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Definitions of terms in regulations 38 to 40B

Financial Advisers Regulations

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In regulations 38 to 40A and this regulation —[Deleted by S 515/2019 wef 01/08/2019]“client” includes a prospective client;“customer service officer”, in relation to a financial adviser, means any individual —(a)who is in the direct employment of the financial adviser, acting for the financial adviser or has an arrangement with the financial adviser to act for the financial adviser;(b)who has undergone the training required by the financial adviser to distribute direct purchase insurance products on behalf of the financial adviser; and(c)who is not an appointed representative or a provisional representative of the financial adviser;“direct insurer” has the same meaning as in section 2 of the Insurance Act 1966;“direct life insurer” means a direct insurer licensed under section 11 of the Insurance Act 1966 to carry on life business;“direct purchase insurance product” means —(a)a term life insurance product;(b)a term life insurance product with a critical illness rider;(c)a whole life participating insurance product; or(d)a whole life participating insurance product with a critical illness rider,which satisfies the requirements set out in Part 1 of the Fourth Schedule and is manufactured and offered by any direct life insurer;“distribute”, in relation to a direct purchase insurance product, means all or any of the following services:(a)provide any information on the direct purchase insurance product, including any of the following, to any client:(i)a product summary setting out the principal features of the direct purchase insurance product, which is prepared by the direct life insurer which manufactured and offered the direct purchase insurance product pursuant to such notice as may be issued by the Authority and published on the Authority’s website at http://www.mas.gov.sg;(ii)a policy illustration setting out the projected benefits payable under the direct purchase insurance product, which is prepared by the direct life insurer which manufactured and offered the direct purchase insurance product pursuant to such notice as may be issued by the Authority and published on the Authority’s website at http://www.mas.gov.sg;(iii)the name of the direct purchase insurance product;(iv)any information on the direct life insurer on whose behalf the direct purchase insurance product is distributed;(b)highlight any disclaimer, exclusion or warning of the direct purchase insurance product to any client;(c)assist or prompt any client to provide any personal information on any proposal form for the purchase of the direct purchase insurance product or to complete such proposal form;(d)collect any proposal form, cheque, or both for the purchase of the direct purchase insurance product by any client;(e)provide any other assistance to any client to purchase the direct purchase insurance product;“life business” has the same meaning as in section 3(1) of the Insurance Act 1966;“life policy” has the same meaning as in the First Schedule to the Insurance Act 1966;[Deleted by S 515/2019 wef 01/08/2019]“specified advertisement”, in relation to an offer to sell, an invitation to purchase, or a solicitation for an offer to purchase any direct purchase insurance product, means the dissemination or conveyance of any information on the direct purchase insurance product, or on the offer, invitation or solicitation, by any of the following means:(a)any written, printed or electronic communication, including by means of the Internet;(b)radio, television or other mass media;(c)a recorded telephone message;“specified financial adviser” is any financial adviser —(a)who —(i)is exempt from holding a financial adviser’s licence under section 20(1)(a), (b), (c), (d) or (e) of the Act;(ii)is not a direct life insurer; and(iii)distributes direct purchase insurance products on behalf of one or more direct life insurers; or(b)who —(i)is exempt from holding a financial adviser’s licence under section 20(1)(c) of the Act;(ii)is a direct life insurer; and(iii)distributes direct purchase insurance on the financial adviser’s own behalf or on behalf of one or more other direct life insurers;“specified financial advisory service” means —(a)advising others, either directly or through any publication or writing (other than by issuing or promulgating any research analysis or research report), concerning any direct purchase insurance product; or(b)arranging any contract of insurance in respect of any direct purchase insurance product.

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