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

MAS regulates insurance companies and their products. MOH sets healthcare policy, manages Medisave/MediShield Life/Medifund, and sets fee benchmarks. Both work together on IP reforms.

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

The moratorium framework protects policyholders by preventing insurers from retrospectively applying exclusions based on earlier claims after a specified period of continuous coverage.

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

Under the duty of disclosure, applicants must honestly declare all relevant health information. Non-disclosure can result in claim rejection or policy voidance. The insurer must ask specific questions on the application form.

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

Multiple protections exist: guaranteed renewability (cannot be dropped), portability (switch without penalty for covered conditions), 14-day free-look period, FIDReC for disputes, and MAS fair dealing guidelines.

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

MAS Notice 120 and related guidelines require that insurance advertisements are fair, balanced, not misleading, and include key information about policy features, limitations, and exclusions.

HI Health Insurance Practice Test

HI Health Insurance Practice Test

HI Health Insurance Regulations