MAS Amends Guideline ID 01/17 and Notices 302, 318, 320, and 322
MAS issued amendments to MAS Notices 302, 318, 320, and 322, along with the amendments to the guidelines on the online distribution of life policies with no advice (Guideline ID 01/17). The amendments to the relevant Notices and Guideline will take effect on July 02, 2018.
MAS had issued the public consultation on the Recommendations of the Financial Advisory Industry Review (FAIR) and its response to the feedback on March 05, 2013 and September 30, 2013, respectively. Since the issuance of the response, MAS has been working closely with the industry to finalize the formats of the cover page and the bundled life policy document; the disclosure of net investment returns and total expense ratios for participating policies; and the disclosure of illustrated yield at maturity in relation to an endowment insurance product and illustrated yield upon surrender in relation to a whole life insurance product. In addition, MAS has renamed the “benefit illustration” as “policy illustration” to better reflect the objective of the document. The relevant notices and guideline have been updated to include the above stated additional disclosure requirements.
Effective Date: July 02, 2018
Keywords: Asia Pacific, Singapore, Insurance, Notice 302, Notice 318, Notice 320, Notice 322, Guideline ID 01/17, MAS
Previous Article
Bank of Italy Publishes Updates on AnaCredit Reporting in ItalyRelated Articles
ESAs Publish Reporting Templates for Financial Conglomerates
ESAs published the final draft implementing technical standards on reporting of intra-group transactions and risk concentration of financial conglomerates subject to the supplementary supervision in EU.
EBA Publishes Report on Asset Encumbrance of Banks in EU
EBA published the annual report on asset encumbrance of banks in EU.
US Agencies Publish Updates for Call Reports, FFIEC 101, and FR Y-9C
FED updated the reporting form and instructions for the FR Y-9C report on consolidated financial statements for holding companies.
EBA Proposes Guidelines for Establishing Intermediate Parent Entities
EBA issued a consultation paper on the guidelines on monitoring of the threshold and other procedural aspects of the establishment of intermediate EU parent undertakings, or IPUs, as laid down in the Capital Requirements Directive.
EC Adopts Financial Reporting Changes Arising from Benchmark Reforms
EC published Regulation 2021/25 that addresses amendments related to the financial reporting consequences of replacement of the existing interest rate benchmarks with alternative reference rates.
BIS Bulletin Examines Key Elements of Policy Response to Cyber Risk
BIS published a bulletin, or a note, that examines the cyber threat landscape in the context of the pandemic and discusses policies to reduce risks to financial stability.
HMT Updates List of Post-Brexit Equivalence Decisions in UK
HM Treasury, also known as HMT, has updated the table containing the list of the equivalence decisions that came into effect in UK at the end of the transition period of its withdrawal from EU.
EBA Issues Erratum for Technical Package on Reporting Framework 3.0
EBA published an erratum for technical package on phase 1 of the reporting framework 3.0.
APRA Publishes FAQ on Measurement of Credit Risk Weighted Assets
APRA updated a frequently asked question (FAQ), for authorized deposit-taking institutions, on the measurement of credit risk weighted assets.
ECB Letter Sets Out Strategies to Address Issue of Nonperforming Loans
ECB published a letter from Andrea Enria, the Chair of the Supervisory Board of ECB, answering questions raised by the President of the Bundestag (the German federal parliament) on how ECB assesses the financial stability of the euro area in the context of the significant level of nonperforming loans.