MAS response date:
16 November 2020
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.