In accordance with the Insurance Act of Singapore (Chapter 142) we hold any money from our clients or insurance companies in a separate account with our Singapore licensed Bank. It is not for Insurance Market Pte Ltd to decide on any refunds of insurance premiums, but for the insurance company that has issued the policy that payment has been made for.
Insurance companies may make refunds to policyholders under certain conditions. Some insurance companies may use the refunds to offset premiums payable.
Therefore policy premiums for unused portions of any policy’s term can be refunded only provided the following situations exist concurrently.
Premiums are current
A cancellation request has been received in writing
The insurer issuing the policy agrees to provide a refund
We will be most pleased to help you with your premium refund request. Please contact our helpdesk for support and allow up to 45 days for refunds to be processed by the insurance company.