Officers, directors, shareholders, and employees must abstain themselves from participating in any and all discussions and activities which relate to the conflict of interest, and they shall not use any information not publicly available to attain profit for themselves. Singapore Life Philippines. B(1) / Responsibilities of the Board. The agents sales talk might have convinced them to buy, not knowing fully what they signed up for. Client, however, are after solutions that fit their financial needs, can be adjusted whenever their needs or preferences change, and have the least impact on their budget., People in the middle-class segment experience this conflict the most. initiatives including ING Directs Euro strategy. Such regulations not only prescribe approval and monitoring of activities but also impose certain restrictive provisions [e.g., net worth requirements and risk-based capital (RBC) requirements]. Examples of trainings provided/scheduled are risk management, data privacy, anti-money laundering, etc. This helps the Corporate Governance Committee and the Board of Directors evaluate the qualifications and choose the right candidates. C. Each member shall have adequate understanding at least or competence at most of SLPs financial management systems and environment. Ensure the implementation of an appropriate risk management process, and to manage a business, financial and operational risks of the Company; VII. V. Discuss with the external auditor the nature and scope of its audit and ensure coordination where more than one audit firm is involved. Regulatory FrameworkThe mandate of regulators is to protect the rights of the policyholders and maintain close vigil to ensure that the Company is satisfactorily managing affairs for their benefit. The Chairman of the RPT Com shall be appointed by the Board and should be an independent director. At least as important however is that he has done all this while improving the key metric of the business; customer satisfaction. He may propose the appointment of new members to the Board or seek the resignation of directors. The Chairman of the ROC should not be the Chairman of the Board or of any other committee and shall be appointed by the Board. The non-audit work should be disclosed in the annual report; Sec. b. The Company principally writes life insurance where the life of policyholder is insured against death, illness, injury or permanent disability, usually for a pre-determined amount. The Chairman of the Board is appointed by the shareholders by rotation for a period of twenty-four (24) months with each shareholder having a shareholding percentage of twenty percentage (20%) or more at all times being able to nominate a director as Chairman. The Company aims to have a Board with a diverse mix of experience and expertise. Be in control of your finances anytime, anywhere. Under the Companys Articles of Incorporation, the Board shall have seven (7) directors, with at least two (2) elected by the shareholders. Evaluates the risk management strategy to ensure its continued relevance,comprehensiveness and effectiveness, and looks for emerging or changing material exposures, and stays abreast of significant developments that seriously impact the likelihood of harm or loss; 4. Schedule meetings to enable the Board to perform its duties responsibly while notinterfering with the flow of SLPs operations;II. The Company also strongly recommends that non-executive directors concurrently serve as directors to a maximum of five (5) Insurance Commission Regulated Entities and publicly-listed companies to ensure that they have sufficient time to fully prepare for meetings, challenge Managements proposals/views, and oversee the long-term strategy of the Company. Biographical Data of Corporate Officers as defined in the Company's By-laws - Eir Peirre Alleistair L. Antig (Compliance Officer). d. All resolutions shall be recorded and included in the minutes of the meeting. The Head of Internal Audit or other relevant person shall report directly to the Audit Committee functionally; and. This arrangement also makes it possible for you or your loved ones to stay on track of financial goals despite the loss. Managed-Care Any existing or proposed position held by the employee, director, or contractor or by a memberof his/her family up to second (2nd) degree of consanguinity or affinity in the vendor/supplieror engaged in any employment or commercial duties with the vendor/supplier.b. This also gives the Directors ample opportunity to read through the materials before the scheduled meeting. Our use of these technologies also ensures that our customers get the same seamless, end-to-end digital experience that they are used to with other digital services.. Reviews the risk appetite levels and risk, and advises the Board on risk appetite levels and risk tolerance limits based on changes and developments in the business, the regulatory framework, the external economic and business environment, and major events that occur which are considered to have material effect on the Company; 5. For example, when a potential vendor is owned by a relative by consanguinity or affinity up to second (2nd) degree of the Requester. Eir Peirre Alleistair L. Antig (Compliance Officer). As the first in the Philippines, he implemented salesforce automation, advisor selection for clients on the internet, a mobile app to empower policyholders and he ensured to be the first to launch direct life insurance products, protection and savings products that can be purchased without any staff interaction. This allows them to buy and manage their policies at their convenience. WebGeneral Enquiries Insurance +65 6827 9933 Medical Plans; Life, Investment, Retirement, Savings and Term Plans; Singlife Account, Singlife Sure Invest; Public Officers Group The Biographical Data, containing the candidates personal information, trainings, past and present positions and directorships, etc., is presented to the Corporate Governance Committee for evaluation and the Board of Directors for approval. Frequency of the meetings and quorum requirements are as described in the Companys By-laws, Committees Terms of Reference, and other similar documents. Agree on a strategic plan for the Company; II. a. Ideally, there should be a significant overlap between our target market and their customer base. Position held in the vendor/supplier (if applicable); Any shareholding or interests of more than five percent (5%) held by the employee, director or contractor or by a member of his/her family up to second (2nd) degree of consanguinity or affinity in the vendor/supplier business; or. She was also a member of the Philippine Life Insurance Associations Ethics Committee and was part of the technical working group which lobbied for the finalization of the ASEAN Corporate Governance Scorecard for the life and non-life insurance industry with the Insurance Commission. Singlifes founding tenet and continuing policy is to comply fully with all laws governing its operations and to honor the highest legal and ethical standards in the conduct of its business. This Fund aims to generate positive returns by actively managing the allocation of each fund depending on their performance. Imaging and Radiology. The group was formed in 2000 and consists of four public b. There is a huge gap between the insured and uninsured population in the Philippines. Sec. Jay is the current Legal and Compliance Manager of Singlife Philippines. Ensure a system of checks and balances is in place within the Board; X. 2016-69. The duties of the ROC shall include without limitation: a. Avoid situations that would give rise to a conflict of interest. Singlife ClaimConnect Jay Mercene (Assistant Corporate Secretary). WebBRENT GENERAL HOSPITAL. Reports to the Board on a regular basis, or as deemed necessary, on the Company's material risk exposures, the actions taken to reduce the risks, and recommends further action or plans, as necessary; and. The level of capital maintained is usually higher than the minimum capital requirements set by the regulators and the amount computed under the Amended RBC (RBC2) Framework. They know they need life insurance, but they simply do not have it because high premiums, long-term obligations, and unclear benefits from mixing possibilities with guarantees make them reluctant. a. Singlife was born out of the belief that the world needed a different kind of life insurer one designed with the customer in mind. Conduct of Annual Shareholders Meeting (ASM). The formal notice (Notice), Agenda (which already contains rationale and explanation to inform Directors regarding each agenda item), and meeting materials are circulated to the Directors at least 5 days in advance prior to the board meeting. Performance evaluation of the Board, the Committees, and its individual directors shall be reported in the Annual Report. Evaluate on an ongoing basis existing relations between and among businesses and counterparties to ensure that all related parties are continuously identified, RPTs are monitored and subsequent changes in relationships shall be reflected in the relevant reports to the Board and regulators/supervisors; b. Prior to this, she was an Associate from 2012-2016 and a Senior Associate from 2016-2018. Their demand for clear and flexible products, 24/7 access and support, and guidance in achieving financial goals can all be achieved with the use of advanced technologies.. By offering tools and solutions that are digital to the core, customers are given the opportunity to manage their finances the way they have always wanted. Participate in the amendments of the Companys constitution;5. He may propose appointment of new members to the Board or seek the resignation of directors. Singlifes strictly adheres to fair dealing and avoiding conflict of interest issues. Cash for Medical Costs provides coverage for medical bills due to hospitalization and critical illness for around PHP 500 per month. iii. Singlife Philippines Shareholders, Directors, Officers and Employees adhere to conducting themselves in a professional and ethical manner of the highest standards. If transactions with SLP cannot be avoided, it should be done in the regular course of business and upon terms not less favorable to SLP than those offered to others. WebYou need to enable JavaScript to run this app. Also available on GCash is Cash for Income Loss (Accidents). Review and make recommendations to the Board on the Company's remuneration policy or structure, and ensure that such remuneration policy or structure is: (i) in line with the applicable requirements as set by the Directors or shareholders in any form of written agreement, as may be appropriate, or with the Companys business strategies; (ii) at par, if not better, than those paid by comparable companies; (iii) commensurate to the time and commitment required from and delivered by the subject persons; (iv) in line with the good corporate governance practice, and (v) governed by a proper framework that ensures fair and timely execution of the Remuneration Policy; iv. III. There shall be a dialogue with shareholders based on the mutual understanding ofobjectives. Appointees are persons whose appointment must be approved by the Board or the Shareholders, as stated in relevant laws, rules, regulations or Company policies. Present to the shareholders a balanced and understandable assessment of the Companys performance and financial condition. Section 21.5.2 / Governing Law and Arbitration. The relevant employee, director, or contractor who has apparent or perceived conflict of interest must declare the following details and include such declaration in routing the Email Request or Purchase Request for consideration: Singlife currently offers the standard government mandated benefits for retirement and is planning to design a more competitive retirement plan in the coming years. Morbidity risk - risk of loss arising from the policyholder's health experience being different than expected. e. The Corporate Secretary or his/her designated representative shall act as the Secretary of the Committee. In appointing Directors, the Office of the Corporate Secretary requires each candidate to submit their Biographical Data (format of which is as prescribed by the Insurance Commission). Underwriting limits are in place to enforce appropriate risk selection criteria. l. Review and assess the adequacy and effectiveness of its Terms of Reference annually and request for Board approval for proposed changes. Conduct fair business transaction with SLP to ensure that personal interest does not bias board decisions. Exclusively for expectant mums planning to deliver their babies at Mount Alvernia Hospital, MyFamilySecure is a complimentary 12 months personal Ltd. (Azalea) has launched the Altrium Sustainability Fund I (ASF I). 2018-36 and 2020-71 which sets the term limit of independent directors to a maximum cumulative term of nine (9) years. She achieved her Juris Doctor degree from the Ateneo Law School in 2010. : The Board as a whole has the responsibility of ensuring that a satisfactorydialogue with shareholders takes place. Any existing or proposed position held by the employee, director, or contractor or by a member of his/her family up to second (2nd) degree of consanguinity or affinity in the vendor/supplier or engaged in any employment or commercial duties with the vendor/supplier. The risks associated with the life and accident and health products are underwriting risk and investment risk. Singlife Philippines propositions are relevant to the 16 million financial decision-makers in the rising middle-class. Section 20 / Significant Related Party Transactions. On January 13, 2015, the IC issued Circular Letter (CL) No. WebDate of experience: June 20, 2023. Under the RBC2 Framework, the RBC Ratio of an insurance company shall be equal to the Total Available Capital (TAC) divided by the RBC requirement. What is covered for Singlife Cash for Medical Costs? This policy must effectively interpret the operations of SLP to the shareholders and must accommodate feedback from them, which should be factored into SLPs business decisions. The Company ensures that independent directors are independent of management and not related to any director/officer/substantial shareholder of the Company, to which, a Certification of Independent Director is accomplished during their appointment, in compliance with Insurance Commission Circular Letter No. The members of the Audit Com shall be appointed by the Board from time to time from among the Directors and shall be composed of at least three (3) non-executive Board members, of which 2 need to be independent, all of whom must have relevant background, knowledge, skills, and/or experience in the areas of accounting, auditing, and finance. The notice shall state the place, date and hour of the meeting, and the purpose or purposes for which the meeting is called. All of these can be accessed and managed anytime, anywhere using only your mobile phone. There being none, the directors unanimously noted the presentation. Hospital returned to lead AXA on its journey to become one of the top 3 insurance companies in the country. Disclose to the Chief Executive Officer, Chairman of the Board or Corporate Secretary their interest in transactions or any other conflict of interest within three (3) days from the occurrence or discovery of such interest or conflict. d. The Chairman of the Board shall discuss governance and strategies with major shareholders. Qualifications: She graduated from the Ateneo de Manila University with a degree in AB Philosophy in 2007, and achieved her Juris Doctor degree from the Ateneo Law School in 2011. The Board must ensure that a fair and effective selection and nomination process is beingimplemented in selecting directors. Licensed by the Insurance Commission (IC) to operate as a Life Insurance company, with License No. Board and Senior ManagementThe Board of Directors in conjunction with Senior Management has over-all responsibility for:I. providing entrepreneurial leadership within a framework of prudent andeffective controls which enable risks to be properly assessed and managed; Section 19 / Capital Management and Management of Insurance and Financial Risks. Singlife Philippines did not apply a one-size-fits-all approach to building its system, knowing customer demands for life insurance continue to change at the speed of digital. Board members provide service without being compensated. Considering that the insurance business is imbued with public interest, the role of the Chairman and the Chief Executive Officer (CEO) shall be separate, to ensure an appropriate balance of power, increased accountability and greater capacity of the Board for balanced decision-making. Click "Accept" to consent to our use of cookies. The Office of the Corporate Secretary (OCS) is in charge of providing orientation and onboarding to new Directors. In 2020 and 2019, the Company received advances from its immediate parent company for its initial working capital and support general business needs of the company. You'll be the first to know when we launch our products. The total benefit is still paid monthly instead of yearly to ensure a steady flow of income for daily needs. The Singlife Smart Investment Fund is a pool of funds managed by the fund manager, ATRAM. Presentation by the Chief Financial Officer. by increasing customer share of wallet as well as by improving the banks financials. 22-2008 provided that for the purpose of determining compliance with the law, rules and regulations requiring that the paid-up capital should remain intact and unimpaired at all times, the statements of financial position should show that the net worth or equity is at least equal to the actual paid-up capital. c. The Board shall ensure that reports accurately reflect the financial condition and the results of the Companys operations. It is therefore understandable that when he was invited to lead AXA Philippines, after successfully heading INGs retail business in Malaysia and subsequently Poland, he took his chance and accepted the challenge to turnaround the distressed business. Name of the family member connected with vendor/supplier and relationship to the employee, director, or contractor (if applicable); 4. Board Meetings and Quorum Requirement. Responsible for coordinating, monitoring, and facilitating compliance with existing SLP Compliance Policies, laws, rules and regulations; j. With Singlife, you know you are always in control.Its alarming that life insurance only has single-digit penetration in the country when there are millions who can benefit greatly from it, said Rex Mendoza, Chairman of the Board of Singlife Philippines. She was a graduate of De La Salle University Manilas Bachelor of Science in Legal Management (with honors) and of Ateneo Law Schools Juris Doctor Program. setting the Companys strategic aims; III. Its multi-level benefit includes: Both Cash for Income Loss and Cash for Medical Costs will have the same fuss-free features as their entry counterparts, which means customers will be able to buy, manage their policies, file claims, and secure payouts without having to leave the GCash app. Should the Signatory have a conflict of interest on the transaction, the next higher signatory shall act as the Signatory, approve the engagement, and sign the MOA or Letter Conforme. At the same time, the regulators are also interested in ensuring that the Company maintains appropriate solvency position to meet liabilities arising from claims and that the risk are at acceptable levels. f. The Audit Committees duties and responsibilities include, but are not limited to, the following: I. Each plan can be tailored to fit ones lifestyle, budget, and needs to to provide the best possible price for the right amount of coverage. The Company shall have in place an effective price discovery system and have exercised due diligence in determining a fair price for RPTs. Every time a modification is needed to improve value delivery, backend operations remain stable so customers can continue to manage their finances without delay. Thank you for the review! 6. Name of the family member connected with vendor/supplier and relationship to the employee, director, orcontractor (if applicable);4. To strengthen our compliance, we conduct training to our personnel on a regular basis and ensure that our directors, officers and employees comply with our Code of Conduct. All directors shall be elected by shareholders at the Annual or Special Shareholders Meeting (as applicable) after their nomination, and to re-election. c. Ensure that appropriate disclosure is made, and/or information is provided to regulating and supervising authorities relating to the Companys RPT exposures, and policies on conflicts of interest or potential conflicts of interest. Approval of the enterprise risk management strategy which may include focus on the following elements: (a) common language or register of risks, (b) well- defined risk management goals, objectives and oversight, (c) uniform processes for assessing risks and developing strategies to manage risks that are identified and prioritized, (d) designing and implementing risk management strategies, and (e) continuing assessments to improve risk strategies, processes and measures, and delegate approval of the enterprise risk management plan (Plan) to a risk management committee which may be established by the Board; 2. The operations of the Company are subject to the regulatory requirements of the IC and the SEC. She was also a member of the Philippine Life Insurance Associations Ethics Committee and was part of the technical working group which lobbied the finalization of the ASEAN Corporate Governance Scorecard for the life and non-life insurance industry with the Insurance Commission. Approve the appointment of the external auditor, including any question of its resignation ordismissal, and the audit fees for the particular audit year; Evaluate and determine non-audit work by external auditor and keep under review the non-audit fees paid to the external auditor both in relation to their significance to the auditor and in relation to SLPs total expenditure on consultancy. Michelle Suarez-Balois (Corporate Secretary). Building a business, leading a team, managing change especially after the Aetna acquisition and working in the Philippines fitted him like a glove. Plans will be in place for an orderly succession of Board members. Details such as: a. The duties of the Audit Com shall include without limitation: a. Devote sufficient time to familiarize themselves with SLPs business. Be constantly aware of SLPs condition and be knowledgeable enough tocontribute meaningfully to the Boards work. Attend and actively participate in Board and committee meetings, request andreview meeting materials, ask questions and request explanations. Contact us - Singlife Disclose any conflicts of interest and to abstain from participating in any discussion or voting on any matter in which they have a material personal interest unless prior approval of the Board has been obtained. There being none, the stockholders noted the presentation. To enhance Board and Management effectiveness, the Board will evaluate its performance at least annually, including all related matters reserved to the Board and the performance of the Board Committees and individual directors. X. You can also use it to kick off your investing journey, helping build up the funds for future needs such as education for your children and retirement. JOINT ANNOUNCEMENT AZALEA LAUNCHES FIRST d. The Board shall regularly review the system of securing adherence to key internal policies as well as to significant laws and regulations that apply to it. Directors must observe the confidentiality of non-public information acquired by reason of their position as directors. They may not disclose said information to any other person without the authority of the Board. Your Guide to 1 Jan 2022 with Singlife with Aviva b. B(1)(X) / Responsibilities of the Board. Board Structure and Composition, 3rd paragraph. Duties, Responsibilities and Functions of each Director, Procurement Policy and Third Party Management, Certification of Corporate Secretary, Annex A, Company Information Sheet 2021, Minutes of the Outgoing Board of Directors Meeting dated 26 February 2021, Minutes of the Annual Shareholders Meeting dated 26 February 2021, Metropolitan Bank & Trust Company - Trust Banking Group, to enhance your website browsing experience and show you relevant content. II. Reports are processed anonymously to ensure protection of the whistleblower. Review and assess the adequacy and effectiveness of its Terms of Reference annually and request for Board approval for proposed changes. iii. The allocation of each fund can range from 0% to 100%, as long as the total allocation is 100%. The members of the RPT Com shall be appointed by the Board from time to time from among the Directors and shall be composed of at least three (3) non-executive Board members, of which 2 need to be independent. e. Notices of the ASM shall be sent at least two (2) weeks prior to the date of the meeting. d. The ROC will act on matters for and on behalf of the Board under authority properly delegated to it, which includes but is not limited to the matters below: 1. Services provided by BRENT GENERAL HOSPITAL: Beds - Total (Total b. Votation for resolutions shall be on a show of hands. 2023/02-R. Do I get a physical copy of my insurance policy? Further policies and guidelines strategy and framework are presented to the Board for approval. The metrics used for performance assessment is in line with corporate objectives how Management and employees contribute towards the achievement of the corporate objectives set by the Board. Section B(6) / Duties, Responsibilities, and Functions of each Director. WebWelcome to Singlife ClaimConnect Fast and convenient digital health insurance experience Singlife cares about your personal privacy, so we've enhanced our data protection measures. Expense risk - risk of loss arising from expense experience being different than expected. The process in place must also encourage shareholdersparticipation (including the minority shareholders) in the selection and nomination of directors. In case of special meetings, only matters stated in the notice can be the subject of motions or deliberations at such meeting. d. Upon constitution, the Audit Committee shall draft its Terms of Reference for the conduct of its functions, duties and responsibilities for the approval of the Board.
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