Notice 321 Direct Purchase Insurance Products
Requirements for life insurers to manufacture and offer direct purchase insurance (DPI).
It sets out:
- When a life insurer should manufacture and offer a direct purchase insurance (DPI).
- The requirements for naming, pricing, re-pricing and the necessary product features.
Requirements for the development and pricing of life insurance products and investment-linked policy sub-funds.
Informs direct life and composite insurers on amendments to MAS Notice 302 - Product Development and Pricing, and MAS 321 Direct Purchase Insurance Products.
Informs direct life and composite insurers on amendments to MAS Notice 321 - Direct Purchase Insurance Products.
Guidelines on safeguards that life insurers should put in place when distributing life policies online without the provision of advice.
Sets out the applicable fees for all direct life and composite insurers that participate in the web aggregator or compareFIRST.
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.