Guidelines for Insurers to Adopt Fair and Responsible Practices towards Persons with Disabilities and Those with Mental Health Conditions
- The Monetary Authority of Singapore (MAS) has proposed guidelines requiring insurers not to reject applications solely based on a disability or mental health condition, but to conduct objective risk assessments.
- Insurers may still decline applications, charge higher premiums, or impose conditions based on the assessed risks, particularly for health insurance, to maintain business sustainability.
- The government intends to finalize the guidelines by mid-2024 and subsequently withdraw Singapore's reservation on Article 25(e) of the UN Convention on the Rights of Persons with Disabilities.