Regulatory Alerts2025-02-28
Added · Updated
Practice Note on Illustration Rate Caps in Benefit Illustration for Participating Policies
The Insurance Authority issued a Practice Note establishing aligned minimum expectations for illustration rate caps that authorized insurers must use in benefit illustrations for participating policies at the point of sale. This directive aims to ensure policyholders' reasonable expectations regarding policy performance are met by standardizing the caps applied during sales processes. The requirements apply to all benefit illustrations provided by authorized insurers and licensed insurance intermediaries and take effect from 1 July 2025.