LIA News

The Life Insurance Association, Singapore (LIA) today announced that its 12 member companies have submitted investigation reports to the Central Provident Fund (CPF) Board identifying potential cases of improper switching involving CPF funds between 1 July 2003 and 31 March 2004.

The LIAs member companies will investigate each of these potential cases of improper switching. Appropriate action will be taken on confirmed cases and this can include the issuing of warning letters,...

-- Published 27 October 2004 --

Together with Consumers Association of Singapore, Life Insurance Association will be organising an educational seminar on Wednesday, 22 Sep 04. It will be a financial education event to be held under the national programme, MoneySENSE. For more seminar programme details, please refer to the poster.

Topics

- What is the role of life insurance in personal financial...

-- Published 14 September 2004 --

 The Life Insurance Association, Singapore (LIA) has confirmed that none of its twelve member companies have ever employed or currently employ "opt-out" marketing methods in the sale of their life insurance products. On occasions, there may be some confusion on the part of the consumer over the nature of the product or service they are purchasing. LIA member companies will always endeavour to address such misunderstandings.

Consumers can be...

-- Published 15 July 2004 --

 Today the Life Insurance Association, Singapore (LIA) has taken the lead to set compulsory minimum standards pertaining to key areas of market conduct for distributors of life insurance products. These LIA standards will apply to distributors as well as industry sales processes, and will primarily address the areas of switching, usage of promotional gifts, and twisting.

The utmost concern over the best interests of the consumer was a key motivation behind these...

-- Published 01 June 2004 --

The Life Insurance Association, Singapore (LIA) today affirmed its commitment to work with the Monetary Authority of Singapore (MAS) and other stakeholders to facilitate achievement of the regulator's supervisory objectives. The life insurance industry will continue to set best practice standards that support MAS' vision for Singapore as a sound and progressive financial services sector.

The life insurance industry, like the financial services industry as a whole, has seen significant...

-- Published 19 April 2004 --

The Life Insurance Association, Singapore (LIA) and the General Insurance Association of Singapore (GIA) will launch a new consumer guide, Your Guide to Health Insurance, on 1 April 2004. The Guide will provide a general introduction to the concept of health insurance and explain the different types of health insurance products that are available to meet the needs of consumers. It also gives practical tips on what a consumer should look out for when buying a health insurance product...

-- Published 31 March 2004 --

The LIA does not condone the churning of life insurance policies, which is unprofessional and against the interests of policyholders.

Churning is the practice of an insurance intermediary advising the policyholder to generate funds from existing policies to finance part or all of the premiums for a new policy in order to earn more commission.

The Association has a clear set of guidance notes for member companies to use in monitoring and detecting the practice of churning.

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-- Published 03 December 2003 --

Together with Central Singapore CDC, Life Insurance Association will be organising an educational seminar on Sunday, 14 Dec 03. It will be the first financial education event to be held under the newly-launched national programme, MoneySENSE. For more seminar programme details, please refer to the poster.

Topics

  • Part 1- How to use life insurance for your financial protection, savings and investment
  • ...
-- Published 19 November 2003 --

  The Life Insurance Association of Singapore (LIA) today launched a consumer life insurance education programme in line with the Monetary Authority of Singapores (MAS) recently announced national financial education programme, MoneySENSE. The LIAs programme will begin with a public seminar in November 2003.

Through this programme, the LIA has committed to a long-term effort aimed at helping consumers gain a comprehensive working knowledge of how to manage their...

-- Published 16 October 2003 --

The Life Insurance Association (LIA) and General Insurance Association of Singapore (GIA) today announced the participation of eight life and five general insurance companies in the new Transferable Medical Insurance Scheme (TMIS). These 13 insurers represent more than 90% of the total group insurance market share.

Employers can now take advantage of this high level of voluntary participation from Singapore insurers to enhance their group medical insurance schemes to meet the needs of...

-- Published 02 October 2003 --