MAS updates rules on life insurance product launches

The changes aim to ensure adequate regulatory oversight.

The Monetary Authority of Singapore (MAS) created changes to its MAS Notice 302 on Product Development and Pricing and MAS Notice 321 on Direct Purchase Insurance Products, which streamlines approval processes.

These changes are effective 21 November. Under the revised Notice 302, direct life insurers must seek MAS approval only for products with features entirely new to Singapore’s life insurance industry. 

The approval request must be submitted at least one month before the product’s launch. For products with features new only to the insurer, insurers must notify MAS at least one month prior to the launch. 

Products with no new features require notification within seven working days after launch.

For Notice 321, insurers introducing new or re-priced Direct Purchase Insurance (DPI) products with features new to the insurer must notify MAS at least one month before launch. 

Otherwise, notification is required within seven working days post-launch.

The changes aim to ensure adequate regulatory oversight whilst streamlining processes for insurers.