Someone asked what will happen to their single premium endowment taken with UOB Life, it the company is sold to a new buyer (as reported in the newspapers).
There is no need to worry. The new company will take over the full liability. It also has to meet the risk based capital requirement, so there is adequate capital to back the liability.
This is just speculation at this time. UOB may not sell its subsidiary. Or there may be no buyer.
It is rumoured that Prudential is keen in UOB Life.
ReplyDeletehongjun
Which one? The one from US or UK?
ReplyDeleteAny foreign investor with to acquire NTUC INCOME?
ReplyDeleteDo the policy holders have the right to terminate their policies with cost plus reasonable profit/bonus when in the first place they have not agreed to any "assignment" clause. Or is it mundatory to carry on the policy with the new buyer which we may not be comfortable with?
ReplyDeleteThe 'green' company is purchasing.
ReplyDelete