Need for.Insurance Reform Act

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An honorable member of the Coffee Shop Has Just Posted the Following:

Many singaporeans have experienced
refusal by insuramce companies to payout.
When they refuse to pay there is little you can do.
The insurance companies have strong legal team to fight you in court and ordinary
singaporeans often cannot afford high cost of engaging lawyers.
Insurance companies csn also include terms and conditions that render
a policy useless. Consumers procuring policies have not technical expertise to assess
the cost effectiveness of insurance policies.
This unregulated environment
has over time led to abuses.

One area that need to be strengthened is disclosure
of key parameters such as payout ratio, claims success rate,
etc:

Quote:
timely disclosure of the following information:

• Claims payment policies and practices

• Periodic financial disclosures

• Data on enrollment

• Data on disenrollment

• Data on the number of claims that are denie
• Data on rating practices

• Information on cost-sharing and payments with respect to out-of-network coverage

• Information on enrollee and participant rights under this

While such legislation is common place in
other developed countries, the PAP has strong ties to businesses and often
reluctant to implement to implement legislation that will aid ordinary singaporeans
if the profits of these companies are affected.


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