LIA News

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.

...
-- 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 --

 2nd Edition (Sep 03) - The content

-- Published 01 September 2003 --

The Life Insurance Association of Singapore (LIA) has reviewed the Policyholders Guide to Insurance Policies with Critical Year Feature issued by the Monetary Authority of Singapore (MAS) and supports the efforts to assist policyholders affected by the Critical Year (CY) feature to better understand their current situation and available options.

The LIA does not condone the act of using Benefit Illustrations (BIs) to encourage policyholders to purchase products with...

-- Published 19 June 2003 --

Singapore life insurers have agreed to honour all notifications of claims for Sars-related medical costs incurred in Singapore under health policies (Hospital and Surgical). The Life Insurance Association (LIA) noted that many life insurers are providing coverage despite the presence of exclusion clauses in some policies. However, the LIA also emphasised that policyholders should not rely on goodwill over well-planned coverage for the future as circumstances could change.

As such the...

-- Published 26 May 2003 --

We refer to the current discussions in the press over the "Critical Year" feature, which was stated or illustrated for certain life insurance policies sold before 1 July 2002.

We would like to bring clarity and explain the use of the Critical Year feature in its proper context.

Life insurance companies issue to prospective buyers a "Benefit Illustration" to give an example by way of numeric figures how the features and benefits of the policy work over a period of time.

...

-- Published 22 May 2003 --