The Monetary Authority of Singapore (MAS) has recently introduced significant changes to two of its key notices – MAS Notice 302 on Product Development and Pricing and MAS Notice 321 on Direct Purchase Insurance Products. These alterations are set to streamline the approval processes within the insurance domain.
Effective as of 21 November, the revised Notice 302 has specific requirements for direct life insurers. They are now obliged to seek MAS approval solely for life insurance products that possess features entirely novel to Singapore’s life insurance industry. Such an approval request must be submitted a minimum of one month ahead of the product’s official launch. In cases where the product has features that are new only to the insurer, a notification to the MAS at least one month prior to the launch is mandatory. For products lacking any new features, insurers need to notify the MAS within seven working days after the product hits the market.
Similarly, under Notice 321, insurers introducing new or re-priced Direct Purchase Insurance (DPI) products with features new to their own offerings must inform the MAS at least one month before the launch. Otherwise, a notification within seven working days following the product’s launch is required. The overarching aim of these changes is twofold: to guarantee that there is adequate regulatory oversight in place while simultaneously making the processes more efficient and streamlined for insurers operating in Singapore’s insurance landscape.
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