SINGAPORE COLLEGE OF INSURANCE ANNUAL REPORT FOR YEAR ENDED 31 DECEMBER 2015
The Singapore College of Insurance (SCI) was registered as a charity with effect from 1 June 1995. Unique Entity Number (UEN): Registered Address:
199408491M 9 Temasek Boulevard #14-01/02/03 Suntec Tower Two Singapore 038989
Governing Board Members / Management Committee Name Designation Ms Lee Keng Yi Chairperson Mr Cher Ah Kow Governor Mrs Doina Palici-Chehab Governor Dr Khoo Kah Siang Governor Mr Ng Wai Kin Governor Mr Lim Thien Su Gerald Governor Mr Thomas Christian Petursson Lillelund Governor Mr Eu Hai Meng Appointed Governors Dr Francis Koh Cher Chiew Appointed Governors Mr Paul Robert Faulkner Appointed Governors
Date of Appointment 02/12/2014 06/09/2013 25/06/2015 13/05/2013 03/07/2015 10/01/2011 18/09/2015 01/06/2012 01/11/2013 06/05/2015
Advisory Council – Academic Board Name Dr Yeo Keng Leong Mr Alain Flandrin Ms Karine Kam Ms Beng Du Maniar Ms Stella Tan
Date of Appointment 06/09/2013 08/01/2015 17/02/2011 31/08/2011 01/09/2011
Internal Auditor: Banker: Auditor: Investment Adviser (s): Other Adviser(s):
Designation Chairman Member Member Member Member
NA DBS Bank Ltd RT LLP Chartered Accountants NA NA
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OBJECTIVES • •
• • •
To expand the pool of professionally qualified insurance and related financial services professionals through various means, including examinations, assessment and certification. To continuously develop and provide high quality insurance and related financial services education and training programmes, including seminars, lectures and conferences, both in Singapore and across Asia. To provide various platforms, both nationally and internationally, for insurance and related financial services professionals to network and exchange knowledge and experience. To build and maintain an insurance and related financial services research and information resource centre. To enhance intellectual depth through creating and developing curriculum content, as well as writing and producing publications, including textbooks, magazines and journals on insurance and related subjects. To promote public awareness of insurance and related matters through various activities involving the community, as well as public and educational institutions.
Funding Sources The SCI is financially supported by income from conducting technical training / CPD / Certification / Competencies programmes and examinations as well as Talent Development Programmes and Conferences.
Memberships Only Ordinary Members of its four founding Associations (viz General Insurance Association of Singapore [GIA], Life Insurance Association [LIA], Singapore Reinsurers' Association [SRA] and the Singapore Insurance Brokers' Association [SIBA]) are eligible to be admitted as SCI member companies. These members would either have contributed to the funding of the SCI Building Project and/or have contributed to funding SCI's operations through a levy system based on premium income.
REVIEW OF YEAR 2015 •
Staffing As at 31 December 2015, there were 41 full-time staff and 7 contract administrative staff employed by the SCI.
Activities During the year, the SCI conducted Examinations, Training Programmes and Conference:
Calendar of Events 1. January – 2. February – 3. March – 4. April – 5. May – International Exchange Programme (IEP) - Inbound 6. June – conducted the following events: Page 2 of 7
a. 20th Annual General Meeting (AGM) b. Launched the ADGIRM Fast-Track Diploma Programme Leading To ACII 7. July – Launched the following programmes: a. Insurance Management Associate Programme – General Insurance (iMAP-GI) Track b. Insurance Management Associate Programme – Life Insurance (iMAP-LI) 8. August – Launched the DGIRM Fast-Track Diploma Programme Leading To ACII 9. September – Insurance Leaders’ Talk 10. October – International Exchange Programme (IEP) - Outbound 11. November – conducted the following events: a. 13th Singapore International Reinsurance Conference (SIRC) b. 12th Geneva Association Health and Ageing Conference c. ASEAN Young Insurance Manager (AYIM) Programme 12. December – The SCI also conducted the following Examinations and Training Programmes:
EXAMINATIONS 1. Basic Competency Examination (BCE) 2. Basic Insurance Concepts and Principles (BCP) 3. Personal General Insurance (PGI) 4. Commercial General Insurance (ComGl) 5. Certificate in Reinsurance (CRI) 6. Health Insurance (HI) 7. M5 - Rules And Regulations For Financial Advisory Services 8. M8 - Collective Investment Schemes 9. M8A - Collective Investment Schemes II 10. M9 - Life Insurance And Investment-Linked Policies 11. M9A - Life Insurance And Investment-Linked Policies II 12. Diploma in Life Insurance (DLI) 13. Diploma in General Insurance and Risk Management (DGIRM) 14. Advanced Diploma in General Insurance and Risk Management (DGIRM) 15. Chartered Financial Consultant®/Singapore (ChFC®/S) 16. Chartered Life Underwriter®/Singapore (CLU®/S) TRAINING PROGRAMMES (A) Marine Insurance 1 Marine Insurance - A Foundation Workshop 2 Initial Introduction To Marine Hull, Cargo, Liability Insurance and P&I 3 Marine & Transport Liabilities 4 Marine Cargo Claims 5 2015 Marine Insurance Course 6 Marine Cargo Insurance Underwriting – Applying Knowledge Where It Matters (B) 1 2 3 4 5 6
Reinsurance Technical Reinsurance Accounts The "Nuts & Bolts" Of Treaty Reinsurance: Proportional Treaty Reinsurance The "Nuts & Bolts" Of Treaty Reinsurance: Non-Proportional Treaty Reinsurance Reinsurance Contract Treaty Wordings Reinsurance PLUS Property Reinsurance Claims Page 3 of 7
Advanced Reinsurance: Applications & Concepts For Property & Engineering Insurance Advanced Reinsurance: Applications & Concepts For Various Legal Liability & Associated General Accident Insurance Classes
(C) 1 2 3 4
Legal & Claims Insurance Contract Law And Its Implications For Claims Contract Vetting Advanced Claims Management Understanding Contractors’ All Risks Claims – A Practical Approach A Joint Workshop organised by SCI & AICLA 5 Handling Complex Insurance Claims – A Case Study Approach 6 Catastrophic Claims Scenario Planning And Management 7 Understanding Work Injury Compensation Act (WICA) Claims 8 Insights Into Claim Fraud 9 Key Insights Into The Motor Vehicles (Third-Party Risks And Compensation) Act (Cap. 189) 10 Contractors` Liability Insurance Claims
(D) 1 2 3 4 5
Property & Liability Insurance Global Liability Insurance Programmes - Understanding The Risk & Exposures Master Class Workshop On Liabilities Insurance Master Class Workshop On Business Interruption Insurance Property Business Interruption Insurance - Back To Fundamentals The "Nuts & Bolts" Of Liability Insurances: Comprehensive General Liability Insurance
(E) 1 2 3 4 5 6
Risk Management & Corporate Governance Enterprise Risk Management & Capital Allocation For Insurers Effective Risk Management – The People Factor A Practical Understanding of FAA & Regulations Enterprise Risk Management For Boards & Senior Management Corporate Risk Management A Practical Understanding of Risk-Based Capital Regulatory Framework For Singapore Insurers (Life) A Practical Understanding of Risk-Based Capital Regulatory Framework For Singapore Insurers (Non-Life)
(F) Specialist Insurance 1 Cyber Risks 2 3rd Asian Aviation Risks, Liabilities & Insurance Course (G) 1 2 3
Professional & Financial Lines Insurance Advanced Financial Lines Insurance Workshop Advanced Professional Indemnity Insurance Workshop Financial Lines Basics
(H) 1 2 3 4
Engineering Insurance Advance Loss Of Profits Insurance: Coverage & Exposures Industrial All Risks & MB - Underwriting Issues & BI Claims The "Nuts & Bolts" Of CAR & EAR Insurance Practical Understanding Of Engineering & Construction Risks & Technology (Incorporating Site Visit) Page 4 of 7
Talent Development Broker’s Foundation Programme
(J) Insurance Business Training 1 Negotiation Skills For Insurers & Brokers - The Harvard Model 2 Financial Statement Analysis for Insurance Professionals (K) Insurance Management 1 Managing An Underwriting Portfolio (Incorporating "The Underwriting Game") 2 Financial Management Of An Insurer (Incorporating "Zeropia - The Insurance Management Game") (L) Specialist Insurance 1. Jewellers' Block Insurance (M) 1 2 3
Soft Skills Emotionally Intelligent Teams Become An Effective Communicator Effective Problem Solving Techniques In Teams
CPD Programmes The A-Z on Motor Insurance for Motor Dealers Packaging Group Benefits Insurance Understanding Work Injury Compensation Act (WICA) Claims A Practical Understanding Of Private Motor Car Insurance Business Insurance Planning - A Case Study Approach Essential Policy Features and Claims Handling Practices For Travel And Personal Accident Insurance 7. The Basics Of Estate Planning 8. Providing Good Customer Service In General Insurance 9. Client Relationship Management for Insurance 10. Financial Statement Analysis - The Essentials for Business Insurance Planning 11. A Practical Understanding Of Public Liability & Professional Indemnity Insurance 12. A Practical Understanding Of Commercial All Risks & Theft Insurance
(N) 1. 2. 3. 4. 5. 6.
(O) 1. 2. 3. 4. 5. 6. 7. 8. 9.
CTS Programmes Insights Into WICI Underwriting & Claims (Ministry of Manpower, Singapore) The “Nuts & Bolts” Of Reinsurance (The Monetary Authority of Singapore, Singapore) Cyber Risk Insurance (PT Tugu Reasuransi Indonesia, Indonesia) Become An Effective Communicator (China Taiping, Singapore) Underwriting Work Injury Compensation Act (WICA) Claims (China Taiping, Singapore) EQ At Workplace (IPG Financial Services, Singapore) Negotiation Skills For Insurers & Brokers – The Harvard Model (Janashakthi Insurance, Sri Lanka) Workshop On Liability Insurance & Cyber Risks (Thailand Insurance Institute, Thailand) Sales Strategies & Behaviours For Selling To High-Net Worth Clientele (IPG Financial Services, Singapore)
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10. Advanced Reinsurance: Applications & Concepts For Property & Engineering Insurance and Advanced Reinsurance: Applications & Concepts For Various Legal Liability & Associated General Accident Insurance Class (Labuan Re, Malaysia) (P) 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12.
Certification & Competencies Programmes Certifiable Skills Programme on Basic Concepts & Principles In General Insurance (BCP) Certifiable Skills Programme on Personal General Insurance (PGI) Certifiable Skills Programme on Commercial General Insurance (ComGI) Reinsurance: Basic Concepts and Principles (CRI) Certifiable Skills Programme on Health Insurance (CHI) Certificate in Motor Insurance for Motor Dealers (CMI) Certificate of Proficiency in Travel Insurance (CTI) Certificate of Proficiency in Foreign Domestic Worker Insurance (FDWI) Certificate of Proficiency in Foreign Worker Insurance (FWI) Certificate of Proficiency in Electrical Protection Insurance (EPI) Certificate of Proficiency in Card Protection Insurance (CPI) Certificate of Proficiency in Mobile Devices Insurance (MDI)
Other Activities NIL
Fundraising Event and Activity NIL
REVIEW OF FINANCIAL STATE AND EXPLANATION OF MAJOR FINANCIAL TRANSACTIONS Please refer to Financial Information under Annex 1. For the financial year ended 31 December 2015, the College made a total comprehensive income for accumulated fund of $1,648,640. REVIEW AND CHANGES IN THE POLICY No changes in the policy.
EXPLANATION OF THE PURPOES FOR WHICH THE CHARITY’S ASSETS ARE HELD The SCI holds one main asset i.e. our office unit. The property is held for own use i.e. for the purpose of conducting Examinations and Training Programmes as well as other events.
FUTURE PLANS AND COMMITMENTS The SCI will continue to conduct training programmes, examinations and events.
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ANNEX 1 Income Donations - Tax Deductible* - Non-Tax Deductible Donations in Kind - Tax Deductible - Non-Tax Deductible Grants / Sponsorships Investment Income Investment Gains Others Total Income
Expenses Direct Fund-raising Expenses Charitable Activities Expenses - Local - Overseas Other Operating & Administration Expenses Others - Interest on term loan Total Expenditure Surplus/(Deficit)
BALANCE SHEET ASSETS Land and Buildings Other Tangible Assets Investments Inventories Accounts Receivable Cash & Deposits Others - Deposits and Prepayments Total Assets FUNDS Total Employee Costs Total Related Party Transactions Fund-raising efficiency Ratio of reserves to annual operating expenditure
% Increase/ (Decrease)
% Increase/ (Decrease) -
3,730,145 3,730,145 1,807,250
3,787,385 3,787,385 1,353,662
4,035,912 4,035,912 1,648,640
27,820 209,531 11,014,922 101,793 22,069,030
17,482 244,163 11,051,055 108,323 22,078,927
27,994 308,666 13,811,625 63,575 24,609,430
60% 26% 25% -41% 11%
281,948 2,265,099 2,547,047 22,069,030
21,838 954,393 976,231 22,078,927
2,110,286 2,110,286 24,609,430
-100% 121% 116% 11%
NIL 36 3,006,677 3,600
NIL 40 3,131,177 11,000
NIL 41 3,186,383 4,000
7% 22% % Increase/ (Decrease)
% Increase/ (Decrease) NIL 3% 2% -64%
The annual remuneration of three highest paid staff members in Year 2015 is as follows: Remuneration range above S$100,000, No. of Staff: 7. Page 7 of 7