Mr Tan, Wishing you and your family peace and joy during the holidays and for the new year. Your tireless efforts and passion is rare and is appreciated by us. Many thanks to your family for sharing your time with us-and speaking out for us.
In view of the coming new year, came across an older article to share
The Straits Times, 31 Oct 2008, ST Forum, Online Story
Motor claims framework: '"Win-win" for insurance companies and "lose-lose" for policyholders.'
MY CAR was involved in an accident in last month and I hold a comprehensive motor insurance policy with MSIG Insurance, with a 30 per cent no-claim bonus. Within 24 hours I reported the accident with the signed report in accordance with the Motor Claims Framework.
The insurer-authorised workshop first advised me to make a claim under my own policy. However, knowing that this would surely result in a future increase in premiums and confident that the other driver was at fault, I decided to pursue a third-party claim against the other driver's insurer. In doing so, I had to foot my own repair bills and, should I fail in my third-party claim, there would be no recourse to claim against my own policy subsequently. I thought that by bearing the risks on my own and acting in the best interests of my insurer, I would not be penalised. But I was wrong.
Yesterday, I received a call from MSIG to inform me that "due to the accident" and while my third-party claim is in progress, my renewal premium would increase from $1,174 to $2,063 - by a whopping 76 per cent.
MSIG has not suffered a single cent of loss from the accident and is unlikely to do so, given that the other party did not make a claim against me. Is this what a responsible motorist deserves when he reports an accident in timely fashion, opts to pay his own repair bills and bears the risk of making a third-party claim - all in favour of his own insurer?
I simply cannot understand the logic behind this. To put it simply, it will always be a "win-win" situation for insurance companies and "lose-lose" for the policyholders.
Folks, before you pop that champagne, if you want the FIs to 're-evaluate' your case, this is what you might need to take reference from. Scrap that tie and suit.
PLEASE CLICK TO SEE THAT PICTURE: http://wayangparty.com/2008/12/23/singapore-woman-held-protest-against-dbs-at-raffles-place/
Singapore woman held protest against DBS at Raffles Place
Posted by wayangparty on December 23, 2008
Translated by Cheng Siew Peng
In what was possibly the first ever protest at Singapore’s busy Central Business District, a 54 year old lady by the name of Madam Lin Jin Jiao held a solo protest at Raffles Place yesterday during lunch time.
Lin who suffered from cancer, strapped a cardboard sign on herself with the Chinese characters “DBS - returned me my medical expenses”.
She had invested, and lost her retirement funds of S$50,000 in the now-worthless DBS High Notes 5 (HN5) investment product.
In her protest yesterday, she accused DBS of mis-selling for investing her money in a high risk toxic investment product.
The bank has rejected her complaints for compensation after three rounds of interview and did not provide her any reasons for it. It informed her by post that she can seek redress with FIDReC if she is unhappy with its decision. However, she was unable to lodge a complaint through the FIDReC hotline as she doesn’t know English while its staff can only communicate in English.
Madam Lin spent almost a hour at Raffles Place, attracting weird stares from onlookers. She claimed that she was aware that her behavior is like a “clown”, but she hopes her antics will attract public attention to her plight. Later, she “marches” on to the DBS branch at Royal Brothers Building.
The bank manager invited Madam Lin to discuss the matter at his office, but she refused on the grounds on “inconvenience of movements” and insisted on sitting at the hall. After 45 minutes, she finally relented and followed the manager into his office.
A DBS spokesman told our paper (Zaobao) that they have re-evaluated Madam Lin’s complaints and will inform her of the outcome the latest by February next year.
About 1,400 people invested a total of S$1.3 billion dollars in HN5.
Thank you for your help in setting up various self help groups. At this point we investors do not know what will be the outcome, but at least we know we are doing something to claim back what is rightfully ours.
Wish you and your family A Merry Christmas and Happy 2009 New year
Thank you for providing this avenue for us (victims of CLN)to come together.
It has been a learning experience for me. How common people with little power are treated in this little red dot. We shall see how things unfold, any justice and equality.
If theres anything i learned, theres nothing you can do to spilled milk except stare, so DONT STARE. Accept it and Do something about it. Not Repeating the mistake is a very good direction.
Dear Mr. Tan,
ReplyDeleteThank you very much for your time and effort.
Wishing you and your family a Merry Christmas and Happy New Year 2009.
No FD, NO $, No Joy, No hope...
ReplyDeleteWishing year 2009 will be better for everybody.
ReplyDeleteJasmin
Hi Mr Tan,
ReplyDeleteMerry Christmas and A Happy New Year 2009!
I will join FSCA.
Best regards
Francis Lee
Thank you for your wise advise and guidance throughout this difficult year.
ReplyDeleteI wish you a Merry Christmas and a Happy New Year.
Merry Christmas to you Mr. Tan KL and your family, as well as to all who visited your blog.
ReplyDeleteThank you very much, appreciate all you have done for the misled investors. Wishing you, family, volunteers and all a Merry Xmas and Blessed New Year.
ReplyDeleteMr Tan,
ReplyDeleteWishing you and your family peace and joy during the holidays and for the new year.
Your tireless efforts and passion is rare and is appreciated by us. Many thanks to your family for sharing your time with us-and speaking out for us.
Chong
Dear Mr. Tan
ReplyDeleteMerry Christmas and Happy New year too!
Once again thanks for the leadership of the CLN fiasco. Hope that your leadership in this matter will result in many victim's answers to their prayer.
Regards
JC
Best wishes to you and your family Mr Tan.
ReplyDeleteYou are a good man. Don't let anyone ever tell you otherwise.
Salam ( Peace )
Sobri
In view of the coming new year, came across an older article to share
ReplyDeleteThe Straits Times, 31 Oct 2008, ST Forum, Online Story
Motor claims framework: '"Win-win" for insurance companies and "lose-lose" for policyholders.'
MY CAR was involved in an accident in last month and I hold a comprehensive motor insurance policy with MSIG Insurance, with a 30 per cent no-claim bonus. Within 24 hours I reported the accident with the signed report in accordance with the Motor Claims Framework.
The insurer-authorised workshop first advised me to make a claim under my own policy. However, knowing that this would surely result in a future increase in premiums and confident that the other driver was at fault, I decided to pursue a third-party claim against the other driver's insurer. In doing so, I had to foot my own repair bills and, should I fail in my third-party claim, there would be no recourse to claim against my own policy subsequently. I thought that by bearing the risks on my own and acting in the best interests of my insurer, I would not be penalised. But I was wrong.
Yesterday, I received a call from MSIG to inform me that "due to the accident" and while my third-party claim is in progress, my renewal premium would increase from $1,174 to $2,063 - by a whopping 76 per cent.
MSIG has not suffered a single cent of loss from the accident and is unlikely to do so, given that the other party did not make a claim against me. Is this what a responsible motorist deserves when he reports an accident in timely fashion, opts to pay his own repair bills and bears the risk of making a third-party claim - all in favour of his own insurer?
I simply cannot understand the logic behind this. To put it simply, it will always be a "win-win" situation for insurance companies and "lose-lose" for the policyholders.
Folks, before you pop that champagne, if you want the FIs to 're-evaluate' your case, this is what you might need to take reference from. Scrap that tie and suit.
ReplyDeletePLEASE CLICK TO SEE THAT PICTURE:
http://wayangparty.com/2008/12/23/singapore-woman-held-protest-against-dbs-at-raffles-place/
Singapore woman held protest against DBS at Raffles Place
Posted by wayangparty on December 23, 2008
Translated by Cheng Siew Peng
In what was possibly the first ever protest at Singapore’s busy Central Business District, a 54 year old lady by the name of Madam Lin Jin Jiao held a solo protest at Raffles Place yesterday during lunch time.
Lin who suffered from cancer, strapped a cardboard sign on herself with the Chinese characters “DBS - returned me my medical expenses”.
She had invested, and lost her retirement funds of S$50,000 in the now-worthless DBS High Notes 5 (HN5) investment product.
In her protest yesterday, she accused DBS of mis-selling for investing her money in a high risk toxic investment product.
The bank has rejected her complaints for compensation after three rounds of interview and did not provide her any reasons for it. It informed her by post that she can seek redress with FIDReC if she is unhappy with its decision. However, she was unable to lodge a complaint through the FIDReC hotline as she doesn’t know English while its staff can only communicate in English.
Madam Lin spent almost a hour at Raffles Place, attracting weird stares from onlookers. She claimed that she was aware that her behavior is like a “clown”, but she hopes her antics will attract public attention to her plight. Later, she “marches” on to the DBS branch at Royal Brothers Building.
The bank manager invited Madam Lin to discuss the matter at his office, but she refused on the grounds on “inconvenience of movements” and insisted on sitting at the hall. After 45 minutes, she finally relented and followed the manager into his office.
A DBS spokesman told our paper (Zaobao) that they have re-evaluated Madam Lin’s complaints and will inform her of the outcome the latest by February next year.
About 1,400 people invested a total of S$1.3 billion dollars in HN5.
Mr Tan,
ReplyDeleteI wish you a Happy New Year 2009 too!
From:
Author of the Singapore Short Stories
Merry Christmas and a happy new year to you Tan Kin Lian and viewers.
ReplyDeleteAlthough I submit my claims n get nothing, but I still appreciate yr help.
ReplyDeleteThank you Mr. Tan & best wishes.
Wishing you and your family a blessed Christmas.
ReplyDeleteMay the true meaning of Christmas dwell in everyone's heart.
May we look forward for a meaningful New Year and Shalom to all bloggers.
Dear Mr. Tan,
ReplyDeleteThank you for your help in setting up various self help groups. At this point we investors do not know what will be the outcome, but at least we know we are doing something to claim back what is rightfully ours.
Wish you and your family A Merry Christmas and Happy 2009 New year
I Wish you good health and happiness.
ReplyDeleteMay the year 2009 bring more blessings to you and your family.
Dear Mr Tan,
ReplyDeleteHappy New Year to you and your family.
Thank you for providing this avenue for us (victims of CLN)to come together.
It has been a learning experience for me. How common people with little power are treated in this little red dot. We shall see how things unfold, any justice and equality.
Regardless what happened, Happy New Year guys
ReplyDeleteLook forward, Look positive
If theres anything i learned, theres nothing you can do to spilled milk except stare, so DONT STARE. Accept it and Do something about it. Not Repeating the mistake is a very good direction.