4 Jul 2012, 7.05PM
The CEOs of insurance companies are getting so desperate that they are concocting bogus reasons in the hope the regulator will hear them. High hope they have. For more than 12 years MAS had given them signs of the changes. Various people from MAS had warned them at talks to urge them to change. Even ESM Mr. Goh personally warned them at an anniversary dinner yet the very CEO and his proteges gave a deaf ear. I heard some even raised their middle finger to Mr. Goh when they heard his warning. How disrespectful, don't you think so?
Now it is MAS's turn to be deaf. The self interested CEOs can come up with all sorts of reasons, it is no use.
One CEO claimed that the industry will not be able to attract high producers to join his company if the fee based is introduced. If you attend his company's recruitment talk they are promising high income and get rich quick potentials to attract people. He is in the wrong business. He should run a MLM company and pitch his get rich quick promise.
Another mentioned her cars(agents) not suitable for the moon landscape. How to run on the moon when her agents are unqualifiied salesmen? MAS should reprimand her for not giving her salesmen proper training.
Another CEO is so uninformed that he challenged anyone to show which company in the world has succeeded in fee based model. It shows how unqualified he is to run an insurance company. Anyway he doesn't look qualified.
Another CEO thinks that fee based model will make more people under insured because not many will write a check to pay for the fee and he thinks that the current model is working so well and perhaps earning him very high salary and so MAS must not rock his boat..
Well, the bottom line is these CEOs all have vested interest and that is their salary. They know well that if fee based is implemented they have to take a pay cut because no more chance to send their ALIBABAs and their 4000 thieves to rob the consumers by pushing high commission products.
You can see that these CEOs have their own interest in mind and not the buying public's interest. They know that fee based model will work in favour of the customers.
We must salute MAS for taking these bold steps to get rid of these CEOs and their ALIBABAs and the 4000 thieves. And MAS must not have light ears to fall into traps of these koyok peddling CEOs.MAS must not yield an inch to them, eg to delay the implementation for a few years. By a few year's time they would have plundered enough to retire rich from insurance. So don't be gullible and conned by these conmen.
All the best to MAS. You are the protector of the consumers . Do what is right and to ensure the public gets the best advice .