With effect from 1st July 2009, Landlords who’s interested in the Renter’s Protection Insurance will have to directly liase with JLT as the old method of distributing the policy is in conflict with MAS’s policy.
Dear Estate Agent,
Subject: Rent Protection Insurance – Revision in Distribution Method
We regret to inform that the Monetary Authority of Singapore (MAS) has recently determined that estate agents cannot promote insurance products for referral fee unless the estate firms are registered with General Insurance Association of Singapore (GIA) as Trade Specific Agents. To register as GIA’s trade specific agents, the agents of estate firms have to undergo training in lieu of an examination to comply with MAS’ competency requirements. Estate firm will also need to enter into an agency agreement with the insurer.
Hence, it has been decided that the distribution model for our Rent Protection Insurance (RPI) shall be modified so as not to breach MAS’ requirements. With effect from 1 July 2009, landlords will now purchase the RPI themselves directly from the website, instead of applying through estate agents. Your login userid and password will cease to be valid at our website and no referral fee shall be paid to estate agents for policies purchased from 1 July 2009.
For those policies which have already been purchased through estate agents before 1 July 2009, we will ensure that referral fees are paid to the respective estate agents accordingly.
We apologise for the inconvenience caused and thank you for your support thus far. Going forward, should your landlord requires clarification on the RPI, please inform them to visit our website or contact our RPI hotline directly at 64119301.