HI Health Insurance Regulations

Question 1

Which authority regulates health insurance in Singapore?

Accepted Answer

The Monetary Authority of Singapore (MAS) regulates insurers, while MOH oversees Medisave, MediShield Life, and healthcare policy

Answer

Ministry of Health only

Answer

Only private insurers regulate themselves

Answer

The Central Provident Fund Board

Question 2

What is the 'moratorium framework' introduced by MAS for IP claims?

Accepted Answer

A framework where insurers cannot use diagnosis information from earlier claims to impose exclusions on subsequent claims after a specified period of continuous coverage

Answer

A ban on all claims

Answer

A waiting period for new policies

Answer

A premium freeze period

Question 3

What disclosure obligations do health insurance applicants have in Singapore?

Accepted Answer

Applicants must disclose all material facts including pre-existing conditions, medical history, and lifestyle factors that could affect the insurer's assessment

Answer

No disclosure is required

Answer

Only disclose current medications

Answer

Only disclose hospitalisation history

Question 4

What consumer protection measures exist for health insurance policyholders in Singapore?

Accepted Answer

MAS guidelines on fair dealing, guaranteed renewability, portability between insurers, free-look period, FIDReC dispute resolution, and standardised policy documents

Answer

No consumer protection exists

Answer

Only a money-back guarantee

Answer

Only the right to cancel within 24 hours

Question 5

What is MAS Notice 120 regarding health insurance advertising in Singapore?

Accepted Answer

Insurers must ensure advertisements are accurate, not misleading, and clearly disclose key policy features, exclusions, and limitations

Answer

No advertising rules exist

Answer

Only TV advertising is regulated

Answer

Advertisements must be in all four official languages

Question 6

What is the 'free-look' cancellation period for health insurance policies in Singapore?

Accepted Answer

14 days from the date of receipt of the policy document, during which the policyholder can cancel with a full refund

Answer

7 days

Answer

30 days

Answer

No free-look period exists