MAS Invites Comments on Review of Regulatory Requirements for Sub-Funds Of Investment-Linked Life Insurance Policies
Singapore, 30 August 2006...The Monetary Authority of Singapore (MAS) has released a consultation paper proposing several changes to existing requirements in MAS Notice 307 (Investment-Linked Life Insurance Policies).
2 The proposals seek to facilitate the offering of cost-effective Investment-Linked Life Insurance Policies (ILPs) that meet policyholders' need for broader investment choice and adequate post-sale disclosure. Changes are proposed in the following areas:
a) The requirement for MAS' approval of ILP sub-funds prior to launch and any significant change to the ILP sub-funds;
b) The requirement for annual reports of ILP sub-funds to be audited;
c) The preparation of semi-annual or annual reports for newly launched or recently terminated ILP sub-funds; and
d) The acceptable mode of communication for post-sale disclosure documents to policyholders.
3 MAS invites interested parties to forward their comments on the proposals in the consultation paper. Both MAS Notice 307 and the consultation paper can be found on the MAS website. Please click here to view the Consultation Paper (396.7 KB) The consultation period will end on 30 September 2006.