Pacific Prime Complies With New ID Law to Provide International Health Insurance

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All advisors at Pacific Prime Singapore Insurance will be receiving new identification cards in compliance with new General Insurance Association of Singapore regulations.

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Pacific Prime welcomes the initiative from the General Insurance Association...

Singapore – On January 22nd the General Insurance Association of Singapore (GIA) announced a new measure to further ensure the safety of consumers. Insurance salespeople in the city-state will now be required to have an identification card to prove to their clients that they are licensed to sell insurance products in Singapore. The GIA has already issued approximately 8,500 ID cards to insurers in Singapore.

Pacific Prime and its Singapore office have yet to receive the new identification cards from the GIA, but believe that they should be arriving imminently.

Singapore office Sales Manager, Olivier Zeller, fully supports the change. “Pacific Prime welcomes the initiative from the GIA, as it will allow for more clarity to the general public as to whom the main actors in the market are. Clients will be able to better understand whether they are dealing with a representative from the insurance company itself, from an agency or from an insurance broker."

In Singapore, this type of identification exists for other professions, such as real estate agents or maid agency staff. Pacific Prime believes that it is a good decision to extend such a program to insurance agents so that the general public can be confident that they are dealing with licensed and qualified professionals who have proven that they have knowledge of the products they are selling.

Together with other sets of measures implemented by the GIA, such as Know Your Client forms, the ID cards also mean that professionals are accountable for the advice they provide. Furthermore, this provides those in the insurance industry with the opportunity to gain immediate trust and easy recognition from prospective clients due to the fact that they will now have simple proof of qualification and distribution rights.

Future insurance salespeople will have to have passed relevant exams and register them with the GIA in order to receive the new ID cards. This ensures that only qualified advisors, and not administrative staff, will be able to provide advice.

For advisors who are already qualified, a renewal of the card will need to be obtained each year. In order to do this, insurance professionals will need to undergo Continuous Professional Development (administered by a 3rd party) to make sure that they are familiar with any industry or insurance product changes in the past year. Then, if they have remained registered with the GIA and not been barred or suspended by the organization, they will receive their renewal.

All advisors in Pacific Prime's Singapore office are currently fully qualified and will be receiving their identification cards.

For more information, please contact:

Olivier Zeller, Sales Manager
China Square Central #02-27
3 Pickering Street Nankin Row
Singapore, 048660
Office: +65 6346 3781
Fax: +65 6836 7453
singapore@pacificprime.com

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Sergio Ulloa
Pacific Prime Insurance Brokers Ltd.
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