Requirements for life insurers to manufacture and offer direct purchase insurance (DPI).
Last Revised Date: 19 March 2021
Notice 302 Product Development and Pricing
Requirements for the development and pricing of life insurance products and investment-linked policy sub-funds.
This notice applies to all direct insurers licensed to carry on life business.
It sets out:
- Requirements on management oversight, controls and policies and procedures on pricing and product development.
- Prohibited payout features.
- Requirements on procedure for approval of new products.
- Guidelines for notifying MAS of new products launched.