Tue, Aug 27, 2019 – 11:44 AM
INSURER AIA on Tuesday stated it plans to switch its life insurance coverage enterprise in Brunei to AIA Singapore Personal Restricted.
The Brunei enterprise is at the moment arrange as a department of AIA Firm Restricted, which is included in Hong Kong and controlled by the Hong Kong Insurance coverage Authority.
By means of a courtroom utility for the affirmation of a scheme of association, AIA is proposing to switch its Brunei enterprise from AIA Firm Restricted to AIA Singapore, performing by its new department in Brunei.
The proposed switch is anticipated to take impact on Jan 1, 2020, or a date AIA could later share, it stated in a media launch.
Present phrases and circumstances of insurance policies issued by AIA Brunei will stay unchanged, stated AIA Brunei normal supervisor Kenneth Ling. Insurance policies will even be mechanically transferred to the brand new department and present prospects have been notified of the switch.
AIA Singapore chief government Patrick Teow stated AIA Brunei shall be aligned with AIA Singapore’s authorized and operational construction, enhancing operational efficiencies within the course of.
“This alignment will enable a streamlined strategy within the area, so we will deal with higher serving our prospects’ wants. We stay dedicated to offering the identical high quality of companies our prospects in Brunei have loved,” Mr Teow stated.
AIA Brunei will proceed to be regulated below the Autoriti Monetari Brunei Darussalam as a licensed life insurer. It has been within the Brunei marketplace for 60 years, the group added.