Regulator starts public consultation on treatment of settlement options in life policies
The Monetary Authority of Singapore (“MAS”) has released a consultation paper to
seek feedback on MAS’ proposed treatment of settlement options in life policies. The consultation paper is available on the MAS website at http://www.mas.gov.sg/News-andPublications/Consultation-Paper.aspx.
The paper proposes to disallow the provision of settlement options
under new life policies, except for the option to convert into a life annuity
Existing life
policies with settlement options provision, regardless of whether such options have been exercised, will be grandfathered (old rules apply).
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