S’pore insurers not mandated to override decisions on PWD provisions

MAS found no unfair practices but stressed improved insurer communication.

Singapore said whilst insurers may appoint third-party advisors regarding insurance provisions for disabled and neurodivergent individuals, they won't be compelled to override decisions. 

The question at hand was whether the Monetary Authority of Singapore (MAS) would consider setting up a panel of third-party independent evaluators comprising persons with these disabilities, disability experts and organisation representatives, to which appeals can be made in instances of complaints about discriminatory insurance practices

In response to a parliamentary inquiry, Lawrence Wong, Deputy Prime Minister and Minister for Finance, and Chairman of the MAS, highlighted MAS's commitment to fair underwriting practices. 

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MAS will formalise this commitment in revised guidelines to be issued shortly. Insurers are expected to assess applications objectively, utilising their expertise and risk assessment tools. 

The Life Insurance Association Singapore (LIA) issued a guide to aid consumers' understanding of underwriting processes. LIA members collaborate with organisations like the Autism Resource Centre (Singapore) to enhance the application experience for affected communities. 

Customers dissatisfied with underwriting decisions can appeal through insurers' channels, with MAS overseeing a robust complaints process. MAS has not found unfair practices but emphasises the need for clearer communication from insurers. They will continue to hold insurers accountable for fair underwriting practices.