SINGAPORE - Commissions that insurance agents receive from their customers' premiums will be delayed when customers choose to defer payment as part of the industry's relief measures during the Covid-19 outbreak.. Read more at straitstimes.com.
SINGAPORE - Commissions that insurance agents receive from their customers' premiums will be delayed when customers choose to defer payment as part of the industry's relief measures during the Covid-19 outbreak.
"Commissions will be given to you once your customers resume premium payments," the circular stated, adding that customers will need to pay their outstanding premiums in full before the six-month extension period is over, to prevent a lapse on the policy. More than 70 per cent of its agents so far have undergone the necessary training to conduct remote sales through video conferencing, he added.
He added that the six-month grace period to pay premiums due is meant to help customers who are financially impacted by Covid-19 stay protected.
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