LIA News

 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 --

Although the LIA supports MAS move to lift the expressed ban on rebates as the ban is considered no longer relevant in the light of the implementation of the Financial Advisers Act and the recommendations of the Committee on Efficient Distribution of Life Insurance (CEDLI), it does not condone the use of rebates by advisers to induce clients to accept their recommendations.

The FAA, expected to be implemented soon, will require all financial advisers to have a...

-- Published 08 August 2002 --

Representatives from the Life Insurance Association of Singapore today organised a special outdoor education programme for children from the Singapore School for the Visually Handicapped. The 35 children, aged between five and 14, were treated to a morning of activities at the Singapore Zoological Gardens, which included a Spanish flamenco guitar performance by Mr David Beynon, President and CEO of John Hancock Life Assurance and Vice Chairman of John Hancock International (Southeast...

-- Published 24 May 2002 --

The Life Insurance Association of Singapore (LIA) today launched its Community Involvement Programme with a free movie screening for over 100 elderly from three social welfare organisations.

This movie screening is the first in a series of community-centric activities in 2002 in the LIA Community Involvement Programme. This programme is part of LIA's focused approach aimed at promoting community development through voluntary efforts. It is an enhancement to the LIA...

-- Published 12 January 2002 --