Singapore Insurance

SINGAPORE: Players in the insurance industry here may have to contribute to a fund to compensate policy owners in the event an insurer defaults. That is a proposal that the Monetary Authority of Singapore (MAS) is considering in a bid to strengthen the protection of insurance policy owners. MAS said a proposed Policy Owners' Protection Fund (PPF) will help to alleviate the loss of insurance coverage to policy owners. It is also of the view that such a fund will limit the potential disruption to the society as well as the economy, and will enhance public confidence in the sector. Among the proposed changes, the PPF schemes will provide 100 per cent coverage of protected liabilities for all life as well as accident and health policies. The PPF will be administered by the Singapore Deposit Insurance Corporation (SDIC). Member institutions will be assessed once a year for the PPF levies and the minimum levy is S$2,500 per annum. This is not the first time that such an idea has been bro

Below is the Straits Times Article on NTUC clearing the air on why they paid the amount they paid for a certain case. Many times, people have no idea what they purchase from the insurance companies because of ignorance and also complicated rules and jargon used by the insurance industry. It is time that the government starts a compulsory education for all in Singapore. I REFER to Mr Ong Kok Lam's Forum Online letter last Wednesday, "Puzzled by insurer's payout for medical claim". Mr Ong wrote that his wife could claim only $240 of her $7,995.15 hospitalisation bill under her IncomeShield MA Plan, and inquired why the payout was not higher. Generally, the amount that a policyholder can claim depends on the type of insurance plan that he is covered under. All shield plans currently available on the market have a "deductible" and a "co-insurance" feature. A "deductible" is the amount a policyholder has to pay before the insurance benefit i