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Thread: revealing your financial statements to 3rd party

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    Default revealing your financial statements to 3rd party

    Recently, I bought an insurance policy. To my surprised, it is mandatory to fill up a form to declare ur financial status. You have to make known how much u hv in savings, investments, etc. The reason given to me is this is a policy from MAS to ensure the consumer have enough to subscribe to the policy. I find it a bit intrusive as I am dealing with an insurance agent who do not have to sign any non disclosure. So this means his team who have access to my portfolio would know me inside out. He can also see me in the street and tell his friend, this guy is poor/rich. Should I be concerned?

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    Quote Originally Posted by ManWearPants View Post
    Recently, I bought an insurance policy. To my surprised, it is mandatory to fill up a form to declare ur financial status. You have to make known how much u hv in savings, investments, etc. The reason given to me is this is a policy from MAS to ensure the consumer have enough to subscribe to the policy. I find it a bit intrusive as I am dealing with an insurance agent who do not have to sign any non disclosure. So this means his team who have access to my portfolio would know me inside out. He can also see me in the street and tell his friend, this guy is poor/rich. Should I be concerned?
    Ask them to show you the MAS policy in black and white.

  3. #3

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    Quote Originally Posted by ManWearPants View Post
    Recently, I bought an insurance policy. To my surprised, it is mandatory to fill up a form to declare ur financial status. You have to make known how much u hv in savings, investments, etc. The reason given to me is this is a policy from MAS to ensure the consumer have enough to subscribe to the policy. I find it a bit intrusive as I am dealing with an insurance agent who do not have to sign any non disclosure. So this means his team who have access to my portfolio would know me inside out. He can also see me in the street and tell his friend, this guy is poor/rich. Should I be concerned?
    Yes, its a requirement now under MAS to declare your financial status.

    But the trick is you don't have to be truthful in your declaration........

    Just hamtam the figures...... No one will check. Its just a formality for paperwork

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    Default Re: revealing your financial statements to 3rd party

    The MAS policy has good intentions.
    This is to prevent aggressive insurance agents from pushing expensive insurance products to weak willed and easily persuaded consumers; who actually could not afford them over the long term.
    The desired effect is that when the consumer is filling up the form, he or she can realise this.
    But you are right that the insurance agent should not know this. Only the MAS.
    You can suggest a two-step process where you send details direct to MAS by-passing the insurance agent.
    Maybe can win a trip to Hong Kong as a prize.
    Last edited by ricohflex; 13th February 2013 at 09:32 PM.

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    Apparently, u hv to do this financial declaration everytime u buy a new policy now. And it is quite detail in capturing your present networth and forecasting future growth projections. Without this declaration, u cannot buy the policy. Of course you can false declare but I do not know if will impact the claims and investigations, should it happen.

    OTOH, if such declaration is solely for the purpose of detering the agent from selling you any policies you cannot afford. Wouldnt such disclosure on ur networth open doors for the agent to fully exploit you?

  6. #6

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    Quote Originally Posted by ManWearPants
    Recently, I bought an insurance policy. To my surprised, it is mandatory to fill up a form to declare ur financial status. You have to make known how much u hv in savings, investments, etc. The reason given to me is this is a policy from MAS to ensure the consumer have enough to subscribe to the policy. I find it a bit intrusive as I am dealing with an insurance agent who do not have to sign any non disclosure. So this means his team who have access to my portfolio would know me inside out. He can also see me in the street and tell his friend, this guy is poor/rich. Should I be concerned?
    Are u buying insurance or investment or both?
    Normally, the "sale guy" want you to "up size" your set meal.
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    Default Re: revealing your financial statements to 3rd party

    i would be damn uncomfortable if they ask me about my financial status when i open a trading account.
    luckily ocbc has no such policy at the moment...

  8. #8
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    Quote Originally Posted by ahboy168 View Post

    Are u buying insurance or investment or both?
    Normally, the "sale guy" want you to "up size" your set meal.
    buy insurance only.

  9. #9

    Default Re: revealing your financial statements to 3rd party

    Unfortunately those are the rules of the MAS but there's another way you can do it w/o the agent seeing all that info, cut out the agent directly. I bought my home liability insurance online from dbs (underwritten by Aviva) so you just submit your financial disclosure directly to MAS. No need to deal with people trying to earn more commission when upsizing your 'set meal'. Just a suggestion..

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