Notices
Notice 302 Product Development and Pricing
Requirements for the development and pricing of life insurance products and investment-linked policy sub-funds.
Issued pursuant to:
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.
Amendment Notes
- 19 Mar 2021
- MAS 302 (Amendment) 2021 (172.9 KB) takes effect on 22 Mar 2021
- 05 Mar 2020
- MAS 302 (Amendment) 2020 (743.1 KB) takes effect on 31 Mar 2020
- 29 Jun 2018
- MAS 302 (Amendment) 2018 (295.5 KB) takes effect on 2 Jul 2018.
- 30 Mar 2015
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MAS 302 (287.6 KB)[last revised on 30 Mar 2015]
Related to this Notice
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GuidelinesLast Revised Date: 10 January 2024
Guidelines on Risk Management Practices for Insurance Business - Core Activities
Guidelines on sound practices in carrying out insurance business and principles relating to risk management framework.
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NoticesLast Revised Date: 17 September 2021
Notice FAA-N16 Recommendations on Investment Products
Requirements for financial advisers and their representatives with respect to recommendations made on investment products.
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NoticesLast Revised Date: 28 June 2021
Notice 307 Investment-Linked Policies
Requirements and standards in relation to disclosure, investment guidelines, borrowing limits and operational practices for investment-linked policies.
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NoticesLast Revised Date: 19 March 2021
Notice 321 Direct Purchase Insurance Products
Requirements for life insurers to manufacture and offer direct purchase insurance (DPI).
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CircularsPublished Date: 19 March 2021
ID 06/21 - AMENDMENTS TO MAS NOTICE 302 AND MAS NOTICE 321
Informs direct life and composite insurers on amendments to MAS Notice 302 - Product Development and Pricing, and MAS 321 Direct Purchase Insurance Products.
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Subsidiary LegislationLast Revised Date: 05 January 2021
Insurance (General Provisions) Regulations
Sets out general provisions applicable for insurers such as annual fees, compoundable offences, and free look for life policies, and accident and health policies.
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NoticesLast Revised Date: 05 October 2018
Notice FAA-N03 Information to Clients and Product Information Disclosure
General principles and requirements that apply to all disclosures to clients by financial advisers and their representatives.
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CircularsPublished Date: 29 June 2018
ID 05/18 Amendments to (i) MAS Notices 302, 318, 320 and 322, and (ii) Guidelines on the Online Distribution of Life Policies with no Advice (Guideline ID 01/17)
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.
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Subsidiary LegislationPublished Date: 18 April 2013
Insurance (Actuaries) Regulations 2013
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.