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 ArticleBank of Italy Publishes Updates on AnaCredit Reporting in Italy
In a letter addressed to the industry, the Australian Prudential Regulation Authority (APRA) set out an updated schedule of policy priorities for the banking, insurance, and superannuation industries.
The European Commission (EC) adopted a comprehensive review package of Solvency II rules in the European Union.
The Office of the Comptroller of the Currency (OCC) issued Versions 1.0 of the "Earnings" and "Regulatory Reporting" booklets of the Comptroller's Handbook.
The European Central Bank (ECB) published results of its economy-wide climate stress test, which aimed to assess the resilience of non-financial corporates and euro area banks to climate risks.
The European Banking Authority (EBA) published a report on the use of digital platforms in the banking and payments sector in European Union.
The Hong Kong Monetary Authority (HKMA) published updates on the policy measures that were announced in context of the ongoing pandemic.
The International Swaps and Derivatives Association (ISDA), along with several other associations, submitted a joint response to the Basel Committee on Banking Supervision (BCBS) consultation on preliminary proposals for the prudential treatment of cryptoasset exposures.
BIS published the September issue of the Quarterly Review, which contains special features that analyze the rapid rise in equity funding for financial technology firms, the effectiveness of policy measures in response to pandemic, and the evolution of international banking.
The Basel Committee for Banking Supervision (BCBS) met in September 2021 and reviewed climate-related financial risks, discussed impact of digitalization, and welcomed efforts by the International Financial Reporting Standards (IFRS) Foundation to develop a common set of sustainability reporting standards
The Office of the Comptroller of the Currency (OCC) issued a Cease and Desist Order against MUFG Union Bank for deficiencies in technology and operational risk governance.