Models of Cooperation can be used to allow us to think about the shenanigans in the insurance industry, but first let's talk about how to shoehorn this model, originally based on the Prisoner's Dilemma model, to describe the industry as se know it in Singapore.

When a Financial Advisor cooperates, he basically decides to put personal ethics above his bottomline. He will engage with his clients fairly and sell what the client needs. To me, a FA who cooperates operates by the spirit of the engagement. He does not adhere to rules simply to meet compliance requirements.

When a Financial Advisor defects, he basically decides to focus solely on the bottomline without getting caught. He sells primarily for his commissions first and his client's needs second. While he may not engage in illegal acts and will still maintain standards of compliance.

The difference between cooperation and defection is outwardly subtle, but there should