24 February 2021
In view of the latest developments of the COVID-19 pandemic, the Insurance Authority (IA) today (24 February 2021) issued a circular to authorized long-term insurers announcing the extension of temporary facilitative measures for non-face-to-face distribution of specific protective insurance products to 30 June 2021. The scope of products covered and the implementation details of the measures remain unchanged.
Products covered by the temporary facilitative measures include Qualifying Deferred Annuity Policy (QDAP), Voluntary Health Insurance Scheme (VHIS) products, term life policies, and refundable policies without substantial savings component or renewable policies without cash value that provide insurance protection. Insurers and intermediaries can distribute those products via different non-face-to-face means, such as digital, telemarketing, postal or video conferencing, but are required to make upfront disclosure at the point-of-sale and provide an extended cooling-off period of no less than 30 calendar days for the protection of policy holders.
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