Several AIA policyholders have asked my advice. They are worried that AIA may be affected by the collapse of AIG. They asked if they should surrender their AIA policy now and receive the surrender value now.
My advice is:
> AIA has a separate policyholder's fund covering its liability to its policyholders in Singapore.
> To my knowledge, this fund is solvent and is not affected by the problem faced by AIG
> There is no need to panic and surrender the AIA policies at this time
> Even if this fund is in trouble, there is a Policyholder's Guarantee Fund managed by MAS that can take care of most of the liability (maybe 90% or more).
> It is better to wait for any official announcement from MAS
I hope that my comments are correct and can help to allay the fears of AIA policyholders.
- ► 2019 (1441)
- ► 2018 (1406)
- ► 2017 (1258)
- ► 2016 (828)
- ► 2015 (691)
- ► 2014 (144)
- ► 2013 (501)
- ► 2012 (1269)
- ► 2011 (1873)
- ► 2010 (2369)
- ► 2009 (1654)
09/14 - 09/21
- Biggest gamble in history - Credit default swaps
- Singapore banks and short selling
- Credit Default Swaps (CDS)
- Call to MAS to take pro-active action
- Minibond Series 6
- Pinnacle Notes and MiniBonds
- Avoid complicated products
- Foreign currency exchange rates
- Pinnacle Notes
- Mini-bonds - ask MAS to investigate
- DBS High Notes
- True cost of life insurance
- Fake Money
- Poor conversion rate for Foreign Currency
- Double standards
- How far more for the ST Index to fall?
- Beware of Scams
- On My Own
- Eligibility for an Eldershield claim
- Eldershield - is it worth insuring?
- Do you need life insurance for the whole of life?
- Eldershield - benchmark figures
- Term insurance - is the premium proportional?
- Do you hear the people sing
- Is your money safe with AIA ?
- Guaranteed drawdown pension
- Distress over an investment linked policy
- Specific Unfair practices
- Consumer Protection (Fair Trading) Act
- Are Consumer Protection Initiatives Meeting Expect...
- ▼ 09/14 - 09/21 (30)
- ► 2007 (1803)
- ► 2006 (696)
- ► 2005 (159)