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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.

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

Guidelines on Life Insurance and Family Takaful Framework issued 

BNM today issued the Life Insurance and Family Takaful Framework. The framework has 3 main pillars: a) Gradual removal of limits on operational costs; b) Diversification of distribution channels; and c) Strengthening market practices. The framework will be implemented in phases. http://j.mp/TAS151123a

Monday, November 23, 2015 6:25:00 PM Categories: BNM
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Lloyd's of London eyes Malaysia 

Lloyd's of London is exploring the possibility of setting up its shop in Malaysia. It apparently has been in talks with BNM. http://j.mp/TAS150420b

Monday, April 20, 2015 6:15:00 PM Categories: BNM Lloyd's
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BNM appoints two new Assistant Governors 

BNM has appointed 2 new Assistant Governors: i) Shaik Abdul Rasheed bin Abdul Ghaffour; ii) Ahmad Hizzad bin Baharuddin. http://bit.ly/TAS141107a

Friday, November 7, 2014 4:39:00 PM Categories: BNM
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BNM establishes Financial Services Talent Council 

Insurance News

  -  July 7, 2014
BNM has established the Financial Services Talent Council to provide strategic thinking and advice on research aimed at ensuring that the financial sector has a sustainable pool of high quality talent to meet its future needs. A key focus of the council is to identify the future talent demands of the financial sector and recommend strategies to develop, attract, retain and deploy domestic and international talent to meet the demand. http://bit.ly/TAS140707a 

 

Posted by Loo Hai Monday, July 7, 2014 8:19:00 PM Categories: BNM
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FAR modules expected to reduce to 3 

Insurance News

  -  June 2, 2014
BNM is expected to make an announcement this month on simplifying the process of obtaining financial adviser's representative (FAR) licence in order to attract more FARs. The modules for CFP and RFP qualifications is expected to reduce to 3. There were only 281 FARs as at 30/9/2013.  http://bit.ly/TAS140602a 

 

Posted by Loo Hai Monday, June 2, 2014 9:46:00 PM Categories: BNM Financial Adviser
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Medical insurance premium hikes 

Insurance News

  -  April 20, 2014
A series of articles on medical insurance: a) Medical insurance premiums increased by up to 20% due to higher claims and rising medical costs.  http://bit.ly/TAS140420a b) Agents called on BNM to put a stop to premium hikes. http://bit.ly/TAS140420b c) Employers face higher premium rates with the increase of retirement age. http://bit.ly/TAS140420c d) BNM said that medical insurance premiums are determined based on actuarial principles; exposure to anti-selection risk and medical inflation might lead to premium rates review. http://bit.ly/TAS140420d

 

Posted by Loo Hai Sunday, April 20, 2014 5:36:00 PM Categories: actuary BNM Medical Product
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Consultation Paper on Life and Takaful Framework received good response 

Insurance News

  -  February 20, 2014
254 respondents submitted feedback to BNM on its proposed Life Insurance and Family Takaful Framework at the close of the consultation period on 9/1/2014. Feedback was received in most key areas including on intermediaries' remuneration. BNM would further engage with stakeholders before finalising the overall framework.  http://bit.ly/TAS140220b 

 

Posted by Loo Hai Thursday, February 20, 2014 8:59:00 PM Categories: BNM
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