s 41 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]