Consumers in Singapore will no doubt have noticed that many insurance products are being made available to them when they buy a product which has nothing to do with insurance per se. Be it purchasing an airline ticket on the internet, buying a car from a showroom or upgrading a handphone to the latest model at a telco store – there is a good chance that the consumer will be prompted to purchase a related insurance product such as travel insurance, motor insurance and handset replacement services. It is also not difficult to see why such offerings come about.
Insurers and retailers however, will need to navigate the regulatory landscape given that the solicitation of insurance business and the arranging of contracts of insurance are regulated activities in Singapore under the Insurance Act 1966.
In this article, our Head of Insurance Hui Choon Yuen and Senior Associate Alvin Chua discuss key regulatory issues surrounding the insurer retailer collaboration to include the solicitation and arranging of insurance, what insurance agents need to look out for in terms of the law, and alternative approaches retailers can take in structuring collaborations.
Click on the link below to read the full article.