The General Insurance Association of Singapore introduced the GIA Insurance Fraud Tip-off scheme which rewards individuals up to S$10,000 for reporting insurance fraud.
Singapore's General Insurance Association is hoping to reward individuals who report on insurance fraud cases. Under its GIA Insurance Fraud Tip-off (GIFT) scheme launched on Friday, it will reward individuals up to S$10,000 – based on the equivalent value of the fraudulent claim. If there is more than one informant for a case, the panel of investigators will decide on the reward allocation to each informant.
Slated to be officially launched on 5 March this year, GIFT is part of the Association’s efforts to increase participation of all stakeholders – including general insurers, regulators, and members of the public – to collectively combat insurance fraud and mitigate claims cost inflation.
«Insurance fraud costs the industry millions of dollars each year and affects both insurers and consumers. We introduced this scheme to encourage members of the public to play a more pro-active role in tackling this problem together so that insurance in Singapore remains accessible,» said Chang Sucheng, GIA Insurance Fraud Committee Convenor.
To Participate
To qualify for the reward scheme, individuals are required to provide documentary evidence such as detailed descriptions of how the fraud was conducted, electronic document trails, actual copies of forged or tampered documents, or any another physical evidence that can prove the suspected fraud. Reports are to be submitted online via its website.
Members of the public who have been approached to get involved in insurance fraud or are currently holding relevant evidence of others committing fraud should participate in the scheme. This is especially in view of the recently announced Criminal Law Reform Bill2, where dishonest or fraudulent intent to deceive a victim is now an offence, rather than the effect of deception of the victim.
