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
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