Financial Services Regulatory Newsletter – April 2017
MAS Guidelines on Online Distribution of Life Policies with No Advice
On 31 March 2017, the Monetary Authority of Singapore (MAS) issued a set of guidelines on the Online Distribution of Life Policies with No Advice (the Guidelines). The Guidelines apply to all direct insurers licensed under Section 8 of the Insurance Act (Cap. 142) (Insurance Act) to carry on life business.
The Guidelines outline MAS' expectations on the safeguards that direct life insurers should put in place for the online distribution of life policies without provision of advice.
MAS imposes restrictions on Financial Advisor's commission payout
In March 2012, the Monetary Authority of Singapore (MAS) announced the launch of the Financial Advisory Industry Review (FAIR), aimed at raising the standards of practice in the financial advisory industry and improving the distribution of insurance products in Singapore.
One of the key thrusts of the recommendations of the FAIR Panel is to promote a culture of fair dealing in the financial advisory industry, and in particular, to reassess the regulations governing the commission payout structure of regular premium life insurance products.
Read the full newsletter here.