What this blog is about?

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.

Reproduction: You may reproduce materials published here provided that the source (actuaries.com.my/insurance-news) is properly acknowledged.

PruBSN achieves 28.4% market share 

Insurance News

  -  Mar 30, 2013
PruBSN new business sales grew 15% on ACE basis in 2012 and achieved a market share of 28.4%.
PruBSN new business sales up 15pc Prudential BSN Takaful Bhd (PruBSN), a shariah-compliant financial services provider, says its new business sales has grown by 15 per cent to RM265.7 million on an annual contribution equivalent basis for the financial year ended Dec 31, 2012.


Posted by Loo Hai Saturday, March 30, 2013 8:14:00 PM Categories: Market Share PruBSN
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LIAM elected President and Vice President for 2013/14 

Insurance News

  -  Mar 28, 2013
LIAM has re-elected Vincent Kwo as its President and appointed Kamaludin Ahmad as its Vice President for 2013/14.
LIAM re-elects Kwo as president - The Star KUALA LUMPUR: The Life Insurance Association of Malaysia (LIAM) has re-elected Vincent Kwo Shih Kang as its president and has appointed Kamaludin Ahmad as vice-president.


Posted by Loo Hai Friday, March 29, 2013 6:48:00 PM Categories: Executive Movement LIAM
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Great Eastern's official response to Picketing 2.0 

Insurance News

  -  Mar 27, 2013
The main points of Great Eastern's official response to Picketing 2.0:
  1. The management has met with the agency associations several times last year and beginning of this year.
  2. Many issues have been resolved through the meetings.
  3. The core request of the associations is a new agency contract.
  4. The associations want the new agency contract to be effective from 1/1/2013.
  5. The new contract involves redistribution of agency commissions.
  6. This would result in the increase in commissions for the minorities but reduction for the majorities.
  7. Although the cost impact to the company is neutral, the company disagrees with the proposal as it has responsibility to balance the interest of all stakeholders.
大馬總公司發文告表示遺憾 - Guang Ming 對小部份代理員於週二下午今午在大東方大廈前進行集體糾察,大東方人壽保險(馬)有限公司發表文告表示遺憾。


Posted by Loo Hai Wednesday, March 27, 2013 7:16:00 PM Categories: Great Eastern picketing
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2000 Great Eastern's agents staged picketing 

Insurance News

  -  Mar 26, 2013
Approximately 2,000 Great Eastern's agents staged Picketing 2.0 at Menara Great Eastern this afternoon demanding the removal of the CEO. They also planned to stage a mass walkout from the agency convention tomorrow when the CEO delivers his speech and boycott the convention dinner.
 要求罷免大馬總裁?大東方2千人請願 - Sinchew (吉隆坡26日訊)約2千名馬來西亞大東方壽險代理員公會(GELFAAM)與馬來西亞大東方集團經理公會(GSM)的會員,今日在大東方大廈展開“和平請願2.0"行動,要求罷免大馬公司總裁。


Posted by Loo Hai Tuesday, March 26, 2013 9:22:00 PM Categories: Great Eastern
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Great Eatern's agents to stage Picketing 2.0 

Insurance News

  -  Mar 25, 2013
The GSM Association of Great Eastern and GELFAAM have placed an advertisement on newspaper urging Great Eatern's agents and agency leaders to participate in Picketing 2.0 which will be held tomorrow outside the Head Office of the company.  Similar picketing was held September last year demanding the removal of the CEO.


Posted by Loo Hai Monday, March 25, 2013 9:00:00 PM Categories: Great Eastern
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Proposed enhancements to appointed actuaries' role 

Insurance News

  -  Mar 22, 2013
BNM is targeting to release for consultation its proposed enhancements to existing Guidelines on the Appointed Actuary in April this year. The proposed enhancements would include:
  1. Strengthen the effectiveness of the actuarial function in supporting the insurers' and takaful operators' management of insurance/takaful and financial risks.
  2. Limit the Appointed Actuary's involvement in the pricing of insurance/takaful products.
  3. Set out requirements to support more effective communications of key issues and concerns by the Appointed Actuary to the board and management.
  4. Greater expectations for the board to have a good understanding of important actuarial issues and how these bear on an insurer or takaful operator's risk appetite and business strategy.
  5. Extend the appointed actuary guidelines to general insurers and takaful operators, including the requirement of financial condition reports to be tabled by the appointed actuaries to the board.
Prudential Requirements Applicable to Appointed Actuaries - The 2012 Financial Stability and Payment Systems Report Related to efforts by the Bank to strengthen risk governance practices in financial institutions was an exercise undertaken by the Bank to review the existing prudential requirements applicable to Appointed Actuaries.


Posted by Loo Hai Friday, March 22, 2013 6:56:00 PM Categories: actuary BNM Regulations Risk Management Takaful
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Insurance related items in BNM's Annual Report 2012 

Insurance News

  -  Mar 21, 2013
BNM released it's annual report yesterday.  The following are the insurance related items and announcements:
  1. The Financial Services Act (FSA) will be effective in May or June this year.
  2. Separate licenses for life and general insurance segments would encourage greater prudence as life and general insurance are of different nature.
  3. Resident takaful operators are permitted to undertake investments abroad of any amount on behalf of their resident clients subject to RBC requirements.  This will be effective when FSA comes into force.

Source: KiniBiz, The Star


Posted by Loo Hai Thursday, March 21, 2013 9:17:00 PM Categories: BNM Takaful
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