Just under??? you call this objective reporting? man where did they get their editors from? ISD?? lol...
SINGAPORE: Just under 5,000 policyholders have terminated their insurance contracts with the American International Assurance (AIA) so far, a small percentage of the over two million policies that AIA has in force in Singapore.
This update was given by the Deputy Chairman of the Monetary Authority of Singapore (MAS), Lim Hng Kiang, on the sidelines of a business event on Monday.
Mr Lim, who is also the Trade and Industry Minister, said the small percentage shows that Singaporeans are reassured about the safety of their insurance policies.
AIA is now processing requests from customers who want to reinstate their policies that were terminated between 15 and 19 September. AIA announced last Thursday that it will reinstate these policies without penalties.
Outside AIA's office in the Central Business District, there was little indication that hundreds had gathered at the vicinity just days ago to seek assurance on their investments with the company.
The crowd has died down quite a bit but the issues on the minds of policyholders remain fairly similar. Some of them said that they still want to find out how the unfolding financial situation in the US will affect their investments.
AIA is a subsidiary of AIG, which was staring at bankruptcy before it was dramatically bailed out by the US Federal Reserve in the middle of last week.
Despite this, a handful of policyholders still want to surrender their policies.
Meanwhile, others made enquiries about the stability of the company and the security of their investments.
In the past week, MAS has said that AIA has sufficient funds, so policyholders need not worry.
Mr Lim said: "The funds are very well capitalised and MAS has managed to ring-fence its funds. So Singaporeans should be rest assured that their insurance and endowment policies with AIA are well covered."
Under MAS regulations, AIA is required to set aside resources at 125 per cent of its premiums and investments obligations. - CNA
SINGAPORE: Just under 5,000 policyholders have terminated their insurance contracts with the American International Assurance (AIA) so far, a small percentage of the over two million policies that AIA has in force in Singapore.
This update was given by the Deputy Chairman of the Monetary Authority of Singapore (MAS), Lim Hng Kiang, on the sidelines of a business event on Monday.
Mr Lim, who is also the Trade and Industry Minister, said the small percentage shows that Singaporeans are reassured about the safety of their insurance policies.
AIA is now processing requests from customers who want to reinstate their policies that were terminated between 15 and 19 September. AIA announced last Thursday that it will reinstate these policies without penalties.
Outside AIA's office in the Central Business District, there was little indication that hundreds had gathered at the vicinity just days ago to seek assurance on their investments with the company.
The crowd has died down quite a bit but the issues on the minds of policyholders remain fairly similar. Some of them said that they still want to find out how the unfolding financial situation in the US will affect their investments.
AIA is a subsidiary of AIG, which was staring at bankruptcy before it was dramatically bailed out by the US Federal Reserve in the middle of last week.
Despite this, a handful of policyholders still want to surrender their policies.
Meanwhile, others made enquiries about the stability of the company and the security of their investments.
In the past week, MAS has said that AIA has sufficient funds, so policyholders need not worry.
Mr Lim said: "The funds are very well capitalised and MAS has managed to ring-fence its funds. So Singaporeans should be rest assured that their insurance and endowment policies with AIA are well covered."
Under MAS regulations, AIA is required to set aside resources at 125 per cent of its premiums and investments obligations. - CNA
. maybe his jesus bleed too much on the cross ?
there are few...who are "R"!
