Sterling Knight COO Blog

European Ruling Banning Gender as a Factor in Insurance

The European Court of Justice, ruled that from Dec 2011, insurers are not not allowed to factor gender into calculating life insurance premiums. According to local news in Singapore, this ruling is unlikely to be followed in Singapore.

Congenital insurance for babies born with health defects contemplated

A gap in the current medical insurance regime, in which there are no products, Government supported or otherwise that cover birth defects (from non IVF babies), may be reviewed according to an article in the local news. 

In a recent speech given by Health Minister Khaw Boon Wan published by the Minsitry of Health on 4th March 2011, Mr. Khaw mentioned that when Medishield is next reformed he will consider extending it to provide cover for congenital illness.

Singapore a Key Partner for US in the Asia Regions

During a speech given by Singapore's Minister of Trade and Industry on 4th March 2011. it was mentioned that Singapore is a key trade partner to the US because:

• Singapore was the first Asian nation to sign an FTA with the US in 2003
• Singapore also works closely with the US at the APEC and the TPP to further trade liberalisation in the region
• US is Singapore's largest source of foreign investment

Source: Ministry of Trade and Industry Newsroom article

100 Insurance Agents in Singapore Purported to Hold Unaccredited Qualifications

The Singapore Insurance Industry was dealt another reputational blow when the local newspaper the Straits Times, printed an expose reporting that that there were about 100 agents from major insurance companies, with unaccredited MBAs and PhDs from Vancouver University (VU) and International University (IU), Vienna.

It was also reported that AIA (one of the largest life insurance companies)has told its 4,000 agents that although they are allowed to display their qualifications on their business cards and in e-mail messages to customers, it is their responsibility to ensure that the qualifications are true, valid and accredited in the university's home country. 

From Singapore Law Watch Website: "Don't Display Dud Degrees AIA Warns agents"

 

U.S. Government launches a Facebook page aimed at helping young adults understand health insurance

In an effort to reach out to the under 26 age group and parents of this age group the U.S. Government launched a Facebook page for this purpose which can be found here:

http://www.facebook.com/YoungAdultCoverage

As you may know the Affordable Care Act signed by President Obama would allow for people under age 26 to remain on their parents health insurance plans.  The idea behind this was to ensure this age group is covered during the ages they are most likely attending school full time.  

The U.S. government also announced plans to have USD 200 million dollars available to the 50 states to help review health insurance program premium increases. The aim of this is to block rate hikes when appropriate, make the review process transparent to the public & ensure all rate hikes are comprehensively reviewed.  Where exactly this USD 200 million is coming from I can't figure out. It's an exciting time in the USA for the insurance industry, that much I can figure out.