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.

New framework could result in increase in agent commissions? 

Insurance News

  -  November 12, 2013
The proposed Life Insurance and Family Takaful Framework is expected to make insurance products more affordable and hence increase insurance penetration rate. RHB Research opines that after a certain period of adjustment there could be an increase in agent commissions. Do you agree?
Liberalisation of insurance industry expected to benefit both companies and consumers - The Star PETALING JAYA: Bank Negara’s proposed Life Insurance and Family Takaful Framework is expected to have a positive net impact on both insurance companies’ bottomlines and consumers.

 

Posted by Loo Hai Tuesday, November 12, 2013 9:16:00 PM Categories: BNM Commission Regulations
Rate this Content 0 Votes

BNM proposes to revamp distribution framework 

Insurance News

  -  November 8, 2013
The concept paper issued by BNM on "Life Insurance & Takaful Framework" is a major revamp of the OCC guidelines issued back in 1996. The implications are far reaching, covering agency remuneration limits, commission disclosure, availability of protection products without involvement of intermediaries, reducing the dominance of agency channel, enhancing consumer protection etc. What is your immediate reaction to the proposals in the concept paper? Glad, sad, motivated, demotivated, lost, etc?
Life Insurance and Family Takaful Framework - Concept Paper - BNM This concept paper sets out proposals that will support the long-term sustainable growth and development of the life insurance and family takaful industry with increased value proposition to consumers.

 

Posted by Loo Hai Friday, November 8, 2013 6:45:00 PM Categories: Bancassurance BNM Commission Financial Adviser Product Regulations
Rate this Content 0 Votes

OCC commission limits to be increased 

Insurance News

  -  Jan 24, 2013
The government is reviewing the OCC commission limits. The proposal is to increase the maximum commission rate for life insurance from 171% to 221% and for general insurance from 10% to 15%.
 
BNM is expected to submit its proposal to PM for approval next week.
 
Deputy Finance Minister Donald Lim said that if insurance companies could absorb the increase in costs due to the higher commissions, the insurance premiums would not be increased as a result.
 
Donald claimed that insurance companies were highly profitable and could afford to absorb the costs without passing on to consumers.
代理傭金將調整 - 人壽普險 - 保費醞釀調高 - Sin Chew Daily (雪蘭莪 八打靈再也23日訊)政府正在檢討1996年壽險營運開銷指南;其中包括調整人壽與普通險代理員的傭金,進而可能導致人壽與普險新保單的保費水漲船高。

 

Posted by Loo Hai Thursday, January 24, 2013 6:37:00 PM Categories: Commission
Rate this Content 0 Votes

Insurers' operating margin could be affected 

Insurance News

  -  Dec 13, 2012
The planned removal of both the cap on acquisition costs and tariff pricing structure could undermine the stability of insurer's operating margin. Compliance costs may also increase with the implementation of Personal Data Protection Act. http://bit.ly/TAS1213a
Fitch: Insurance sector may be affected by regulatory efforts PETALING JAYA: Malaysia's insurance and takaful sector may see its earnings stability challenged by regulatory initiatives and on-going capital market volatility, says Fitch Ratings.
Posted by Loo Hai Thursday, December 13, 2012 1:49:00 PM Categories: Commission Tariff
Rate this Content 0 Votes

News Posts 20121029-20121104 

Insurance News

1 Nov 2012  -  Public
 
Insurance experts said that insurance products should be simple, transparent, meeting consumers needs and with robust pricing. http://bit.ly/TAS1101f
Insurance companies told to make their products ‘transparent’ »
KUALA LUMPUR: Insurance companies should simplify the products they sell and make them transparent for customers, according to Swiss Re managing director (property and specialty) Asia Mike Mitchell.
 

Insurance News

1 Nov 2012  -  Public
 
The motor insurance de-tariff, nothing really new being mentioned by the DFM.http://bit.ly/TAS1101e
Awang Adek: Insurance premium payments for vehicles to increase in stages until 2015 »
KUALA LUMPUR: Motor vehicle premium payments, currently the lowest in the region, will see changes by 2015 to reflect actual risks factors said Deputy Finance Minister Datuk Dr Awang Adek Hussin.

Insurance News

1 Nov 2012  -  Public
 
Features of Hwang PRS Solutions: 1) 0 front-end fees; 2) 4 funds available: Growth, Moderate, Conservative and Syariah Growth; 3) Targeted return 5-11%; 4) No capital guarantee; 5) Min investment: RM100 per fund; 6) Min top-up: RM50; 7) Min entry age: 18. Hwang is targeting RM100 mil in 3 years.http://bit.ly/TAS1101b http://bit.ly/TAS1101c http://bit.ly/TAS1101d

Insurance News

1 Nov 2012  -  Public
 
Ahman Rizlan Azman has been appointed the new CEO of Etiqa Takaful.http://bit.ly/TAS1101a


KUALA LUMPUR: Etiqa Takaful Bhd yesterday announced the appointment of Ahmad Rizlan Azman as its new chief executive officer (CEO).

Insurance News

31 Oct 2012  -  Public
 
PwC identified heightened regulatory environment post global financial crisis and greater market volatily as two of the challenges faced by the insurance industry.  http://bit.ly/TAS1031f
Insurance sector faces heightened regulatory environment »
KUALA LUMPUR: Increased regulations for the insurance industry, which have become more pronounced after the global financial crisis, will be a key challenge for the industry, according to the Pricewat...
 

Insurance News

31 Oct 2012  -  Public
 
With the mutual recognition of financial planners and financial advisers by BNM and SC, AFA's proposal for a single licensing framework may not longer be required. http://bit.ly/TAS1031e
Financial advisers association hopes for single licence »
Local financial advisers need not apply for separate licences to provide insurance and investment consultation in the near future, if the single licensing framework proposed by the Association of Fina...

Insurance News

31 Oct 2012  -  Public
 
BNM and SC signed an MoU covering various aspects including mutual recognition of financial planners and financial advisers. http://bit.ly/TAS1031d


KUALA LUMPUR: Bank Negara Malaysia (BNM) and the Securities Commission Malaysia (SC) yesterday signed a memorandum of understanding (MoU) to enhance the scope of collaboration and cooperation.

Insurance News

31 Oct 2012  -  Public
 
How big is the PRS market? Yesterday we heard RM39 bil, today RM18 bil. Realistically there are only 1 mil taxpayers in Malaysia. Even everyone takes advantage of the RM3,000 tax relief, the market size is only RM3 bil. And of course not all of the 1 mil taxpayers will buy PRS, due to various reasons such as lack of awareness. Also those taxpayers at lower tax brackets may not find the tax relief attractive enough for them to lock up their money for retirement. What's your view?
 

Insurance News

31 Oct 2012  -  Public
 
Hwang has become the first company to launch PRS. http://bit.ly/TAS1031a   Manulife estimates the potential market size of PRS to be RM18 bil per year, based on 8 mil customers. http://bit.ly/TAS1031b
Hwang IM launches private retirement scheme »
Hwang Investment Management, which received the Securities Commission's approval for its private retirement scheme (PRS), launched the scheme on Wednesday.

Insurance News

30 Oct 2012  -  Public
 
Climate change is identified as one of the biggest risks to the insurance industry with increased frequency and severity of weather related natural disasters. With increase in insurance penetration rate and population in Asia, general insurers will face a greater concentration of exposure to natural disasters. Life insurers meanwhile may face higher incidences of diseases. http://bit.ly/TAS1030c
Climate change ranks as one of the biggest risks to insurance industry »
KUALA LUMPUR: Climate change is one of the biggest risks to the insurance industry, says Bank Negara Governor Tan Sri Dr Zeti Akhtar Aziz.

Insurance News

30 Oct 2012  -  Public
 
The potential market for PRS is estimated to be RM39 bil per year (13 mil Malaysians paying RM3,000 each). http://bit.ly/TAS1030b


KUALA LUMPUR: Malaysia's private retirement scheme (PRS) which was launched in July could generate RM1 trillion in savings in 25 years which can help the country's capital market, retirees, as well as the country's economy in a big way.

Insurance News

30 Oct 2012  -  Public
 
Allianz General launched a Hotel Shield policy targeting specifically budget hotels. http://bit.ly/TAS1030a
Allianz policy for budget hotel »
KUALA LUMPUR: Allianz General Insurance Company (M) Bhd has introduced Hotel Shield policy, the first of its kind that offers various insurance protections specially designed for budget hotels.

Insurance News

29 Oct 2012  -  Public
 
PERWAKIM in its recent general meeting passed a resolution to request for an increase in agents commissions. The request will be submitted to BNM.http://bit.ly/TAS1029b
2012年10月29日 - 普險代理員公會大會議決‧要求保險公司增15%傭金 - 國內 - 星洲日報 »
(吉隆坡28日訊)大馬普險代理員公會(PERWAKIM)代表大會議決,向一般保險公司要求將代理員所抽取的傭金提高15%。

Insurance News

29 Oct 2012  -  Public
 
Volunteer firefighters will be covered with group insurance by the government wef 1/1/2013. http://bit.ly/TAS1029a
Volunteer firefighters to get group insurance cover from Jan 1 »
KUALA LUMPUR: The Government has agreed to provide group insurance cover to volunteer firefighters starting Jan 1 next year as an incentive against the dangers they encounter on the job.

 

Posted by Loo Hai Sunday, November 4, 2012 9:52:00 PM Categories: Allianz Commission Etiqa Executive Movement Financial Adviser Motor Insurance Product PRS
Rate this Content 0 Votes

News Posts 20120917-20120923 

 

 
 
Public 
 
Share
 
 

Insurance News

21:01  -  Public
 
BNM is considering giving more flexibility to insurance companies to set their own commission levels. The liberalisation of commissions will also be accompanied by more transparency (commission disclosure?) to protect the policyholders. BNM is also evaluating measures including incentives to encourage more agents to become financial advisors. http://bit.ly/TAS0923a
2012年09月23日 - 國行:符個別經營理念‧或讓保險業擬佣金架構 - 國內 - 星洲日報 »
(吉隆坡22日訊)國家銀行副總裁拿督莫哈末依布拉欣指出,國行正考慮給予保險業與公司更多靈活性,以擬定適合個別經營理念的傭金架構。

 

 
 
Prudential is likely to appoint Philip Seah as its new CEO, replacing Charlie Oropeza who stepped down on 12/9. Seah's appointment is apparently pending approval from BNM. http://bit.ly/TAS0922a


KUALA LUMPUR: Prudential Assurance Malaysia Bhd is expected to appoint Philip Seah, former head of Prudential group's unit in Singapore, as it new chief executive officer.

Insurance News

21 Sep 2012  -  Public
 
Is it true that GETSB's CEO is quitting this month? Where is he going then?http://bit.ly/TAS0921a


KUALA LUMPUR: Great Eastern Takaful Sdn Bhd's chief executive officer Mohamad Salihuddin Ahmad is quitting the company he helped set up in 2010.

Insurance News

20 Sep 2012  -  Public
 
GETSB has called for a special tax relief for takaful contributions, on top of the existing combined EPF and life insurance tax relief of RM6,000.  Meanwhile an independent financial advisor has also called for the tax relief for retirement contribution to be increased from RM3,000 to RM10,000. Feel free to share with us your wish list for the upcoming Budget 2013.http://bit.ly/TAS0920a http://bit.ly/TAS0920b


KUALA LUMPUR (Sept 20): Takaful operators would like to see the government allocate a specific tax rebate for Takaful premiums in a bid to boost the industry in the upcoming Budget 2013, said Great Eastern Takaful chief executive officer Mohamed Salihuddin Ahmad.

 

Posted by Loo Hai Sunday, September 23, 2012 6:50:00 PM Categories: Budget Commission Executive Movement GETSB Prudential Tax
Rate this Content 0 Votes
  • RSS
  • Subscribe