Notices
Notice 320 Management of Participating Life Insurance Business
Requirements for insurers to put in place internal governance policy, governance and controls related to allocation of charges and expenses, and disclosures related to the management of participating life insurance business.
Issued pursuant to:
This notice applies to all direct insurers licensed to carry on life business. It sets out the requirements for putting in place internal governance policy, governance and controls related to allocation of charges and expenses, and disclosures related to the management of participating life insurance business.
Amendment Notes
- 16 Nov 2020
- Notice 320 (Amendment) 2020 (752.8 KB)takes effect from 1 Jan 2021.
- 29 Jun 2018
- Notice 320 (Amendment) 2018 (298.9 KB)takes effect from 2 Jul 2018.
Related to this Notice
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ConsultationsPublished Date: 16 November 2020
Consultation Paper on Proposed Requirements on Insurers’ Charging of Expenses to the Participating Fund
This consultation paper sets out MAS' proposals to revise the requirements in the area of expense charging and allocation to the participating fund.
- Consultation number:
- P001-2020
- Start date:
- 06 February 2020
- Closing date:
- 09 March 2020
- MAS response date:
- 16 November 2020
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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.