At last year's general meeting, the chairman of Income made certain promises to policyholders concerning the bonus cut. He said that bonuses will be declared based on the actual experience of the fund. Do you intend to ask the chairman about the steps that have been taken to declare fair rates of bonuses? It seems that Income knows how to cut bonuses and to spend money to give more incentives to insurance agents? What about giving a fair return to policyholders?
REPLY
I am in Canada now on a 3 week vacation. I will return to Singapore just before the annual general meeting. I have asked to attend the meeting which will be held on Friday 29 May.
I like to ask policyholders who are unhappy with the bonus cut to attend the annual general meeting and post the questions to the board. I have labelled my blog postings on the bonus cut separately. Click on the label "NTUC Income Bonus Cut".
The statement by the chairman at last year's AGM can be found here. NTUC Income's FAQ on bonus cut is found here.
Can policyholders help to identify the questions to ask the chairman at the AGM to be held on 29 May?
3 comments:
The board must be taken to task. This time to grill the ceo why other policies and annuities are cut.
What social enterprise? It is a rubbish enterprise now.
Spending 2 millions to send the greedy agents for a holiday at Gold coast the money could have been used to help policyholders to avoid lapsing their policies in a time like this.
Those who recieved letter informing bonus cut must attend the AGM, especially the annuitants.
Before NTUC Income cut the bonus or restructure the bonus of the policyholders (as claimed by the CEO), NTUC should cut or restructure the compensation of their top executives and agents first so that this is in line with the change in the bonus. The cut or restructured renumeration should strictly be aligned to that of the revised policyholders' bonus and be transparent. This would be more equitable to all parties and will also gain the trust of the policyholders.
Don't worry, MAS is under pressure to make insurance companies replace commission with other means of remuneration. AXA has already lowered the product commission and this is still not enough because the greedy agents will push products with highest commission. Must continue to make MAS see the light.
High cost(high commission , high salaries, unnecessary marketing) will reduce return.
You must be at the AGM to fight for your right.
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