Notice 306 Market Conduct Standards for Life Insurers Providing Financial Advisory Services as defined under the Financial Advisers Act
Requirements and standards for life insurers providing financial advisory services.
This notice applies to all direct life insurers which provide financial advisory services as defined under the Financial Advisers Act.
It sets out requirements for:
- Appointment of representatives;
- Maximum tier structure;
- Training and competency of representatives;
- Loans and advances to representatives;
- Compliance unit;
- Disciplinary action;
- Attribution of income and expenses;
This consultation paper seeks to: i. clarify and refine the tier structure requirements ii. consolidate and effect the tier structure requirements under the Financial Advisers Act (Cap. 110) iii. introduce restrictions on the direct payment of remuneration to, and acceptance of remuneration by, representatives and/or...
- Consultation number:
- Start date:
- 12 July 2021
- Closing date:
- 13 August 2021
Informs direct life and composite insurers on amendments to MAS Notice 306 - Market Conduct Standards for Life Insurers Providing Financial Advisory Services as defined under the Financial Advisers Act
Requirements and standards for life insurers as product providers.