Regulatory Alerts2025-09-29
Added
Notice 321 Direct Purchase Insurance Products
The Monetary Authority of Singapore issued Notice 321 to establish requirements for direct life and composite insurers to manufacture and offer direct purchase insurance products. The notice specifies the conditions under which these products must be offered, along with strict guidelines for naming, pricing, re-pricing, and necessary product features. These regulations apply to all direct life insurers except those classified with defined market segments in the Financial Institution Directory.
Notices
Last Revised Date: 29 September 2025
Notice 321 Direct Purchase Insurance Products
Requirements for life insurers to manufacture and offer direct purchase insurance (DPI).
Insurance Products and Business Types
Notifications
Issued pursuant to:
Insurance Act 1966 section 41
Applies to:
Direct Insurer (Life)
,
Direct Insurer (Composite)
View Notice
Notice 321 Direct Purchase Insurance Products
(402.2 KB)
This notice applies to all direct life insurers, except those that are classified as life insurers with defined market segments in MAS' Financial Institution Directory .
It sets out:
When a life insurer should manufacture and offer a direct purchase insurance (DPI).
The requirements for naming, pricing, re-pricing and the necessary product features.
29 Sep 2025
Notice 321 (Amendments) 2025, takes effect from 1 Oct 2025 (438.5 KB)
20 Nov 2024
Notice 321 (Amendments) 2024, takes effect from 21 Nov 2024 (333.7 KB)
19 Mar 2021
Notice 321 (Amendments) 2021, takes effect from 22 Mar 2021 (324 KB)
20 Aug 2020
Notice 321 (Amendments) 2020, takes effect from 26 Aug 2020 (324 KB)
30 Mar 2015
Notice 321 dated 30 Mar 2015 (433.9 KB) [Cancelled with effect from 13 May 2016]
Notice 321 Appendix B (143.4 KB)
Requirements for life insurers to manufacture and offer direct purchase insurance (DPI).
Requirements for the development and pricing of life insurance products and investment-linked policy sub-funds.
Informs direct life and composite insurers on amendments to MAS Notice 302 - Product Development and Pricing, and MAS 321 - Direct Purchase Insurance 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.
Informs direct life and composite insurers on amendments to MAS Notice 302 - Product Development and Pricing, and MAS 321 Direct Purchase Insurance Products.
Informs direct life and composite insurers on amendments to MAS Notice 321 - Direct Purchase Insurance Products.
Sets out the applicable fees for all direct life and composite insurers that participate in the web aggregator or compareFIRST.
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.