When Madam Lim Lye Kiang sought to claim the $102,000 from CPF which her late sister had left her, she would never have expected that the CPF Board transferred the money to the OA (Official Assignee) to pay off her debt, even if she has been discharged from bankruptcy. (reported in today’s Straits Times “Bankrupts: […]
Revision to Nomination of Insurance Nominees Regulation
With the onset of the Mental Capacity Act (“MCA”) coming into effect on 1st March 2010, the Insurance (Nomination of Beneficiaries) Regulations 2009 (“the Regulations”) will be amended with two changes: The Regulations will be amended to provide for insurance nominations and revocations to be made by the court on behalf of a mentally incapacitated […]
What are the key changes under new Insurance Nomination Framework
Do you have life insurance? Probably yes. But what if the person who will receive your insurance payouts is not the one you intend to? Have you made your insurance nomination of beneficiaries? You may not even know that you can make insurance nomination in your policy. But things are different now. Your insurance policies are […]