New Framework for Nomination of Insurance Nominees takes effect

Under the new framework there are 2 options to choose from when taking up a new policy with death payout:

- Trust nomination (relinquishes all rights to the policy)

- Revocable nomination (retains the ability to unilateror remove nominees)

The new Insurance Nomination Law does not apply retrospectively to existing policies with previous nominations.

However, existing policies with no previous nominations are eligible for nomination under the new law.

 

 

Here’s a link to the Guide to Nomination of Insurance Nominees 2009:

English

Chinese