General Insurance Association has introduced new rules regarding premium payment which will be applicable to general insurance policies placed by agents registered with the Agents’ Registration Board (ARB). We wish to highlight that you are required to take steps to prepare for the implementation of ARB Premium Payment Rules (APPR) on Personal Lines by 1 Oct 2021.
All premiums of general insurance policies placed by agents registered with the ARB are to be paid directly from the customers to the insurers. Please refer to the ARB Premium Payment Rules here for more information or you may view the video here.
Under the APPR, Personal Lines is defined as policies issued to any individual for all classes of general insurance.
To comply with the ARB Premium Payment rules, we have carefully reviewed our existing payment modes. Please note that from 1 Oct 2021, customers may pay directly to Sompo via the following payment modes for Personal Lines products.
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Protected up to specified limits by SDIC.
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This campaign is applicable for both private and commercial motor vehicles.
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PDPC has in place, a set of Data Protection Obligations under PDPA to safeguard the personal data entrusted to you by your clients. Do familiarise yourself with these obligations to avoid possible violation.
50 Raffles Place, #03-03, Singapore Land Tower, Singapore 048623
Tel : 6461 6555 | Website : www.sompo.com.sg
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