Notice 120 Disclosure and Advisory Process Requirements For Accident and Health Insurance Products

Requirements and best practices for insurers, insurance brokers, financial advisers and their representatives or broking staff on the disclosure and advisory process for accident and health insurance products.

Issued pursuant to:

Insurance Act (Cap. 142) section 35P , section 35TA and section 64(2)

Applies to: Licensed Financial Adviser , Exempt Financial Adviser , Direct Insurer (Life) , Direct Insurer (General) , Direct Insurer (Composite) , Registered Insurance Broker , Exempt Insurance Broker , General Insurance Agents

View Notice Notice 120 Disclosure and Advisory Process Requirements For Accident and Health Insurance Products (619.6 KB)

This notice applies to:

Direct insurers and persons who act as an insurance agent for the insurers.
Registered direct insurance brokers and their broking staff.
Exempt direct insurance brokers and their broking staff.
Licensed financial advisers and their representatives.
Exempt financial advisers and their representatives who provide advice on or arrange accident and health insurance policies.

It sets out mandatory requirements and best practice standards on the disclosure of information and provision of advice for accident and health policies, and life policies with accident and health benefits.

13 Apr 2020: Notice 120 (Amendment) 2020 (611.6 KB)takes effect on 13 Apr 2020.
30 Oct 2015: Notice 120 (Amendment) 2015 (334.1 KB)takes effect on 1 Nov 2015.
30 Jan 2004: Notice 120 (33.7 KB)dated 30 Jan 2004 [Cancelled with effect from 1 Nov 2015]