Notice 318 Market Conduct Standards for Direct Life Insurer as a Product Provider
Requirements and standards for life insurers as product providers.
This notice applies to all direct life insurers as product providers of life policies.
It sets out:
- Mandatory requirements on disclosure, the sales process, replacement of life policies, loans and advances, cessation of business with financial advisers and reports to MAS.
- Non-mandatory standards on disclosure.
Requirements on information that life insurers have to submit to the web aggregator.
Requirements for financial advisers and their representatives with respect to recommendations made on investment products.
Requirements and standards for life insurers providing financial advisory services.
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.
Guidelines on safeguards that life insurers should put in place when distributing life policies online without the provision of advice.