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PORTABILITY OF INTEGRATEDSHIELD PLANS
Singapore, 7 May 2024

The Singapore Actuarial Society Health Committee (“SAS HC”) published a discussion paper today to promote public discourse on the portability of Integrated Shield Plans (“IPs”) and associated riders.

Advocates for more relaxed portability rules posit that existing rules are unfair to policyholders who deserve flexibility to seek better coverage or lower prices for themselves. The paper highlights that portability rules that require an insurance plan to accept a policyholder that may be expected to claim more from the plan than what is implied in the premium rate, could result in increased premium rates for incumbent policyholders of the plan....

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PORTABILITY OF INTEGRATEDSHIELD PLANS - DISCUSSION PAPER

There have been increasing calls from the public for more freedom to switch Integrated Shield Plan and associated riders. Advocates posit that existing rules are unfair to policyholders who deserve flexibility to seek better coverage or lower prices for themselves. This paper highlights that portability rules that require a risk pool to accept a policyholder that may be expected to claim more from the pool than what is implied in the premium rate, could increase premium rates for incumbents of the risk pool. Fairness of such premium increase from the perspective of the incumbents – over 80% of them being the “silent majority” who have not made a claim in the past year – should be adequately considered.

This paper does not advocate for a specific set of portability rules. Instead, the paper presented several perspectives of what is deemed fair along the continuum of possible beliefs amongst the insured public who wanted more flexibility – as well as potential unintended consequences that may result if the impact of changes are not properly understood.

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