I met with Mr. Lim Boon Heng and Mr. Matthias Yao today. Mr. Lim is the former secretary general of NTUC and the current chairman of the NTUC Social Enterprise Development Committee. Mr. Yao is the deputy chairman of the board of Income.
Mr. Lim assured me that Income will continue to observe its social purpose and cooperative principles and that his committee will ensure that Income continues to give good value to its policyholders.
I briefed them about the two concerns on the bonus restructure, namely:
1. To have adequate assurance on the payment of the special bonus (as it is not guaranteed)
2. To ensure that policyholders get bonuses and cash values that closely reflect the contribution to the life fund by each policy, based on the actual experience.
Both of them shared the general sentiment. They said that Income will look into ways of implementing these two objectives. This will require some time to be implemented fully.
I asked that Income give an option to the policyholder. Mr. Yao said that this has been considered, and the board has decided against it.
At the annual general meeting of Income, chairman Ng Kee Choe reaffirmed that Income will continue to look after the best interest of its policyholders. He announced three measures to deal with the concerns expressed by policyholders on the restructure of the bonus. His speech will be posted in Income's website.
I believe that these assurances are the best that can be achieved at this stage. We will not be able to achieve more by taking this collective protest to the next stage.
Hence, I have decided to withdraw the Collective Protest and will continue to monitor the developments to ensure that the policyholders interests are protected. I hope that the policyholders who submitted signatures to me will support my decision.
If any policyholder still does not accept these assurances, they can lodge the protest directly with Income.
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05/25 - 06/01
- Will writing service
- Transfer of Shares to Family Members
- Uphold the cooperative values
- Higher risk profile of new bonus structure
- Asset shares
- Management expenses
- Disappointed at the outcome of Collective Protest
- Bonus for annuitants
- Debate with Nick Dumbreck about Terminal Bonus
- Restructuring of bonus
- NTUC Income - implementing the two objectives
- Collective Protest - Settlement
- Where Equitable Life Went Wrong
- NTUC Income is not like Equitable Life
- My replies to Straits Times and Today
- Terminal Bonus cut to nil
- My approach towards life insurance
- Poor return on maturity
- A better bonus philosophy
- An amicable solution
- Allow policyholders to choose
- View from Appointed Actuary (2002-2007)
- Life Annuity Vs CPF-Life
- Buy a life annuity with cash or CPF
- Dubious practices in respect of Terminal Bonus
- Collective Protest - set aside for the time being
- Risk of high terminal bonus
- Investing in unit trusts and shares
- Compassionate Fines
- Collective Protect - Action
- Duplicative coverage
- Logic9 (Sudoku)
- Bad experience with insurance advisers
- Questions on Life Annuity
- Seek a solution to the Bonus Restructure?
- Investing my savings
- Life insurance up to age 65
- Reversionary Bonus
- Save for a child's education
- Investing retirement savings
- Investing your savings - for the young
- Life insurance for a Malaysian
- Make hotline simpler for customers
- Exclusions under a medical insurance policy
- Option to stay with the old bonus structure
- MAS Notice 320
- New Benefit Illustration
- Indonesian newspaper writes about life insurance
- 2006 Earthquake at Jogja
- Jogjakarta, Indonesia
- Commodity Prices
- Forced to buy other insurance products
- Bad claim service
- Waiting for the time to buy a property
- Harrassed over an old case
- Collective Protest - Update 25 May 2007
- Prefer the old bonus distribution
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