New Insurance Domination Framework

With effect from 1 Septem­ber 2009, all insur­ance com­pan­ies will fol­low the new insur­ance nom­in­a­tion frame­work, includ­ing insur­ance cooper­at­ive giant, NTUC Income.

NTUC Income, being a cooper­at­ive, had its own Sec­tion 45 of the Co-oper­at­ive Soci­et­ies Act (CSA) to gov­ern the revoc­able nom­in­a­tion of bene­fi­ciar­ies before 1 Septem­ber 2009. In the past, the com­mer­cial insur­ance industry has two prob­lems for nom­in­at­ing bene­fi­ciar­ies for their insur­ance policies bought.

Firstly, when the poli­cy­hold­er has nom­in­ated the spouse and/or chil­dren as the bene­fi­ciar­ies, Sec­tion 73 of the Con­vey­an­cing and Law of Prop­erty Act (“CLPA”) and Law of Prop­erty Act (“CLPA”) will auto­mat­ic­ally cre­ate a stat­utory trust in favour of the bene­fi­ciar­ies.

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Report Your Motor Accident within 24 Hours to Insurer else…

From 1 June 08, all motor acci­dents have to be repor­ted to the insur­ance com­pany with­in 24 hours of occur­rence or by next work­ing day. The insurers will do the rest, from arran­ging for a replace­ment vehicle to mak­ing third-party claims. Should you fail to report promptly to your insurer, your claims may be pre­ju­diced or even declined by your insurer. There is a pen­alty of deduc­tion of 10% on the No Claim Dis­count (NCD) upon renew­al of your policy. Even if you are new driver with no NCD giv­en, you may not be awar­ded NCD in the sub­sequent years.

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