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Acknowledgement Statement For Policy

Acknowledgement Statement For Policy Template for Singapore

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Key Requirements PROMPT example:

Acknowledgement Statement For Policy

"I need an Acknowledgement Statement For Policy for a new comprehensive life insurance policy being issued to a high-net-worth client on March 15, 2025, with specific emphasis on complex investment-linked components and foreign currency considerations."

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Document background
The Acknowledgement Statement For Policy is a crucial document in Singapore's insurance framework that protects both insurers and policyholders. It is required when new insurance policies are issued or significant changes are made to existing policies. The document confirms that policyholders have received comprehensive information about their policy, understand its features and risks, and have had their questions adequately addressed by their financial adviser. This statement helps ensure compliance with Singapore's regulatory requirements, particularly those set by MAS and the Insurance Act, and serves as a key record in case of future disputes or clarifications.
Suggested Sections

1. Policyholder Details: Full name, identification details, and contact information of the policyholder

2. Policy Information: Policy number, type, and key features being acknowledged

3. Key Disclosures: Important terms, conditions, and risks that have been explained

4. Financial Adviser Declaration: Confirmation that all relevant information has been explained

5. Client Acknowledgement: Explicit confirmation of understanding and acceptance

Optional Sections

1. Language Declaration: Confirmation that explanation was provided in preferred language (used when client's primary language is not English)

2. Third Party Authorization: When policy decisions involve authorized third parties

3. Digital Consent: For electronic policy documentation and communications

Suggested Schedules

1. Product Summary: Detailed description of the insurance product

2. Benefit Illustration: Illustration of policy benefits and projected values

3. Client Fact Find: Summary of client's financial needs analysis

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

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alex.den.21@genieai.co
Industries

Insurance Act (Chapter 142): Primary legislation governing insurance business in Singapore, including policy disclosure requirements and policyholder protection mechanisms

Financial Advisers Act (Chapter 110): Regulatory framework for financial advisory services, covering disclosure requirements and fair dealing obligations for client interactions

Personal Data Protection Act 2012 (PDPA): Legislation governing the collection, use, and disclosure of personal data, including consent requirements and data protection obligations

MAS Guidelines: Regulatory guidelines issued by Monetary Authority of Singapore, including Notice FAA-N16, Fair Dealing Guidelines, and Product Information Disclosure requirements

Consumer Protection (Fair Trading) Act: Legislative framework protecting consumers against unfair practices and ensuring transparent disclosure of terms

Electronic Transactions Act: Legislation governing electronic transactions, including requirements for electronic signatures and records if the acknowledgement is executed electronically

Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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