Requirements and standards for life insurers providing financial advisory services.
This notice applies to all direct life insurers which provide financial advisory services as defined under the Financial Advisers Act.
It sets out requirements for:
- Appointment of representatives;
- Maximum tier structure;
- Training and competency of representatives;
- Loans and advances to representatives;
- Compliance unit;
- Disciplinary action;
- Attribution of income and expenses;
- Reports to MAS;