Rahayu Mahzam on regulatory framework for private healthcare insurance
Singapore already has a Competition Act against collusion and anti-competitive behaviour. If it strengthens regulatory oversight for private healthcare insurance, it should be to correct the market failures arising from unsustainable and self-harming competition. Regulations to prevent insurers from correcting the current problem will likely exacerbate the situation and make private insurance even more unsustainable, with no market correction mechanism. Minister of State for Health Rahayu Mahzam, who said this in reply to MPs’ question in parliament on Wednesday (Sep 24), urged the insurance industry to relook the overly generous policy designs, as well as balance between providing assurance and protection and encouraging prudent consumption. MOH is launching a public education campaign soon to educate consumers on appropriate health insurance coverage, she added.
Singapore already has a Competition Act against collusion and anti-competitive behaviour. If it strengthens regulatory oversight for private healthcare insurance, it should be to correct the market failures arising from unsustainable and self-harming competition. Regulations to prevent insurers from correcting the current problem will likely exacerbate the situation and make private insurance even more unsustainable, with no market correction mechanism. Minister of State for Health Rahayu Mahzam, who said this in reply to MPs’ question in parliament on Wednesday (Sep 24), urged the insurance industry to relook the overly generous policy designs, as well as balance between providing assurance and protection and encouraging prudent consumption. MOH is launching a public education campaign soon to educate consumers on appropriate health insurance coverage, she added.
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