today's edition of the straits times with the abovementioned title carried an article of our competition watchdog, the competition commission of singapore (ccs) which identified a total of 11 modelling agencies that came together from 2005 to 2009 to set and raise prices charged for the hiring of models.
just last week, 16 maid agencies were also singled out for allegedly colluding to increase the pay of new indonesian maids.
the modelling agencies have been asked to present their arguments before the ccs makes a final judgement and they have until june 20, 2011 to prove their innocence, failing which they will face a fine of up to 10 percent of their annual turnover for a maximum of three years.
my comments:
in my 14 years in the financial industry and with regard to insurance companies, i observed that the pricing of certain life insurance products have been regularly re-priced to the advantage of consumers here. generally, the pricing of most basic term and mrta (mortgage reducing term assurance) products continue to head south and premiums remain non-reviewable and guaranteed.
obviously, competition has been keen amongst our insurers to drive pricing to even lower margins but the consumer is king (or queen).
one significant example is the recpriced tokio marine life insurance's term product, tm peace of mind (rp) which was launched in january 2011.
currently, this may be the most competitive* term product avaialble and i will not be surprised that pricing of term products will continue to be ultra competitive but i am thinking aloud whether which insurer will be next to cut the pricing of their term products.
*disclaimer - terms and conditions apply
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