Newsletter April 2017
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- Florence Spencer
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1 Crprate & Securities Singapre Newsletter April 2017 In This Issue: MAS Guidelines n Online Distributin f Life Plicies with N Advice MAS impses restrictins n Financial Advisr's cmmissin payut MAS Guidelines n Online Distributin f Life Plicies with N Advice On 31 March 2017, the Mnetary Authrity f Singapre ("MAS") issued a set f guidelines n the Online Distributin f Life Plicies with N Advice (the "Guidelines"). The Guidelines apply t all direct insurers licensed under Sectin 8 f the Insurance Act (Cap. 142) ("Insurance Act") t carry n life business. The Guidelines utline MAS' expectatins n the safeguards that direct life insurers shuld put in place fr the nline distributin f life plicies withut prvisin f advice. Offer f equivalent Direct Purchase Insurance Prducts ("DPIs") and Prvisin f Key Infrmatin Requirement t ffer equivalent DPIs 1 Accrding t the Guidelines, direct life insurers must make available n their nline direct channels all equivalent DPIs that they ffer befre ffering any specific life plicy 2 nline. Fr mre infrmatin, please cntact: Stephanie Magnus Selwyn Lim Key Infrmatin t be prvided via the nline direct channel Direct life insurers must als put in place certain safeguards at the pint f a client's applicatin fr the purchase f a life plicy via its nline direct channel. These safeguards include, but are nt limited t: prviding prduct infrmatin, including prduct summary, benefit illustratin and prduct highlights sheet (where apprpriate) and the full plicy wrdings f the relevant life plicy; btaining the acknwledgement f the client that he has cmpleted the items set ut under Annex A f the Guidelines, such as having read and understd the benefit illustratin and prduct summary (including any cverage exclusin) and cmpleted and disclsed fully and truthfully all the infrmatin requested in the prpsal frm and any supplementary questinnaire(s); highlighting t the client any cnditins (including special exclusins r additinal premium ladings impsed by the direct life insurer as a result f underwriting the plicy applicatin); 1 A DPI refers t a term life insurance prduct (with r withut critical illness rider) r a whle life participating insurance prduct (with r withut critical illness rider). 2 As defined under the First Schedule f the Insurance Act.
2 btaining the client's acknwledgement that he has read and understd the cnditinal acceptance (if any); alerting the client in a simple and cncise manner, befre he cmpletes the purchase f a life plicy, via the nline direct channel that: a life plicy is nt a savings accunt r depsit; he may nt recver the premiums paid (in part r full) if the plicy is terminated r surrendered early; sme benefits are nt guaranteed (where applicable); there is a 14-day-free-lk perid; he may request fr the explanatin f the prduct features; he may seek separate advice n the suitability f the life plicy; and he shuld cnsider if the life plicy is suitable fr his financial circumstances and needs (in the event that he chses nt t seek advice n the suitability f the plicy). Tls and Calculatrs In additin t the infrmatin safeguards discussed abve, MAS further requires direct life insurers t encurage their clients t cnsider the items set ut under Annex B f the Guidelines. Under Annex B, clients are encuraged t: use the Insurance Estimatr and the Budget Calculatr; cmpare and cnsider the features and premiums f DPIs and ther types f life plicies; and cnsider whether the life plicies they intend t purchase is suitable fr their financial circumstances and needs. MAS recgnises that the additinal safeguards under Annex B may nt be applicable fr all types f life plicies, such as mnthly renewable grup term life plicies that d nt require lng term financial cmmitment. Setting up apprpriate avenues t address general queries Direct life insurers are als required under the Guidelines t set up apprpriate avenues, including but nt limited t telephne r helplines t handle queries, cmplaints and claims frm clients relating t the life plicies ffered n their nline direct channels. 2 Newsletter April 2017
3 Infrmatin n claims and cmplaints prcesses are als required t be prvided n the nline direct channels. Implementatin f Internal Cntrls, plicies and prcedures The Guidelines als reiterates the existing bligatins f direct life insurers in relatin t implementing: adequate plicies, prcedures and cntrls t mitigate mney laundering and terrrism financing risks (as set ut in relevant MAS Regulatins, Ntices and Guidelines); internal plicies and prcesses t address technlgical risks; an apprpriate business cntinuity plan t minimise system dwntime r cmpnent failures t the nline direct channel and t ensure the functinality and cntinued peratin f the same. Cnclusin The advent f financial technlgy has transfrmed the financial services industry. T allw the ffering f nline life plicies with n advice is a psitive step twards enabling the insurance industry t be cntinually relevant t the grwing segment f technlgy-savvy and self-directed cnsumers. Shuld direct life insurers be keen t distribute nline life plicies with n advice, they are reminded that they shuld be able t demnstrate t MAS that they are able t bserve the Guidelines. MAS may require direct life insurers t adpt additinal measures t address any deficiencies if MAS is nt satisfied with their level f cmpliance. 3 Newsletter April 2017
4 MAS impses restrictins n Financial Advisr's cmmissin payut In March 2012, the Mnetary Authrity f Singapre ("MAS") annunced the launch f the Financial Advisry Industry Review ("FAIR"), aimed at raising the standards f practice in the financial advisry industry and imprving the distributin f insurance prducts in Singapre. One f the key thrusts f the recmmendatins f the FAIR Panel is t prmte a culture f fair dealing in the financial advisry industry, and in particular, t reassess the regulatins gverning the cmmissin payut structure f regular premium life insurance prducts. The FAIR Panel was f the view that a heavily frnt-laded payut structure rewards financial advisry representatives fr the cnclusin f their sales rather than the prvisin f quality after-sales services. In view f that, the FAIR Panel recmmended, amng ther things, that: a. the cmmissin payut fr regular premium life insurance prducts be spread ver a minimum perid ("Minimum Perid Cnditin"); and b. a cap t be impsed n the ttal cmmissin that can be paid t financial advisry firms and their representatives in the first year f the sale f regular premium life insurance plicies ("Cmmissins Cap Cnditin"). Fllwing several runds f public cnsultatins cnducted by the MAS, the Insurance (Remuneratins) (Amendment) Regulatins 2017 (the "Amendment Act") was intrduced and came int frce n 1 April The Amendment Act amends the Insurance (Remuneratin) Regulatins 2015 ("Remuneratin Regulatins") t give effect t the afrementined Minimum Perid Cnditin and Cmmissins Cap Cnditin, albeit with minr deviatins frm what was initially envisaged by the FAIR Panel. Overview f the Amendments Fllwing the amendments, a licensed insurer is required t fulfil, amng thers, the Minimum Perid Cnditin and the Cmmissins Cap Cnditin when paying the remuneratin f financial advisers (r their representatives r supervisrs) in relatin t the sale f a Relevant Life Plicy ("RLP") when such remuneratin cnsists f Variable Incme (as defined belw). What is an RLP? The Amendment Act intrduced a distinctin between life plicies and RLPs. An RLP refers t a life plicy that is issued by a licensed insurer n r after 1 April 2017, which is neither a Single Premium Life Plicy 3 nr a Specified Life Plicy 4. 3 A Single Premium Life Plicy, as defined by the Amendment Act, refers t: (a) a life plicy the premium f which is payable as a lump sum n r befre the date f cmmencement f cverage 4 Newsletter April 2017
5 Only payment f remuneratin in relatin t the sale f RLPs are subject t the Minimum Perid Cnditin and the Cmmissins Cap Cnditin when such remuneratin cnsists f Variable Incme. What is Variable Incme? Variable Incme, in relatin t a financial adviser, refers t the remuneratin payable; it may refer t incme that is either directly r indirectly linked t the sale f a particular RLP. Such incme must be determined by ne r mre f the fllwing factrs: the ttal number r ttal value f all investment prducts in relatin t the financial advisry services prvided t the financial adviser's clients; the ttal number r ttal value f all agreements, transactins r arrangements relating t investment prducts entered int by the financial adviser's clients in cnnectin with financial advisry services prvided by the financial adviser; the ttal amunt f remuneratin payable t the financial adviser by the financial adviser's clients in cnnectin with the financial advisry services prvided by the financial adviser; the ttal amunt f premiums payable in respect f all life plicies purchased by the financial adviser's clients in cnnectin with financial advisry services prvided by the financial adviser. Cnditins t be satisfied fr payment f remuneratin in relatin t an RLP General Cnditins A licensed insurer when paying remuneratin in relatin t the sale f an RLP (whether the remuneratin cnsists f Variable Incme r nt) must satisfy any f the fllwing cnditins: the sale must be made pursuant t an agreement under which the financial adviser is entitled t the remuneratin fr the sale f life plicies 5 (listed under the schedule t the Remuneratin Regulatins (the under the plicy; r (b) all premiums f which are payable within a perid f n mre than 12 mnths starting frm the date f cmmencement f cverage under the plicy. 4 A Specified Life Plicy, as defined by the Amendment Act, refers t a life plicy in respect f which (a) the plicy wner is nt an individual, unless the individual hlds the plicy in the individual's capacity as a sle prprietr; and (b) there are 2 r mre insured persns. 5 Under the Schedule, categries f life plicies include the fllwing: (1) whle life plicies ther than investment-linked plicies; (2) term plicies; (3) endwment plicies ther than investment-linked plicies; (4) investment-linked plicies where nly a single premium is payable; (5) investment-linked plicies where nly a single premium is payable; (6) investment-linked plicies where the premiums are payable at regular intervals; (7) universal life plicies. 5 Newsletter April 2017
6 "Schedule")) fr a cntinuus perid f at least 12 mnths starting frm the date the agreement becmes effective; the sale is made pursuant t an agreement fr the sale f any type f life plicies within 2 r mre categries listed under the Schedule; r the RLP is a pure prtectin plicy. Where the remuneratin cnsists f Variable Incme (directly r indirectly linked t the sale f an RLP), additinal cnditins including but nt limited t the Minimum Perid Cnditin and the Cmmissins Cap Cnditin must als be satisfied. Minimum Perid Cnditin Fr remuneratin cnsisting f Variable Incme that is directly linked t the sale f an RLP, the remuneratin must be payable at least nce every year: ver a perid f at least 6 years starting frm the date f issue f the RLP; r ver a perid that cvers at least the premium payment perid f the RLP (if the premium payment perid is less than 6 years starting frm the date f issue f the RLP). As fr remuneratin cnsisting f Variable Incme that is indirectly linked t the sale f a RLP, the remuneratin (in respect f a prtfli f RLPs) must be payable at least nce every year ver a perid f at least 5 years starting frm the date the first payment f the remuneratin (r any part f it) is made. Cmmissins Cap Cnditin Fr remuneratin cnsisting f Variable Incme in relatin t the sale f an RLP, the ttal remuneratin, during the first 12 mnths f the sale f the RLP (r in respect f a prtfli f RLPs in the case f Variable Incme that is indirectly linked t the sale f an RLP), must nt exceed 55% f the ttal remuneratin payable in respect f the sale f the RLP. Cnclusin Baker McKenzie Wng & Lew 8 Marina Bulevard #05-01 Marina Bay Financial Centre Twer 1 Singapre Tel: Fax: The adptin f the FAIR Panel recmmendatins in relatin t the Minimum Perid Cnditin and the Cmmissins Cap Cnditin reflects MAS' cmmitment t raise the standards f practice in the financial advisry industry. The refrm is a psitive step twards addressing the prblems f a heavily frntladed payut structure; it als strikes an apprpriate balance in cnserving the interests f licensed insurers and their representatives. Under the existing framewrk, subsequent yearly payments f cmmissins after the first year are nt required t be spread ut evenly. With such flexibility, licensed insurers may adpt a remuneratin structure that can better align the interests f licensed insurers, financial advisrs and their custmers s as t ensure the prvisin f quality after-sales services t custmers Baker & McKenzie. All rights reserved. Baker & McKenzie.Wng & Lew is a member f Baker & McKenzie Internatinal, a Swiss Verein with member law firms arund the wrld. In accrdance with the cmmn terminlgy used in prfessinal service rganizatins, reference t a "partner" means a persn wh is a partner, r equivalent, in such a law firm. Similarly, reference t an "ffice" means an ffice f any such law firm. 6 Newsletter April 2017 This may qualify as "Attrney Advertising" requiring ntice in sme jurisdictins. Prir results d nt guarantee a similar utcme. This alert is prvided as general infrmatin and des nt cnstitute legal advice.
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