Last updated 3 October 2026 — by Adrian Tan, SDM. Marketing guidance, not legal or compliance advice. Insurance advertising in Singapore is a regulated activity with criminal penalties; your compliance team, and the insurer whose products you distribute, have the final word.
Most Singapore industries get one advertising rulebook. Insurance gets four, stacked on top of each other, and since 25 March 2026 the newest of them applies to every Instagram carousel, TikTok explainer and boosted Facebook post that mentions a policy.
That newest layer is the Monetary Authority of Singapore’s Guidelines on Standards of Conduct for Digital Advertising Activities. It does not replace the older rules. It sits on top of the statutory advertising requirements in the Financial Advisers Regulations, the ILP-specific rules in MAS Notice 307, and the Policy Owners’ Protection Scheme disclosure that has been compulsory since 2012. And in May 2026 MAS finalised a further round of changes that, once issued, will put an agent’s representative number on their own social posts — reposts included.
This guide is for the people who make insurance marketing — insurer digital teams, agency leaders, advisers with a channel, and agencies like us — and ends with a pre-publication checklist.
The four layers, and which one applies to what
Before the detail, the map. Which rules bite depends on two questions: what product is being advertised, and who is publishing.
| Layer | Source | What it covers | Teeth |
|---|---|---|---|
| 1. Digital advertising conduct | MAS Guidelines (FSG-03), effective 25 Mar 2026 | All financial institutions and their “digital marketers” advertising any financial product on digital media — including general insurance | Supervisory: MAS expects compliance and assesses it in inspections |
| 2. Statutory ad content and approval | Financial Advisers Regulations regs 22–22D, Sixth Schedule | Ads for “investment products”, which the Financial Advisers Act defines to include any life policy | Offence: fine up to $25,000 |
| 3. ILP-specific rules | MAS Notice 307, Appendix F | Advertisements for investment-linked policies | Notice issued under the Insurance Act |
| 4. PPF Scheme disclosure | SDIC disclosure statement; MAS Circular ID 21/11 | Marketing materials for policies protected under the Policy Owners’ Protection Scheme | Required wording, no paraphrase |
Around them sit the LIA and GIA codes and the PDPA. The guidelines are explicit that where they overlap with the Advertising Standards Authority of Singapore’s code, you apply “the stricter of the two” (para 1.6).
Layer 1: the digital advertising guidelines (in force since 25 March 2026)
MAS consulted on these in April 2023, issued them on 25 September 2025, and gave the industry six months: they took effect on 25 March 2026 (para 1.7). In its response to consultation feedback, MAS refused requests to carve out general insurance — the guidelines apply to all financial products and services.
Why MAS wrote them
Paragraph 1.2 names three marketing habits: ads truncated by character limits, representatives “catfishing” for leads (the consultation paper mentions dating apps), and representatives posting non-compliant ads without the firm knowing.
Who counts as a “digital marketer”
The definition in para 2.1 is deliberately wide. It covers employees, appointed representatives under the Financial Advisers Act or Securities and Futures Act, influencers and “finfluencers”, affiliate marketers, advertising agencies and ad networks. “Digital media” covers email, websites, blogs, forums, social media and video platforms, and footnote 5 names Facebook, Instagram, TikTok, X and YouTube.
Two footnotes matter more than they look. Footnote 3 says content from a paid finfluencer who uses a referral code is an advertisement — the commercial arrangement makes it one, whatever the creator calls it. Footnote 1 says the financial institution’s board stays accountable even where the ad was made by a foreign head office.
The five safeguards
The body of the guidelines is organised as board accountability (paras 3.1–3.3: senior management can delegate the work but not the accountability), written governance policies (paras 4.1–4.3), and then five safeguards.
| Safeguard | What MAS expects | What it means for a campaign |
|---|---|---|
| 1. Platform selection (paras 5.1–5.2) | Assess each platform’s reputation and ad policies, and whether the FI can find, amend or remove its ads there | An approved-platform list. Example 1.1 says an exclusion list on its own is not enough |
| 2. Disclosures (paras 5.3–5.6) | Each post must not mislead when viewed on its own; risks cannot be parked on another page | Disclosures inside the creative, every frame of a carousel or the first one, captions on screen long enough to read |
| 3. Selecting and training marketers (paras 5.7–5.8) | A selection framework, conflict checks, training, formal agreements with external marketers | Checklists and approved ad templates (Example 3.1); written contracts with creators and agencies |
| 4. Monitoring (paras 5.9–5.11) | Know what is running; detect what should not be | Pre-approve representatives’ social accounts, a campaign register, web crawls, social listening, online mystery shopping |
| 5. Discipline (paras 5.12–5.14) | Proportionate, escalating consequences | Up to suspension or a ban from digital advertising for repeat offenders |
The disclosure rule that changes creative
Paragraph 5.4 is the one that should change how insurance ads are designed. Putting the benefits in the ad and the risks on a linked webpage is described as “inappropriate”. Each post has to stand on its own. Example 2.1 lists what that means in practice: holding-period conditions attached to any return figure; a statement that past returns are not indicative of future performance; video captions that stay on screen long enough to be read; for carousels, the disclosure on every frame or on the first; any sponsorship or commercial tie with an external marketer; and whether an influencer is licensed.
Two more paragraphs close the usual escape routes. Under para 5.5 the financial institution is responsible for the whole of an influencer’s video, so it cannot disclaim the segment the creator ad-libbed. Under para 5.6, reposting or sharing content, testimonials included, is advertising. An agent who reshares a happy client’s post about a claim payout has published an ad.
For a media planner, that makes format a compliance decision: pick formats that can carry a standalone disclosure, such as a carousel with a disclosure frame up front.
Layer 2: the statutory rules for life policy ads
The Financial Advisers Act defines “investment product” to include “any life policy” (s 2). Licensed insurers and brokers are exempt financial advisers under s 20(1)(c), which makes them “specified financial advisers” under the Financial Advisers Regulations, and their appointed and provisional representatives are “specified persons”. The result: the advertising rules in FAR reg 22 apply to ads for whole life, term, endowment and investment-linked policies alike.
What every life policy ad must do (reg 22(2))
- Not be false or misleading, and be fair and balanced.
- Be clear and legible. For email and web ads, body text must be at least 10-point, with set minimum sizes for footnotes.
- Carry the statement “This advertisement has not been reviewed by the Monetary Authority of Singapore.” (reg 22(2)(f)).
- Be approved before publication (reg 22(2)(g)).
Breaching reg 22 is an offence with a fine of up to $25,000 (reg 22(8)). Under reg 22A, approval must come from every member of senior management, or from an appointed agent or committee, each with written reasons; under reg 22C the approval records must be kept for at least five years.
How the MAS statement works on digital formats
MAS’s FAQs on fair and balanced advertising answer the questions every digital team asks. Digital media is covered (A2). For Facebook ads and banners, the statement may sit on the main page of the linked website rather than in the ad itself (A8). The wording cannot be altered with substitutions (A9). Writing “this is not an advertisement” on something does not stop it being one (A10). And the statement may be translated, provided the meaning is kept (A11) — useful for Chinese, Malay and Tamil creative.
The Sixth Schedule: what MAS treats as misleading
The Sixth Schedule lists examples of content that breaches the rules. For copywriters, it is the most useful page in the regime, because it is concrete:
| Sixth Schedule | Prohibited | Typical headline that falls foul |
|---|---|---|
| Para 1(h) | Advertising “free” services that come with conditions | “Free financial health check” that requires a product meeting |
| Para 2(c) | “Guaranteed” returns without naming the guarantor and noting guarantor risk | “Guaranteed 3% a year” with no insurer named as guarantor |
| Para 2(d) | Past performance without the “not indicative” statement | “Our fund returned 8% last year” |
| Para 2(e) | Suggesting there is no risk | “Zero-risk way to grow your savings” |
| Para 2(f) | Likening the product to a deposit | “Better than a fixed deposit” |
| Para 2(g) | Suggesting low or nil risk when returns are not guaranteed | “Safe, steady returns” on a non-guaranteed participating plan |
Reg 22D extends lighter rules to non-product ads promoting an adviser or their services: no false statements, no conditional “free” claims, and no exaggeration that “exploits an individual’s lack of experience and knowledge”, with the same $25,000 ceiling.
Layer 3: investment-linked policies and Notice 307
MAS Notice 307, issued under the Insurance Act and last revised on 28 June 2021, requires ILP ads to comply with its Appendix F (para 42). Appendix F adds a set of ILP-specific requirements on top of reg 22.
Content an ILP ad must carry (Appendix F para 3)
- That the product summary and Product Highlights Sheet are available, how to get them, and that people should read them before buying.
- That the value of units may fall as well as rise.
- The names of the insurer and the fund manager.
- No “guarantee” or similar words unless there is a guarantee — and if there is one, the guarantor’s name.
- A risk warning for high-risk funds.
Past performance and comparisons (paras 4–15)
The performance rules are the ones social creative most often breaks. A past-performance figure needs a prominent “not necessarily indicative” statement; periods must be at least one year; multi-year figures must use the average annual compounded return; the period must end no more than three months before the ad; and returns driven by exceptional circumstances need a warning. Paragraph 9 bans simulated or hypothetical performance outright, which rules out the “if you had invested $500 a month since 2015” back-test graphic.
Comparisons (paras 10–15) are allowed only against funds with similar objectives, the fund’s benchmark index, or investments with a similar risk profile, with the calculation basis stated, fees disclosed, and a common currency. And para 43 adds a rule that belongs in every agency contract: marketing costs may not be paid out of the ILP sub-fund.
Illustrated returns on participating policies
For participating (par) policies, the Life Insurance Association caps the illustrated investment rates of return. From 1 July 2021 the upper illustration rate is capped at 4.25%, with the lower rate at least 1.25 percentage points below it (so capped at 3.00%), and the caps are reviewed every year. A projection built on a higher rate is one no benefit illustration could produce.
Layer 4: the PPF Scheme statement, word for word
Policies covered by the Policy Owners’ Protection Scheme, administered by the Singapore Deposit Insurance Corporation, must carry a prescribed disclosure in marketing materials. The SDIC disclosure statement says it applies to all marketing materials, explicitly including email ads and product information on corporate websites (para 1.1). The disclosure requirements took effect from 1 January 2012 (MAS Circular ID 21/11, para 2), and only pronouns may be changed — not the wording (para 4).
There are three versions, and choosing the right one is a format decision:
| Format | What to use | Source |
|---|---|---|
| Brochures, product pages, full marketing materials | The full statement: “This policy is protected under the Policy Owners’ Protection Scheme which is administered by the Singapore Deposit Insurance Corporation (SDIC). Coverage for your policy is automatic and no further action is required from you…” followed by the contact and website wording | Para 1.2 |
| Product ads, including internet, SMS and outdoor | The short form: “Protected up to specified limits by SDIC” | Para 2 |
| Search ads (e.g. Google) | May omit the statement if the ad links to a landing page carrying the full statement | Para 3 |
The search-ad concession only works if the landing page carries the full statement, so build it into the landing-page template once. Our landing page best practices for Singapore covers the rest of that template.
What is coming: representative numbers on agents’ own posts
On 22 May 2026 MAS published its response to feedback on proposed amendments to the advertisement regulations and the introducer notice. The changes are finalised in policy terms but, as at the date of writing, not yet in force — the amended rules are still to be issued. Once they are, there is a nine-month transition, and MAS has said they will be issued together with its response to a separate May 2025 consultation (P005-2025) (paras 4.2–4.3).
- Identity on every ad. The financial institution’s name, as listed in the Financial Institutions Directory, must appear at least once. Representatives posting on their own accounts, including reposts, must show their representative number. An agency group needs only one number (paras 2.14–2.17).
- Approval for non-product ads. Senior-management approval extends to non-product ads, and can be delegated (para 2.6).
- Lead-generation firms are “introducers”. Firms generating leads will fall under Notice FAA-N02, written agreements must spell out how introducers collect, share and dispose of consumer data (para 3.7), and representatives may not appoint introducers themselves (paras 3.3, 3.12).
- No retrofitting. Ads published before the change do not need updating (para 2.20).
Both change operations, not just copy. Every agent’s personal account becomes a disclosure surface, and bought-in leads bring the contract and data flow under the same scrutiny as the ad.
Gifts, industry codes and the rules around the ad
Gifts and inducements
MAS’s Guidelines on Standards of Conduct for Marketing and Distribution Activities, in effect since 1 April 2017, deal with gifts under Safeguard 10 (paras 2.2.17–2.2.20): gifts must not unduly influence a buying decision, representatives must not push them, and marketing must not feature them in a way that distracts from the product. It is a principles-based rule, not a ban — but if the gift is the hook, rewrite the hook.
LIA and GIA codes
The LIA Code of Life Insurance Practice (December 2021) requires ads to be “clear, easy to understand and not misleading” (s 2.2). The GIA Code of Practice (revised 25 October 2022) requires ads to be “clear, fair and not misleading”, and commits members to withdraw inaccurate ads (s 2.2). For general insurance in particular, where reg 22’s product-ad rules are written for life policies, the GIA Code and the digital guidelines are the main written standards.
Follow-up by phone, SMS or WhatsApp also needs a valid Do Not Call check under PDPA s 43; see Singapore’s telemarketing and Do Not Call rules and the PDPA rules on marketing and tracking.
What enforcement actually looks like
An honest note: in researching this guide we found no published MAS enforcement action specifically for an insurance agent’s social media ad between 2023 and 2026. The enforcement record is about selling rather than advertising — for example, MAS issued a three-year prohibition order against a former AIA representative for misselling ILPs to a vulnerable client in 2025.
That is not a reason to relax. On 25 September 2025 MAS issued advisory letters to five content creators who may have given financial advice without a licence, and the guidelines now give it a written standard for every firm’s digital oversight. Given the board-accountability language, expect the first serious finding to land on a firm rather than an agent.
A worked example: one ILP carousel, before and after
Here is a composite of the kind of post we see agency teams run, and what has to change.
Before: Frame 1, “Grow your money safely — 7% returns!” Frame 2, a line chart from 2015 showing what $500 a month “would have” become. Frame 3, “Free financial review + $50 voucher. DM me.” Caption: “Not an ad, just sharing! T&Cs in bio.”
Every frame has a problem. “Safely” on a non-guaranteed ILP hits Sixth Schedule para 2(g). The bare return figure lacks the past-performance statement. The back-test is simulated performance, banned by Appendix F para 9. The conditional free review is para 1(h), and a voucher headline is the gift-distraction issue. “T&Cs in bio” is the risks-elsewhere pattern para 5.4 rejects, and “not an ad” does nothing (FAQ A10).
After: Frame 1, the real feature, the insurer’s name, and the past-performance and unit-value warnings. Frame 2, actual fund performance over at least a year, ending within three months, as an average annual compounded return. Frame 3, where to get the Product Highlights Sheet, the MAS “not reviewed” statement, the PPF short form and the representative’s name. Then firm approval, with the record kept for five years.
A pre-publication checklist
- Classify the product (life, ILP, par, general) and the publisher (firm, representative, creator, agency).
- Read each frame alone. If it would mislead on its own, move the disclosure into it.
- Check the banned words: guaranteed, safe, risk-free, free, better than a deposit.
- Check every number: past-performance rules, no simulations, illustrations within the LIA caps.
- Add the statements: MAS “not reviewed”, the right PPF version, ILP disclosures.
- Disclose any creator relationship and whether the creator is licensed.
- Approve, record (five years) and log the campaign in the firm’s register.
- Template slots now for the FI’s directory name and the representative number.
Frequently asked questions
Do MAS’s digital advertising guidelines apply to general insurance?
Yes. The guidelines apply to all financial institutions and their digital marketers advertising financial products on digital media, and MAS declined requests to exclude general insurance when it responded to consultation feedback. They took effect on 25 March 2026.
What statement must a life insurance ad carry in Singapore?
Under Financial Advisers Regulations reg 22(2)(f), an ad for an investment product, which includes any life policy, must contain the statement “This advertisement has not been reviewed by the Monetary Authority of Singapore.” For Facebook ads and banners, MAS’s FAQs allow it to sit on the main page of the linked website. Protected policies also need the PPF Scheme disclosure.
Can an insurance agent post about policies on their personal social media?
Yes, but the post is an advertisement and the agent is a digital marketer under the MAS guidelines, so the firm must oversee it and the content rules apply. Under amendments MAS finalised on 22 May 2026, agents posting on their own accounts, including reposts, will have to show their representative number once the amended regulations are issued and the nine-month transition ends.
Can I show what a policy would have returned over the last ten years?
Only actual past performance, presented under the rules: a prominent statement that it is not necessarily indicative of future performance, periods of at least one year, average annual compounded returns for multi-year figures, and a period ending no more than three months before the ad. Notice 307 Appendix F para 9 bans simulated or hypothetical performance for investment-linked policies.
Does a Google search ad need the PPF Scheme statement?
Under the SDIC disclosure statement, search ads may omit the statement if they link to a landing page that carries the full statement. Other product ads, including internet, SMS and outdoor, may use the short form “Protected up to specified limits by SDIC”.
What is the penalty for a non-compliant insurance ad?
Breaching the advertising requirements in Financial Advisers Regulations reg 22, or the non-product ad rules in reg 22D, is an offence with a fine of up to $25,000. The digital advertising guidelines are supervisory, so MAS assesses compliance through its inspections of the financial institution.
The takeaway
Insurance advertising in Singapore is not one rule, it is a stack: the digital guidelines on how you advertise, FAR reg 22 on what a life policy ad must say, Notice 307 on ILPs, and the PPF statement on protection. The newest layer is the one that changes day-to-day work, because it turns every representative, creator and agency into a supervised digital marketer and makes each post stand on its own. The next layer, once MAS issues the amended regulations, puts a representative number on agents’ own posts and brings lead-generation firms inside the introducer regime.
None of that makes insurance hard to market. It makes compliance part of the brief and the template, not a last-minute legal strip-back.
If you market a regulated financial product and want campaigns built with the disclosure layer designed in, that is what our performance marketing team in Singapore does; see our client case studies. Start with our complete guide to performance marketing in Singapore, then the adjacent regimes: investment offer advertising rules, moneylender advertising rules, crypto marketing in Singapore and influencer and KOL marketing.
