Unclaimed insurance proceeds
US Persons Policy
Certain US laws and regulations with respect to insurance products applies to an individual with authority over the product or an individual or an entity physically located in or acting from within US either on a temporary or permanent basis ("US Person"). There are limited policy servicing activities that are allowed for a US Person.
For insurance regulatory purposes of this Policy, "US Person" is defined as: Any individual natural person, business entity, account holder, receiver, trustee, fiduciary, firm, custodian, nominee or any other individual or entity in its own or any representative capacity physically located in or acting from within the US for any length of time, even if for only brief travel (i.e., there are no exemptions or physical presence tests under US insurance laws for persons with temporary presence in the US).
If you are a US Person, we regret to inform you that we are unable to carry out any request that falls under the list of the key prohibited policy servicing activities:
- Absolute assignment
- Addition / deletion of Riders
- Application for exiting the Policy Guaranteed Interest Rate Lock
- Change / addition / nomination of Trustee
- Change of Life Insured
- Collateral assignment
- Fund switch
- Increase / decrease in Premium
- Increase / decrease in Sum Insured
- Policy currency switching
- Renewal of 5-year Renewable / Convertible Term
- Review of Loading / Terms, including changing from Smoker to Non-Smoker and vice-versa
- Top-up / Unscheduled Premium
If you have any queries, please contact our Customer Service Officers at +65 6880 4888. You may also email us at firstname.lastname@example.org.
We will be pleased to assist.
Common Reporting Standards (CRS)
To help fight against tax evasion and protect the integrity of tax systems, governments around the world are introducing a new information-gathering and reporting requirement for financial institutions. This is known as the Common Reporting Standard ("the CRS") and we'd like to help you understand what it means for you.
Under the CRS, we are required to determine where you are "tax resident" (this will usually be where you are liable to pay income taxes). We will base this on information we have already or we may ask you for additional details.
If you are tax resident/paying taxes outside the country/region where you bank then we may be required to give the national tax authority this information, along with information relating to your policies. This may then be shared between different countries/regions' tax authorities.
What do you need to do?
Singapore will participate in the CRS from 1 January 2017. If you have any questions regarding your tax residency, please refer to the rules governing tax residence that have been published by each national tax authority. If you have any specific questions regarding your tax residency, please contact a professional tax adviser, as we are unable to provide tax advice. You may also find useful guidance on the Organisation for Economic Co-operation and Development CRS portal.