Put a lid on insurers' excessive agent buyouts through disclosures

THEY say what goes around, comes around, so it is not surprising to witness that some of the insurers who in the past had resorted to poaching insurance agents are now victims of the very same game they had played - perhaps more costly this time.

In recent weeks, the insurance arena has been abuzz with news of a mass resignation at Peter Tan Organisation (PTO), the biggest group of agency units at Prudential Singapore. Since a July 4 BT report on this, it is understood that PTO's founder Peter Tan is himself also leaving. Mr Tan did not respond when approached.

On July 6, Aviva's global chief executive Mark Wilson told investors that 250 agents were joining its new financial advisory (FA) firm in Singapore.