Prudential Assurance Co. Singapore (Pte) Ltd. refunded an undisclosed amount of money to some affected policyholders after deductions in excess of their insurance premiums were made from their accounts, The Straits Times reported May 25.
Standard Chartered Bank (Singapore) Ltd., Prudential's payment bank, contacted all the respective banks servicing impacted policyholders to reverse the transactions. The respective banks have refunded the inaccurately deducted amounts to policyholders, said a spokesman for Standard Chartered Bank (Singapore).
The insurer said the excess money was deducted from policyholders' accounts due to a technical glitch.
