Regulatory Alerts2013-04-22
Added · Updated
Selling of Investment-Linked Assurance Scheme Products
The document mandates that Authorized Intermediaries disclose specific and generic remuneration details, including monetary and non-monetary benefits, to clients before distributing Investment-Linked Assurance Scheme products. It requires the provision of a standardized statement detailing upfront and ongoing payments, as well as the affiliation status of the insurance company, ensuring transparency regarding costs borne by the policyholder. Intermediaries must ensure this reader-friendly statement is signed by the client prior to accepting any new or top-up applications for ILAS policies.
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