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...

What are restructured hospitals in Singapore? You will commonly find the term restructured hospitals in the various hospitalisation plans. I did some research to find out what these hospitals are actually. These hospitals are actually run as a private company and is wholly-owned by the Government through the Ministry of Health, Singapore, and it receives a government subsidy for the provision of subsidised medical services to its patients. These basically refer to the following hospitals: 1. Alexander 2. Changi General Hospital 3. National University Hospital 4. Singapore General Hospital 5. Tan Tock Seng Hospital 6. Khoo Teck Puat Hospital 7. Ng Teng Fong Hospital

There has been a recent change in Section 57 of the Insurance Act where the insurable interest on the life of a child has been amended to below age 18. An extract of the act states : "A Life policy insuring the life of a person which is issued by a registered insurer shall be void unless his child or ward under the age of 18 years at the time the insurance is effected." This essentially means that parents can no longer buy an insurance policy on their child's life once he is above the age of 18. Also, a transfer of policy (be it under any of the optional riders) cannot take place unless the child is below 18 years of age.

I stumbled upon this article while reading the news. Given the high incidence of cancer in Singapore, it might be interesting statistics to compile Researchers at Ireland have found something unique in curry that might help to cure cancer. Read the interesting article below to find out more. LONDON - A MOLECULE found in a curry ingredient can kill oesophageal cancer cells in the laboratory, suggesting it might be developed as an anti-cancer treatment, scientists said on Wednesday. Researchers at the Cork Cancer Research Centre in Ireland treated oesophageal cancer cells with curcumin - a chemical found in the spice turmeric, which gives curries a distinctive yellow colour - and found it started to kill cancer cells within 24 hours. The cells also began to digest themselves, they said in a study published in the British Journal of Cancer. Previous scientific studies have suggested curcumin can suppress tumours and that people who eat lots of curry may be less prone to the disease, al...

This is adapted from the article that came from Straits Times. While the Straits Times article said that there are only 4 types of cover a person need, I believe that there are 5 types of cover. 1. Death Cover. 2. Medical Cover. 3. Critical Illness Cover. 4. Disability Cover. 5. Personal Accident Cover.

I received a letter from AIA recently. It reads: In appreciation for your continued loyalty and support, we'd like to extend an exclusive invitation to you to apply for our first premier accident plan - AIA Signature. The AIA Signature plan offers you our highest level of accident protection, with coverage up to $500,000. The invitation is for a select group of priority AIA policyholders, of which you are one. Available for a limited time, this exclusive offer is valid from 15 Oct 09 to 28 Nov 09 and is strictly by invitation only. With AIA Signature, you can enjoy: A high coverage amount of up to $500,000 for Accidental Death, Dismemberment and Permanent and Total Disability Accidental Medical Reimbursement of up to $2000 Premiums do not increase with age And the above coverage is yours at only $400 until age 75. No health questions ask and no medical examination is required. I am not too sure what is so special about this accident plan because accident plans normally do not requi...