We refer to the letter by Mr 黄克昌 (“保险公司应透明处理理赔事宜”) published in Lianhe Zaobao on 9 September 2024.

At the point of sale, financial institutions and their representatives are required to clearly explain to their customers all material information concerning the product, including the terms and conditions under which claims payment will or will not be made. Insurers are also required to present material information clearly in their point of sale documents.

When underwriting a policy, insurers assess pre-existing medical conditions based on their risk appetites.  As risk appetites vary across insurers, some insurers may impose an exclusion or premium loading, while other insurers may decline to provide any cover, and yet some others may provide the insurance cover without any exclusion or loading.

Consumers may refer to the MoneySense website (https://www.moneysense.gov.sg/insurance-basics/ ) for consumer guides on life and health insurance products, and to better understand the features of different insurance products. Consumers are encouraged to seek and compare offers from different insurers, and to understand the different terms and conditions well, before making a purchase.

MAS expects insurers to be fair in their treatment of policyholders, including when handling claims. Policyholders who are not satisfied with a claim outcome may appeal to their insurer. Insurers are also expected to have a robust process for handling complaints independently and effectively.  In this regard, MAS understands that Mr Huang’s insurer has reached out to him to address the issues that he had raised. Policyholders who are unable to reach a satisfactory resolution with their insurer may tap on the Clinical Claims Resolution Process for Integrated Shield Plan claims disputes of a clinical nature, or approach the Financial Industry Disputes Resolution Centre to mediate or adjudicate any claims disputes of a contractual nature.  

Lu Xinyi
Director (Corporate Communications)
Monetary Authority of Singapore