Health Insurance Regulations Flashcards

Which authority regulates health insurance in Singapore?

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

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.

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

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

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

What disclosure obligations do health insurance applicants have in Singapore?

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

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.

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

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

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.

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

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

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.

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

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

Policyholders have a 14-day free-look period from receiving the policy document to review the terms and cancel if unsatisfied, receiving a full refund of premiums paid (less any medical expenses incurred).