Manufacture and offer of certain life policies
41.—(1)  If the Authority is of the opinion that it is in the public interest to do so, the Authority may direct a licensed insurer to manufacture and offer such type of life policy in Singapore as the Authority may prescribe or specify by written notice.
[19/2015]
(2)  Without limiting subsection (1), the Authority may, in prescribing or specifying a type of life policy under subsection (1), prescribe or specify all or any of the following with respect to the life policy:
(a)the time by which the life policy is to be manufactured and offered;
(b)the form and manner in which the life policy is to be manufactured or offered;
(c)the characteristics of the life policy;
(d)the terms of the life policy;
(e)the benefits to be or likely to be derived from the life policy;
(f)the manner of distribution or sale of the life policy.
[19/2015]
(3)  Any licensed insurer which fails to comply with the direction under subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $100,000 and, in the case of a continuing offence, to a further fine not exceeding $10,000 for every day or part of a day during which the offence continues after conviction.
[19/2015]
(4)  In this section, “manufacture”, in relation to a life policy, means —
(a)the process of determining the appropriate premium rate or pricing for the life policy based on its product features and benefits; and
(b)such other processes in relation to the life policy as the Authority may prescribe.
[33C
[19/2015]