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Purpose: This blog provides brief insurance news and digest for the busy executives. It is a handy archive covering major insurance news in Malaysia and nearby countries. 

Disclaimer: While all attempts are made to ensure the accuracy of the news herein, we are not liable for any loss arising from the use of any information contained in this blog.

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High medical charges for insurance cardholders to be investigated 

The Health Ministry will discuss with relevant parties including insurance agents, private hospitals, MCOs and BNM to address the high medical charges on patients using insurance cards as opposed to those paying in cash. While the professional fees are capped in accordance with Schedule 13 of the Private Healthcare Facilities and Services Regulation 2006, other charges and fees, like accommodation, nursing procedures, equipment, lab tests and medicines, are not regulated by the ministry. http://bit.ly/TAS141027a

Monday, October 27, 2014 8:31:00 PM Categories: Medical Product
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PIAM appoints new CEO 

PIAM has appointed Mark Lim Kian Wei as its new CEO. Mark was the Executive Director of Singapore General Insurance Association from 2006-2013. http://bit.ly/TAS141024a

Friday, October 24, 2014 6:57:00 PM Categories: Executive Movement PIAM
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GST will impede life insurance growth - Namlifa 

Namlifa believes that GST will have negative impact on the growth of life insurance and family takaful businesses and appeals to the government to exempt the premiums of PA and medical riders from GST. http://bit.ly/TAS141023a

Thursday, October 23, 2014 3:37:00 PM Categories: Namlifa Tax
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LIAM's response to Budget 2015 

LIAM welcomes the increase in tax relief for treatment of serious diseases but hopes that the current tax relief for medical and education insurance can be increased from RM3,000 to RM6,000. http://bit.ly/TAS141011a

Saturday, October 11, 2014 11:20:00 PM Categories: Budget LIAM
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Budget 2015: Insurance related items 

  1. Government will replace the group takaful or i-BR1M with Family Bereavement Scheme.  The new scheme will entitle the next of kin of BR1M recipients to receive RM1,000 effective for a year.
  2. Government will establish a Malaysia Protection & Indemnity Club under Exim Bank.  The Club will offer 3rd party liability protection at reasonable premiums for cargo ships with gross tonnage not exceeding 300 tonnes.  Currently, most large cargo ship owners in Malaysia have 3rd party liability coverage through Protection & Indemnity overseas.
  3. The Government will introduce an Employment Insurance System aimed at assisting retrenched workers by giving temporary financial assistance as well as providing opportunities for reskilling and upskilling.
Friday, October 10, 2014 5:47:00 PM Categories: Budget
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LIAM's Budget wish list 

LIAM's wish list for budget: a) A separate RM6,000 tax relief for life insurance premiums, rather than combined with EPF. b) Increase medical and education tax relief from RM3,000 to RM6,000. http://bit.ly/TAS141008a

Wednesday, October 8, 2014 8:40:00 PM Categories: Budget LIAM
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STMB provides bursary to actuarial students 

STMB has provided a RM50,000 bursary scheme to UiTM degree and diploma holders in actuarial scence to sit for the professional exams. http://bit.ly/TAS141007a

Wednesday, October 8, 2014 8:38:00 PM Categories: Takaful
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