Even the new Prime Minister of Japan is not above the law. The prosecutors are willing to investigate into any alleged violation of the law.
Japan PM's office probed
TOKYO - JAPANESE prosecutors have launched a probe into the fund-raising activities of new Prime Minister Yukio Hatoyama's office, which is fully cooperating, his lawyer said on Monday.
'An investigation into the case of a (possible) violation of the political funds control law has begun,' Mr Hatoyama's lawyer, Mr Yoichi Ioroi, said in a statement.
Monday, October 5, 2009
Travel to Laos
I will be in Laos for the next four days. I believe that internet connection may be slow. I have posted a few articles that are scheduled to appear over the next few days that I am away. I may be slow in replying to e-mails.
Victim of an investment scam
Dear Mr. Tan,
If an ordinary person is the victim of an investment scam, and the police refuses to investigate the scam, what can the victim do? If the victim complained about the scam and is being sued for defamation by a big legal firm, who is to protect the victim?
REPLY
This is certainly a sad state of affairs. When a victim is cheated and is bullied in this manner, we are in an unjust society.
It is the duty of the state to protect is citizens from unfair treatment by powerful business interest. Perhaps you can see your member of parliament on this matter?
If an ordinary person is the victim of an investment scam, and the police refuses to investigate the scam, what can the victim do? If the victim complained about the scam and is being sued for defamation by a big legal firm, who is to protect the victim?
REPLY
This is certainly a sad state of affairs. When a victim is cheated and is bullied in this manner, we are in an unjust society.
It is the duty of the state to protect is citizens from unfair treatment by powerful business interest. Perhaps you can see your member of parliament on this matter?
Building up a reserve on Medishield
Published in the Straits Times Forum on 3 October.
I refer to the letter from the Ministry of Health entitled “MOH exploring Medishield coverage for congenital illnesses” (ST 28 Sep 2009).
The Ministry said, “Medishield must build up sufficient reserves to fund future claims, as it is a long-term health insurance policy.”
I am not clear why this has to be the case. The premiums charged for Medishield in each year are based on each age band and are adjusted according to the claim experience.
If there is an intent to build up a reserve to reduce the premium rates that will be charged at the higher ages, the principles and method to be adopted must be stated clearly and the stakeholders must be allowed to express their views on this matter.
Without transparency, there is a risk that some groups may be unfairly treated or a huge reserve may be built up that will never be used in the lifetime of the contributing members. This will unnecessarily add to the cost of health care.
If there is sufficient reserve in the current premium rates, it may be possible to cover the congenital illnesses without any increase in premium rates, or to reduce the Deductible and make Medisheld more attractive to the members.
Tan Kin Lian
I refer to the letter from the Ministry of Health entitled “MOH exploring Medishield coverage for congenital illnesses” (ST 28 Sep 2009).
The Ministry said, “Medishield must build up sufficient reserves to fund future claims, as it is a long-term health insurance policy.”
I am not clear why this has to be the case. The premiums charged for Medishield in each year are based on each age band and are adjusted according to the claim experience.
If there is an intent to build up a reserve to reduce the premium rates that will be charged at the higher ages, the principles and method to be adopted must be stated clearly and the stakeholders must be allowed to express their views on this matter.
Without transparency, there is a risk that some groups may be unfairly treated or a huge reserve may be built up that will never be used in the lifetime of the contributing members. This will unnecessarily add to the cost of health care.
If there is sufficient reserve in the current premium rates, it may be possible to cover the congenital illnesses without any increase in premium rates, or to reduce the Deductible and make Medisheld more attractive to the members.
Tan Kin Lian
MAS proposed a direct channel
Someone said that MAS had proposed a direct channel for consumers to buy insurance directly from the insurance company and enjoy lower cost, due to removal of commission.
I did not read this news. Can that person find out the source of this proposal and send it to kinlian@gmail.com
I did not read this news. Can that person find out the source of this proposal and send it to kinlian@gmail.com
Sunday, October 4, 2009
Insurance agents can play a positive role
I wish to say a few positive words about insurance agents; I know many of them personally over the past years. They sincerely believe in providing a valuable service to protect the financial security of their clients. They work hard to make a living and earned a modest income.
The commission rates earned by the agents of NTUC Income are lower than the market rates. This helped to reduce the cost to the consumers. This was the case in past years; I believe that it is still the case today.
Some people have regulary posted anonymous comments to attack insurance agents, particularly the agents of NTUC Income. These comments were unfair and malicious; I have blocked them.
While most insurance agents act honestly, there are some agents that take advantage of the ignorance of their clients. These bad agents resort to twisting and gave bad advice to earn more commission. They are the minority, but they gave a bad name to the other agents. The insurance companies have to share the blame for the bad practices also.
Insurance companies can play a positive role by designing products that are fair and give good value to consumers, while providing a fair of remuneration to the agents. The correct approach is to simplify the product, improve transparency, increase the productivity of agents and reduce the distribution cost. This will create a positive environment and benefit all the parties.
Tan Kin Lian
The commission rates earned by the agents of NTUC Income are lower than the market rates. This helped to reduce the cost to the consumers. This was the case in past years; I believe that it is still the case today.
Some people have regulary posted anonymous comments to attack insurance agents, particularly the agents of NTUC Income. These comments were unfair and malicious; I have blocked them.
While most insurance agents act honestly, there are some agents that take advantage of the ignorance of their clients. These bad agents resort to twisting and gave bad advice to earn more commission. They are the minority, but they gave a bad name to the other agents. The insurance companies have to share the blame for the bad practices also.
Insurance companies can play a positive role by designing products that are fair and give good value to consumers, while providing a fair of remuneration to the agents. The correct approach is to simplify the product, improve transparency, increase the productivity of agents and reduce the distribution cost. This will create a positive environment and benefit all the parties.
Tan Kin Lian
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