Year: 2015

Insurance Companies engaging non-resident consultants must understand the Withholding Tax | Special Classes of Income

It is normal for insurers nowadays to appoint consultants from overseas to assist with various new development or projects; probably those expertise were not commonly available in the country. If this being so, then the amount that insurers is to…

The Riot Strike Malicious Damage Insurance Cover | #LowYat_Riot-2015

In the aftermath of the riot and /or malicious damage occurrence at Low Yat Plaza on the 12th July 2015, the public was wondering what could have gone wrong – there were numerous versions as to what having caused such an untoward event to happen – perhaps it was the petty theft incidence or was it about the merchant having cheated the customer by selling a cloned phone for a genuine version, or this was triggered by a group of political trolls, maybe thugs? Additional questions? Of course, we are looking at this from the insurance angle….
Was this event a riot to begin with?






Challenges Ahead for Marine Insurance Underwriters

The marine insurance sector is undergoing a period of change. We need to ensure we fully understand the risks our industry is facing and offer products that match these new trends and deliver adequate cover needed.






The need for foreign vehicles to have local insurance on both sides of the Causeway

Having Singapore insurers cover foreign vehicles will lead to greater confidence for victims that their no-claims discount will be protected, as there will be no cross-border claims involved. Hence, this will encourage them to claim against their own policies first and get their vehicles repaired earlier.






Insurance of New Constructed Power Plant

The MAJORITY of new, international power plant and other process types of projects being constructed using unskilled and largely unsupervised construction labor suffer from sloppy workmanship which does not comply with the codes, standards and best industry practices required in the construction contract(s).






Jack Ma | His Speech In Hannover 2015

If the first and the second innovation of the technology revolution liberated the human strength, the physical strength, this revolution liberate the strength of human brain —- the future world will be connected by data, instead of oil or other things. It is not about how the internet connects business to consumers but rather how the use of big data helps business customise their offerings according to the needs of the consumers. Ma said that the key for Internet companies to surviving and enjoying long and prosperous lives would depend on how well they work together with traditional brick-and-mortar companies.






SNATCH THEFT COMMITTED ON A MOTORCYCLE | A RECENT CASE LAW (court of appeal)

Section 94 and 95 of the RTA 1987 prohibits an insurer from relying on certain terms in an insurance policy for the purposes of excluding liability. On the other hand a term or condition which does not come within the purview of section 94 and 95 may be legitimately relied upon by the insurer for the purposes of excluding liability under the policy when a claim is brought by a third party. The question now is whether Section 91(1)(b) of the RTA 1987 can be legitimately relied upon by the Appellant to exclude liability. The answer to this question lies in section 95(k) of the RTA 1987 itself.






GST RELIEF FOR FIRE AND MOTOR POLICY SOLD BEFORE 1 APRIL 2015

This recent piece on GST is from the Ministry of Finance…. The Minister of Finance has approved that the following insurance policies sold before 1 April 2015 with coverage spanning 1 April 2015 will be subject to relief from GST:-…

GOVERNMENT SERVICE TAX (GST) | A RELIEF TOO FAR

Recent updates on GST for weekend reading…. (1) Relief granted on transitional motor and fire PERSONAL insurance policies a) Transitional relief to PERSONAL LINES FIRE POLICY The General Insurance Association (PIAM) had appealed to the Ministry Of Finance (MOF) recently…

Residential stratified properties now ‘GST exempt supply’

This is really beyond Insurance but since this is about GST and certain types of residential properties where the application of GST would have significant impact on our daily lives, I think putting up a simple blog posting here makes…