LIA News

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 --

 From July 1, 2003, the definitions of 37 illnesses covered under the critical illness (CI) benefit will be the same across all 12 life and 9 general insurers providing CI benefits in Singapore. The Life Insurance Association of Singapore (LIA) and General Insurance Association of Singapore (GIA) standardised the definitions in the interests of both consumers and insurers, and all member companies providing the CI benefit have agreed to adopt the new definitions. The...

-- Published 30 April 2003 --

 At its meeting held on 5 March 2003, members of the Life Insurance Association, Singapore, elected Mr Raymond C S Kwok as the President of the Association; and elected Mr Edward Navarro as the Deputy President, both for a one-year term of office.

Mr R Kwok is the Managing Director of UOB Life Assurance Limited.

Mr E Navarro is the Chief Executive Officer of Prudential Assurance Company Singapore (Private) Limited.

-- Published 06 March 2003 --

Singapores insurance industry today launched the Insurance Disputes Resolution Organisation (IDRO) as part of its ongoing efforts to make its services more professional, transparent, customer focused and service oriented.

IDRO is an alternative and independent channel for resolving insurance disputes between insureds and insurers of up to S$100,000 for both life insurance and general insurance, third party claims of up to S$50,000, and claims relating to market conduct and service...

-- Published 27 February 2003 --

Life Fund Investments

  • Life insurers invest for long-term; able to ride out short-term volatility

  • Fund assets are invested in equities, property and bonds.
    Typical asset allocation - 20-30% in equities, 5-10% in properties, the rest in fixed interest investments

 

Life Insurance Industry

  • Growth of Life Insurance Industry - from $1-2 billion a year in 1997-1999...

-- Published 14 February 2003 --

Please refer to the commentary titled Insurance agents, let go of artificial crutches by Ignatius Low on 9 August 2002 and the various letters to the press on this issue of agents rebating their commissions to the policyholders.

As the President of the Life Insurance Association (LIA), I would like to take this opportunity to re-state our stand on the issue of rebating of commissions by life insurance agents and advisers.

LIAs Stand

In LIAs statement...

-- Published 14 August 2002 --