o   Making a complaint

Life insurers have information and clear instructions on their websites on how to make a complaint.

You can also contact your representative or call the insurer, and give details such as policy number, name, contact numbers and the exact nature of your complaint, including the background, i.e. what has taken place so far, and the documents to support your case.

The insurer will acknowledge your complaint within two business days.

Within 15 business days after the date of receipt of your complaint, the insurer will give you an interim response if a final response has not been sent.

Within 30 business days after the date of receipt of your complaint, the insurer will give you the final response. If this is not possible, the insurer will write to tell you the reasons for the delay and to indicate a reasonable timeframe within which you can expect to receive their final response.

If the outcome of your complaint is not to your satisfaction, you can write to the insurer to appeal and they will respond to your appeal within 14 business days.

o   Resolving my dispute

FIDReC was set up by the financial services sector and is an independent organisation for resolving disputes between financial institutions and consumers.

If you have a dispute with your life insurer that you haven't been able to resolve or that hasn't been resolved to your satisfaction, you may approach FIDReC within six months of receiving the final letter from the life insurer.

FIDReC does not take on all types of complaints or disputes. Contact FIDReC for more information.

Financial Industry Disputes Resolution Centre Ltd (FIDReC)

36 Robinson Road #15-01
City House
Singapore 068877
Phone: (65) 6327 8878
Website: www.fidrec.com.sg 

If you are dissatisfied with the final decision of FIDReC, you are free to reject the decision and pursue your complaint through other recourse, including taking legal action.

o   Protecting policy owners

The Policy Owners' Protection (PPF) Scheme, administered by the Singapore Deposit Insurance Corporation (SDIC), automatically protects policy owners in the event a life or general insurer, which is a PPF Scheme member, fails.

All insurers registered by the Monetary Authority of Singapore (MAS) to carry on direct life business (other than captive insurers) or direct general business (other than captive insurers or specialist insurers) are required by law to be members of the PPF Scheme.

Customers of SDIC's Scheme Members get automatic protection under the Schemes - in the case of deposit insurance, up to S$100,000 per depositor per Scheme member; and for life insurance, 100% protection for the guaranteed benefits of the policy subject to caps, for example on the amount of sum assured and surrender value; and for general insurance, 100% protection for the insured policies, without being subject to caps.

The PPF Scheme for life insurance expands the scope of coverage to accident and health (A&H) policies. The coverage for life insurance has also been raised from 90% of protected liabilities to 100%, subject to caps.

Members of the public can find out whether their financial institution is a Scheme member by referring to the complete list of members posted on SDIC's website.