SUPPLEMENTARY NOTES Basic Insurance Concepts & Principles

SUPPLEMENTARY NOTES

Basic Insurance Concepts & Principles, 3

rd

Edition

Date Of Issue : 4 December 2012

The following amendments have

NOT

been incorporated in the study guide. They should be marked up in your study guide immediately.

For examination purposes, the following amendments will take effect on 4 Feb 2013:

To delete Appendix 8B and replace with Annex B. 1. Chapter 8

Appendix 8B

Page 198

Date of Issue: 24 May 2012

For examination purposes, the following amendments will take effect on 24 Jul 2012:

1. Chapter 1

Section 4.3

Page 5

To delete the entire section sections 4.3.1 and 4.3.2

4.3

Lloyd’s Brokers

)

4.3 Lloyd’s And Lloyd’s Brokers and replace with the following:

(including sub-

Lloyd’s (for more information on Lloyd’s, refer to Section 5.3

) underwriters do not generally deal directly with policyholders. Insurance business is generally brought in by brokers that have been accredited (by

Lloyd’s) to broke insurance business at Lloyd's. Hence, if a policyholder wishes to insure its risks at Lloyd’s, the risks must be placed through a

Lloyd’s broker, which will have to satisfy the Committee of Lloyd’s as to its experience, integrity and financial standing in the market. A

Lloyd’s broker may also place business with other insurance companies in the market.

Business is conducted on a face-to-face basis between the brokers and underwriters in the Underwriting Room. Much of the business at

Lloyd’s is placed on a subscription basis, whereby more than one syndicate takes a share of the same risk. Hence, a broker will usually negotiate and agree terms of a risk with one underwriter before proceeding to place the rest of the risk with underwriters from other syndicates

In Singapore, the Insurance Act (Cap. 142) requires that any broker who wishes to place business with a foreign insurer under a foreign insurer scheme (such as the Lloyd’s Asia Scheme) will have to obtain a licence from the Monetary Authority of Singapore (MAS). The Lloyd’s Asia

Scheme is a foreign insurer scheme that was established since 1st

February 2002 under Part IIA of the Insurance Act (Cap. 142) in accordance with the Insurance (Lloyd's Asia Scheme) Regulations 2002.

This Scheme replicates in Singapore the Lloyd’s insurance marketplace.

Singapore College of Insurance

9 Temasek Boulevard, #14-01/02/03, Suntec Tower Two, Singapore 038989

Tel: (65) 6221 2336 | Fax: (65) 6220 6684 | E-mail: talk2us@scidomain.org.sg | Website: www.scicollege.org.sg

1

2. Chapter 1

Section 5.3

Page 7

3. Examination

Guide

Page 207

To delete section 5.3 Lloyd’s and replace with Annex A.

To delete question 2 and replace with the following:

2. Which one of the following statements regarding Lloyd’s is CORRECT ?

A. Lloyd’s is a single insurance company.

B. Business at Lloyd’s is not placed on a subscription basis.

C. Individual Lloyd’s members carry unlimited personal liability.

D. Lloyd’s underwriters normally deal directly with policyholders.

Answer: C

Reference Section in Study Guide : 5.3.1

Date of Issue: 1 April 2011

For examination purposes, the following amendments took effect from 30 May 2011:

1.

2.

Chapter 1

Learning

Points

Page 2

Chapter 1

Section 3

Page 4

To add the following bullet point: know the six Tenets of Effective Regulation

To replace the 2 nd

paragraph with the following:

There are generally three groups of buyers, namely the individuals (including sole proprietors), commercial enterprises (such as multinational corporations, small and medium enterprises, partnerships, companies, etc) and the government

(including its various agencies, ministries and statutory boards).

To replace the entire section with the following: 3. Chapter 1

Section 7.1

Page 11 7.1 Association Of Financial Advisers (Singapore) - AFA(S)

Formed in 2001, the Association of Financial Advisers (Singapore) – AFA(S) is a trade association representing Financial Adviser firms in Singapore. The member firms contribute the majority of businesses done by all authorised representatives associated with Financial Adviser firms in Singapore. The Association was formed primarily to represent licensed Financial Adviser firms who provide advice on and engage in the sale of Financial Products (Exempt Financial Adviser firms are Associate members); to provide a forum for its members, to develop opinions, recommendations and educational programmes, which contribute to the

4. Chapter 1

Section 8.2

Page 15 further development of the financial services industry for the benefit of the

Singapore public.

To replace the 1 st

and 2 nd

paragraph with the following:

Set up by insurers on 22 February 1975, the Motor Insurers’ Bureau (MIB) is an independent body funded by all motor insurers in Singapore. Its main purpose is to compensate people injured in road accidents caused by negligent untraced or uninsured motorists. The MIB provides cover for only bodily injury claims in




2

5. Chapter 1

Section

11.2

Page 18 &

19

6. Chapter 1

Section

11.2.3

Page 21 &

22 accordance with the Untraced Drivers' Agreement and the Uninsured Drivers'

Agreement between the Government, the MIB and the general insurance companies.

The Untraced Drivers' Agreement requires the MIB to consider compensation for victims of hit-and-run accidents where the motor vehicles are untraced. The

Uninsured Drivers' Agreement requires the MIB to meet unsatisfied Court

Judgments against identified motorists who may have been uninsured.

The MIB Council, which comprises representatives from the leading motor insurers and the Government, assesses all claims and determines their validity.

To replace Section 11.2 Legislation And Regulations with the following:

11.2 Classification Of Instruments Issued By The MAS

As a regulator of the financial services industry, various instruments under the

Acts are issued and administered by the MAS. The following sections show the classification of instruments adopted by the MAS.

Acts

Subsidiary Legislation

Directions

− Directives

− Notices

Guidelines

Codes

Practice Notes

Circulars

Policy Statements

To replace the 3 rd

bullet point onwards (including the last paragraph) with the following:

11.2.4 Guidelines

Guidelines set out principles or “best practice standards” that govern the conduct of specified institutions or persons. While contravention of guidelines is not a criminal offence and does not attract civil penalties, specified institutions or persons are encouraged to observe the spirit of these guidelines.

11.2.5 Codes

Codes set out a system of rules governing the conduct of certain specified activities. Codes are non-statutory and do not have the force of law. However, a breach of a Code may attract certain non-statutory sanctions like private reprimand or public censure.

11.2.6 Practice Notes

Practice Notes are meant to guide specified institutions or persons on administrative procedures relating to, among others, licensing, reporting and compliance matters. Contravention of a practice note is not a criminal offence,




3

7. Chapter 1

Section

11.3

(NEW)

Page 22 unless a procedure stated in the practice note is also required by an Act or regulation.

11.2.7 Circulars

Circulars are documents which are sent to specified persons for their information or are published on MAS website for public information. Circulars have no legal effect.

11.2.8 Policy Statements

Policy statements outline broadly the major policies of MAS.

Details of these instruments relating to the financial services industry can be obtained from MAS website at www.mas.gov.sg

To add the following new section:

11.3 Tenets Of Effective Regulation

[S1]

On 8 June 2010, the MAS issued a monograph on Tenets of Effective Regulation to communicate the MAS’ approach to developing effective regulation. The

Tenets of Effective Regulation guide the design and formulation of regulation, and explains the MAS’ balanced regulatory approach, which continues to be relevant and effective in achieving the outcome of a sound and progressive financial services sector. The six Tenets are:

(a) Tenet 1: “Outcome Focused” commits the MAS to uphold sound regulation of a high standard but also acknowledges that there is no one way to do this.

Good regulatory outcomes can sometimes be best achieved by prescriptive and clear rules, and at other times, by laying down broad principles and placing responsibility on financial institutions to deliver the regulatory outcomes.

There are also different circumstances when one-size-fits-all rules, or differentiated rules are more appropriate. Sometimes, regulation is aimed specifically at impacting market practices in a significant way and even changing them. At other times, the impact of regulation is more appropriately calibrated and mitigated. An outcome focused approach calls on the MAS to give consideration to all of the six Tenets, and to exercise appropriate judgement as to how and in what measure that the Tenets should be applied in the particular circumstances of each new regulation, so that good regulatory outcomes can be achieved.

(b) Tenet 2: “Shared Responsibility” describes the MAS’ belief that regulation alone is insufficient, and that in many instances, regulatory outcomes can be more effectively achieved with the MAS, financial institutions, investors and consumers, each taking on specific responsibilities and shared ownership of supervisory objectives and outcomes. In addition to the MAS’ prescription of specific behaviours through regulation, reliance and responsibility can be placed, where appropriate on financial institutions individually, their boards and senior management, through their governance, and on the industry collectively, to address supervisory concerns directly. Where appropriate and effective, the MAS will also consider, as an alternative to regulating an activity, placing reliance on disclosure of timely and adequate information, so




4

that informed consumers, investors and other stakeholders may exercise choice and market discipline.

The design of regulation should wherever appropriate provide for rather than take away from financial institutions and stakeholders’ responsibility and incentives to contribute towards regulatory outcomes.

(c) Tenet 3: “Risk Appropriate”. Regulation should set standard, baseline requirements of broad application and provide for the exercise of supervisory judgement to set higher standards or permit exemptions when merited by the particular circumstances of a financial institution. For example, more demanding regulation may be appropriate for systemically important financial institutions in which failure can cause widespread disruption to the financial system compared to a small institution in the same licence category with simple operations.

(d) Tenet 4: “Responsive to Change and Cycles”. Regulation should be updated expeditiously as industry and market practices change and as new risks emerge. Regulation should also require the pre-emptive build-up of prudential buffers in financial institutions to weather a downturn or stress event, and to effectively address macro-prudential risks.

(e) Tenet 5: “Impact Sensitive”. The costs and impact of regulation should be considered alongside the benefits and desired outcomes of regulation, so that the costs are not disproportionate to the benefits. Regulation should be targeted clearly at specific and material risks to the objectives of financial supervision.

The design of regulation should take into account market realities, so that unintended and unnecessary disruption to market practices is minimised. Even in instances where regulation is specifically aimed at changing market practices, care will be taken to avoid placing undue burden.

(f) Tenet 6: “Clear and Consistent”. Regulation should be clear so that financial institutions have reasonable certainty as to their legal obligations. Regulation should not be subject to frequent and sudden changes that cause uncertainty and disruption to business and market practices. Where appropriate, like activities conducted by regulated institutions from different sectors should be subject to similar and consistent regulation.

In summary, the Tenets are intended to be generally applicable to all areas of the MAS’ regulatory development work. The regulatory framework will be targeted at and sensitive to the risks that it is aimed at, and more responsive to changes and risks in the industry. It will also be sufficiently flexible to set requirements that will commensurate with the risk profile and unique circumstances of particular financial institutions.

Rules will be clear and not subject to frequent disruptive change as well as consistently applied to like activities conducted across sectors.

[S1] Adapted from http://www.mas.gov.sg/news_room/press_releases/2010/MAS_Issues_Monograph_on_Tenets_of_Effective

_Regulation.html#




5

8. Chapter 3

Section 5

Page 66

9. Chapter 6

Learning

Outcomes

Page 142

10. Chapter 6

Section 5.3

Page 149

11. Chapter 6

Section

7.5.1

Page 156

12. Chapter 8

Learning

Points

Pg 177

13. Chapter 8

Section S1

(NEW)

Page 178

To amend the 2 nd

paragraph 1 st

line to read as follows:

“…make sure that an insured does not get…”

To delete bullet point 6.

“understand how the Independent Damage Assessment…”

To delete the entire text of Section 5.3 Independent Damage Assessment Centre

(Idac) and replace with the following:

Section 5.3 Approved Reporting Centres

After a vehicle accident, the motor insurance policyholder is required to make an accident report at any Approved Reporting Centres within 24 hours or latest by the next working day.

To delete the entire section 7.5.1 Knock for Knock Agreement and replace with the following:

7.5.1 Barometer Of Liability Agreement (BOLA)

Since 13 May 2003, the Barometer Of Liability Agreement (BOLA) has replaced the Knock-For-Knock Agreement (KFKA) to speed up claims processing. All insurers in Singapore will use BOLA to determine how much each party is liable in the event of a motor accident. However, BOLA does not diminish the right to contest liability under the law.

Under BOLA, the No Claim Discount (NCD) will not be affected if the liability is

20% or less in an accident involving an identified vehicle. In all other cases, the

NCD may be affected.

To add the following bullet point: know the Fit and Proper Criteria set out by the Monetary Authority of

Singapore

To insert the following new section before 1. PROFESSIONALISM

S1. GUIDELINES ON FIT AND PROPER CRITERIA

MAS Guideline No. FSG-G01 (amended 26 November 2010) sets out the fit and proper criteria applicable to all relevant persons in relation to the carrying out of any activity regulated by the MAS. Examples of relevant persons include but not limited to:

(i) a substantial shareholder of a registered insurer;

(ii) a substantial shareholder of a registered insurance broker;

(iii) a broking staff of a registered insurance broker;

(iv) a chief executive officer, or director of a registered insurance broker;

(v) a principal officer or director of a registered insurer.




6

MAS expects a relevant person to be competent, honest, to have integrity and to be of sound financial standing.

The onus is on each relevant person to establish that it or he is a fit and proper person rather than for MAS to show otherwise. Where a relevant person is required under the relevant legislation to ensure that another relevant person is fit and proper, the onus is on the former to establish to the satisfaction of MAS that the latter is fit and proper.

When assessing an application for the appointment of a relevant person to senior or critical functions, MAS may, in addition to the fit and proper criteria set out in the Guidelines, consider other factors that may be relevant, such as whether the relevant person has a good standing in the profession in respect of which the application is submitted.

The criteria for considering whether a relevant person is fit and proper include but are not limited to the following:

(a) honesty, integrity and reputation;

(b) competence and capability;

(c) financial soundness.

Details of the Guidelines on Fit and Proper Criteria are specified in the MAS website at www.mas.gov.sg




7

Annex A

To Supplementary Notes

Basic Insurance Concepts & Principles

3

rd

Edition

Date Of Issue: 24 May 2012




Basic Insurance Concepts and Principles

5.3 Lloyd’s Of London

Lloyd’s is not a single insurance company. Instead, it is a specialist insurance market created in 1871 by an Act of Parliament in England (called the Lloyd’s

Act). Lloyd’s does not write insurance business, but merely provides the infrastructure, including the premises and facilities for its “underwriting” members to conduct insurance business.

5.3.1 How Does Lloyd’s Operate?

All the insurance business at Lloyd’s is transacted by thousands of underwriting members , also known as names . Until 1994, only individual members were admitted as underwriting members with unlimited liability.

This meant that all members were personally liable for their share of the risks accepted to the full extent of their personal wealth. From January

1994, corporate capital was introduced so that the resources of corporate investors, such as investment institutions, specialist investors, international insurance companies, can help to strengthen the capital base of Lloyd’s. Unlike individual underwriting members, corporate members have limited liability in respect of the business written. The majority of the underwriting capacity at Lloyd’s today is provided by these corporate members.

The underwriting members are grouped into syndicates , with each syndicate comprising a few to several hundreds of members specialising in a particular class of business. The risks underwritten at Lloyd’s can broadly be grouped into seven main classes: property, casualty, marine, energy, motor, aviation and reinsurance.

The underwriting syndicates are in turn managed by managing agents , which are companies set up to manage one or more syndicates, on behalf of the members (or capital providers). The managing agent employs the underwriting staff and handles the day-to-day running of a syndicate’s infrastructure and operations.

5.3.2 How Is Lloyd’s Regulated?

An Act of Parliament, the Lloyd's Act 1982, defines the governance structure and rules under which Lloyd's operates. Under the Act, the

Council of Lloyd's is responsible for the management and supervision of the market. Lloyd's is regulated by the UK Financial Services Authority

(FSA) under the Financial Services and Markets Act 2000. The FSA also regulates Lloyd's managing agents, members' agents and Lloyd's brokers.

The FSA and Lloyd's have common objectives in ensuring that the Lloyd's market is appropriately regulated. To minimise duplication, the FSA has agreed arrangements with Lloyd's for co-operation on supervision and enforcement.

The Corporation of Lloyd’s oversees and supports the market, and promotes Lloyd’s around the world. This includes determining the capital that members must provide to support their proposed underwriting,

Copyright reserved by the Singapore College of Insurance Limited

S2

1. Structure of the Insurance Market overseeing the market’s business activities by setting a minimum standards framework and monitoring the performance of syndicates in areas such as exposure management; cycle management; claims management and operational risk management, undertaking financial and regulatory reporting for the Lloyd’s market, managing and developing

Lloyd’s global network of licences and the Lloyd’s brand.

5.3.3 How Claims Are Made At Lloyd’s?

As usual, the policyholder will contact its Lloyd’s broker when making a claim on the policy. The broker then makes an initial estimate on which insurance policies apply and how much the claim will cost. This estimate may be based on information gathered by a claims adjuster who has been engaged by the lead managing agent.

The broker presents the claim to the lead underwriter and to a central service provider, both of whom will review the claim on behalf of the following underwriters.

The claims adjuster will then appoint a loss adjuster to investigate the claim. After the investigation, the loss adjuster reports back to the lead managing agent with their findings. This information is reviewed with the broker and the final claim is agreed. Each syndicate then pays the policyholder their proportion of the agreed claim amount.

Copyright reserved by the Singapore College of Insurance Limited

S3

Annex B

To Supplementary Notes

Basic Insurance Concepts & Principles

3

rd

Edition

Date Of Issue: 4 December 2012




S4

8. Professionalism and Ethics

Appendix 8B

THE SINGAPORE GENERAL INSURANCE CODE OF PRACTICE

(AS AT 6 AUGUST 2012)

The objective of the Code is to ensure that the general insurance customer is treated fairly and receives a high standard of service. The Code sets minimum standards regulating the sales, advisory and service standards of the general insurer and intermediary (including agents and brokers).

Insurance products and services covered under the Code encompass all policies issued to an individual.

Within the Code, ‘you’ refers to the individual customer and ‘we’ and ‘us’ refer to the general insurer or intermediary.

1. Our commitments

We promise that we will:

Act fairly and reasonably when we deal with you.

Make sure all the information we give you is clear and not misleading.

Give you enough information and help so that you can make an informed decision before committing to buying an insurance policy.

Handle your claims fairly and promptly.

Handle your complaints fairly and promptly.

2.

2.1

Marketing

Advertising

We will make sure that all advertising and promotional materials are clear, fair and not misleading.

2.2 Information about products and services

We will explain all the main features of the products and services that we offer, including:

Who the insurer is (in the case of intermediaries).

All the important details of cover and benefits.

Any significant or unusual restrictions, warranties or exclusions such as frauds and wars.

Any significant conditions or obligations which you must meet.

The period of cover.

2.3 Protecting your interest

In order to ensure that your interest as a general insurance customer is protected at all times and that you will obtain the quality products and services we promise you, we advise you to deal only with:

1.

Insurers which are Members of the General Insurance Association of Singapore and which have committed in writing to faithfully uphold and apply this Code of Practice;

Copyright reserved by the Singapore College of Insurance Limited S5


3.3

2.4

3.

3.1

3.2

2.

Agents who are registered with the Agents’ Registration Board; and

3.

Brokers who are registered with the Singapore Insurance Brokers’ Association – and no others.

If you need any information, please contact the General Insurance Association of Singapore or the

Singapore Insurance Brokers’ Association.

Confidentiality

An insurance agent should implement and maintain proper procedures to preserve confidentiality of information it receives from a client or which relates to a client.

An insurance agent should not collect, use or disclose personal data about a client unless:

(a) the client has given his consent to the collection, use or disclosure; or

(b) the collection, use or disclosure, is required or authorised under any written law.

Helping you to find insurance that meets your needs

Explaining our service

We will give you enough information and help so that you can make an informed decision before committing to buying an insurance policy.

We will explain the products and services we offer and our relationship with you, including:

The type and / choice of products and services we offer.

Whether we act

As your insurer;

As agent for the insurer;

As broker, independently for you.

Matching your requirements

We will use the information that we obtained from you ONLY to assist you in the identification of your needs.

We will offer products that meet your needs.

Information on costs

We will provide you with the full details of the costs of your insurance, including:

Separate insurance premiums for each of the individual products or services we are offering.

Details of any fees and charges other than the insurance premium, and the purpose of each fee or charge.

Payment Before Cover Warranty and how it applies to your policy.

When you need to pay the premium, fees and charges, and an explanation of how you can pay.

If we are acting on your behalf in arranging your insurance, we will advise you of our commission, should you request for this information.



6.

4.

3.4

3.5

‘Free Look’

Except for specific policies listed below, for new policies issued to you, we will give you a “Free

Look” period of at least 14 business days from the date you receive the policy document. The policy document is deemed to have been received by you within 3 days after we have despatched it.

Should you decide not to continue with the insurance purchased, you can cancel your cover within this period and get all your money back, if you have not made a claim. Cover would not have attached, and no benefits shall be payable under the policy. An administration charge may be imposed by Insurers.

However, this benefit does not apply to:

Motor insurance

Travel insurance

Domestic maid insurance

Short term insurance with a term less than 1 year

Policy renewals

Any other compulsory insurance stipulated by law

Conflicts of Interest

A conflict of interests is said to occur where an insurer’s employee or the insurance agent has a personal interest that conflicts or might possibly conflict with his role to provide the best possible advice or service to a customer. This may occur as a result of employment / agency relationship, employee’s or agent’s family or personal relationships with insurer. In circumstances where avoidance of such conflicts of interest may not be practicable, the insurer’s employee and / or agent should disclose to the customer the conflict of interest arising from the relationship with the insurer, including any material information or facts that may compromise his objectivity, before the insurance is arranged.

5.

Confirming cover

We will respond to your request for insurance within 3 business days.

We will confirm cover otherwise within 5 business days after receipt of the required information.

We will give you enough information to check the details of cover.

We will provide you with any certificates or documents you need.

Despatch of policy

We will despatch the complete policy documents to you within 7 business days from the date of confirmation of cover.

Providing ongoing service to you

We will answer any questions promptly and give help and advice to you whenever needed.



6.1

6.2

Changes to your policy

We will deal with any changes to your insurance policy promptly, including the following:

Give you written confirmation of any changes to your policy within 7 business days.

Give you full details of any premiums or charges that you are expected to pay or that will be returned to you.

Give you any certificates or documents that you need to have by law.

Give you a receipt as proof of payment, if you pay by cash. We may not issue receipt if payment is made by cheque.

Send you any refunds of the premiums, fees or charges due to you within 7 business days from the date of endorsement / cancellation or according to your payment mode, refunded to your bank or credit card account in the next possible billing cycle.

For Motor Insurance, if you have advised cancellation of the policy, the cancellation will only be effective when we receive the original Certificate of Insurance from you.

Notice of renewal

We will inform you when you need to renew your policy or when the policy will expire, at least 30 business days before expiry, to allow you to consider and arrange continuing cover. We will:

Explain the renewal terms (if offered).

Advise you of any changes to the insurer, cover or service being offered.

Bring to your attention the need to disclose material information to insurers.

If we decide not to renew your policy, we will inform you and provide you with an explanation.

When your policy is renewed, we will send you the documentation within 7 business days.

We will make sure you receive all the documentation you need.

7.

7.1

7.2

Claims

We will handle claims fairly and promptly.

Information on claim procedures

When you first become a customer, we will explain to you:

How to make a claim.

Our complaint procedures.

If you make a claim

If you make a claim, we will follow set procedures and will advise you on claim settlement.

We will acknowledge your notification of a claim within 3 business days.

If we need additional information, we will contact you and request that information within 7 business days of the date of your notification of the claim. Note: the information required is typically standard documents, e.g., workshop estimates, original receipts etc.



You will need to provide all information requested on the claim form and supply all the necessary documents.

We will give you sufficient guidance to help you make a claim under your policy.

We will consider and handle your claim fairly and promptly, and tell you how your claim is progressing. We will give you a first update within 15 business days from the date of receipt of all the required documents for our claim processing. We will then update you every 45 business days thereafter.

If we appoint a service provider to adjust your claim, we will inform you of the appointment and his or her identity and contact details.

Once we receive all necessary information and have completed a full investigation required to assess your claim, we will decide to accept or decline your claim and inform you of our decision within 7 business days.

If we cannot deal with all or any part of your claim, we will provide you with a written explanation of our decision.

Once we have agreed to settle your claim and on receipt of all relevant documents, we will issue the cheque within 7 business days.

8.

8.1

8.2

9.

9.1

9.2

Documentation

Information in writing

We will give you any important information in writing.

Standards of written information

We will make sure that all the written information and documents we send you are clear and not misleading.

Complaints

We will handle your complaints fairly and promptly.

Information on complaint procedures

When you first become a customer, we will give you details of our complaints procedures in our policy or service documentation.

If you make a complaint to us

To expedite matters, you need to provide us with your details (name, contact numbers, etc.), specific nature of your complaint and supporting documents.

Stage One

1.

Acknowledge your complaint within 3 business days.

2.

If we need additional information, we will contact you and request that information within 7 business days of the date of your complaint.

3.

We will endeavour to resolve all complaints as soon as possible. If your complaint takes longer to resolve, we will contact you and update you on the progress on your complaint within 14 business days of our last communication to you.



Stage Two

If the outcome of your complaint is not handled to your satisfaction, you can write to the Principal

Officer of the insurance company to appeal. We will respond to your appeal within 14 business days.

9.3 Insurance Disputes resolution scheme

If you are still dissatisfied with the Principal Officer’s response, we will refer you to a dispute resolution organisation, Financial Industry Disputes Resolution Centre Ltd (FIDReC), who acts independently of the insurer.

Contact details are:

Financial Industry Disputes Resolution Centre Ltd (FIDReC)

112 Robinson Road #13-03

Singapore 068902

Telephone : 63278878

Fax : 63278488

Email

Website

: info@fidrec.com.sg

: www.fidrec.com.sg

Other information 10.

10.1 Copies of the Code

Copies of the General Insurance Code of Practice are available free from the GIA website at http://www.gia.org.sg or from the General Insurance Association of Singapore.

10.2 More information

If you have any questions about the Code, please contact the General Insurance Association of

Singapore (GIA) at the address below.

11.

General Insurance Association of Singapore

180 Cecil Street #07-02

Bangkok Bank Building

Singapore 069546

Tel: 6 2218788

Fax: 6 2272051

Email: feedback@gia.org.sg

Disclaimer

Nothing in this Code shall give any general insurance customer any right or cause of action whatsoever against GIA or its Members.

Source: General Insurance Association of Singapore


SUPPLEMENTARY NOTES Basic Insurance Concepts & Principles

SUPPLEMENTARY NOTES

Basic Insurance Concepts & Principles, 3

Edition

Date Of Issue : 4 December 2012

The following amendments have

been incorporated in the study guide. They should be marked up in your study guide immediately.

Annex A

To Supplementary Notes

Basic Insurance Concepts & Principles

3

Edition

Date Of Issue: 24 May 2012

Annex B

To Supplementary Notes

Basic Insurance Concepts & Principles

3

Edition

Date Of Issue: 4 December 2012

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SUPPLEMENTARY NOTES Basic Insurance Concepts & Principles