Notice FAA-N16 Recommendations on Investment Products
Requirements for financial advisers and their representatives with respect to recommendations made on investment products.
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 for financial advisers and their representatives with respect to recommendations made on investment products.
Requirements and standards in relation to disclosure, investment guidelines, borrowing limits and operational practices for investment-linked policies.
Requirements for life insurers to manufacture and offer direct purchase insurance (DPI).
Informs direct life and composite insurers on amendments to MAS Notice 302 - Product Development and Pricing, and MAS 321 Direct Purchase Insurance Products.
Sets out general provisions applicable for insurers such as annual fees, compoundable offences, and free look for life policies, and accident and health policies.
General principles and requirements that apply to all disclosures to clients by financial advisers and their representatives.
Informs all direct life and composite insurers on the finalisation of the FAIR changes and the key changes that have been implemented in relation to enhanced product disclosure.
Sets out the roles and responsibilities of appointed and certifying actuaries, and MAS' expectations on the appointment process and notification of engagements in equivalent roles in other jurisdictions.
Guidelines on sound practices in carrying out insurance business and principles relating to risk management framework.