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Singapore: Life insurance body launches Unclaimed Proceeds register

Source: Asia Insurance Review | Feb 2016

The Life Insurance Association, Singapore (LIA Singapore) has introduced the “LIA Register of Unclaimed Life Insurance Proceeds” on its website for members of the public to search and contact the respective insurer or insurers directly should they have policies with unclaimed death proceeds of deceased relations or unclaimed maturity proceeds that have been outstanding for more than 12 months.
 
   The register is available at:
 
   Life insurers will continue to do what they have been doing on a company basis, that is, attempt to trace claimants through various means including sending advisers to contact their clients, placing newspaper advertisements and listing unclaimed proceeds on the company’s website.
 
   Despite all these efforts, there are 8,185 policyholders across the industry with payouts due to them as at 30 September 2015.
 
Dr Khoo Kah Siang
   Dr Khoo Kah Siang, LIA Singapore President, said: “The LIA Register is the industry’s effort to reach out to the claimants or beneficiaries of unclaimed proceeds which is on top of efforts made by individual insurers.”
 
   The register will be updated once every six months.
 
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