Payment of insurance premiums

MP Derrick Goh’s speech during the debates on PMO’s Budget

Mr Chairman,

The support given by MAS through the 6-month moratorium on the payment of Insurance premiums has been helpful, but it will end by 31^st March 2021. 

We are likely to see more residents not being able to continue to pay their  insurance premiums as the economy will not recover so quickly including the unevenness of growth expected to continue across economic sectors. 

Residents in such cases, may have no choice but to terminate their policies or sell them to third parties.  It would be good if MAS could consider ways to help citizens who have to sell their policies to 3^rd parties to get a fairer value especially under such challenging times through better price discovery from the secondary market that is currently unregulated.

Thank you.

Watch the speech here.