The complaint has been investigated and
resolved to the customer's satisfactionResolved China Taiping Insurance (Singapore) — Dishonoring their nature of business
resolved to the customer's satisfaction
Two years ago, i employed 3 foreign workers and an agent of mine went to China Taiping Insurance to purchase the workers bond for the workers. This is required by the Ministry of Manpower for anybody who employs foreign workers of all sorts. The deal is simple.
I pay China Taiping Insurance an annual premium, they will insure my workers and pay the Government a bond of $5000 SGD per head in case the workers' permits are canceled and the workers decides to disappear inside of Singapore. In an event the whole cycle is completed without such cases, they have earned the premium which is in layman term "economy of scale / law of large numbers" kind of deal.
100 in 100000 defaults, you still make more than enough premium to cover the loss of that 100.
To cut the whole story short, they ended up paying $10000 because 2 of my 3 workers decided to stay on after their permit was canceled (and they have all left Singapore since) and now China Taiping Insurance wants to claim $10, 000 from me even though the premium for the bonds has already been paid to them long time back. And that in turn caused me to have a bad credit rating because the $10, 000 claim is reflecting on my credit rating even while this episode has long pass over for 2 years now.
If I had to pay every cent on my own, why pay the premium for the bond in the first place?? I might as well place the bond on my own if i had the money to. Why did i bother to go to insurance companies only to have to bear additional cost and time loss??