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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.

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
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English daily started story on Life Insurance and Family Takaful Framework concept paper 

Insurance News

  -  November 11, 2013
The English daily starts picking up the story on BNM's concept paper on Life Insurance and Family Takaful Framework.
BNM seeks feedback on life insurance, family takaful framework - The Sun Daily PETALING JAYA (Nov 11, 2013): Bank Negara Malaysia (BNM) has launched a concept paper on the introduction of a framework that seeks to provide life insurers and family takaful operators greater operational flexibility to spur innovation and higher productivity, for public consultation.

 

Posted by Loo Hai Monday, November 11, 2013 9:04:00 PM Categories: BNM Regulations
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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
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AFA proposes relaxation on financial advisers 

Insurance News

  -  November 1, 2013
The AFA proposes relaxation on the entry requirement to qualify as a financial adviser representative. Instead of focusing on holding a degree with financial subjects, it wants to enlarge to include those with related financial qualifications.
Financial advisers want BNM, SC to ease entry qualifications - The Sun Daily PETALING JAYA (Oct 31, 2013): The Association of Financial Advisers (AFA) wants Bank Negara Malaysia (BNM) and the Securities Commission (SC) to ease the strict entry qualifications for financial advisers to encourage more people to join the profession.

 

Posted by Loo Hai Friday, November 1, 2013 6:40:00 PM Categories: BNM Financial Adviser
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BNM gave green light to AMMB 

Insurance News

  -  August 27, 2013
BNM has given green light to AMMB to commence negotiations with potential strategic partners for equity participation in its life and takaful businesses.
AMMB gets BNM's nod - The Sun Daily PETALING JAYA (Aug 26, 2013): AMMB Holdings Bhd (AmBank Group) has received Bank Negara Malaysia's (BNM) nod to commence negotiations with "several shortlisted global insurers" to establish a new strategic partnership for its life insurance and family takaful businesses.

 

Posted by Loo Hai Tuesday, August 27, 2013 6:59:00 PM Categories: AmMetLife AmMetLife Takaful BNM Merger
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AmLife and AmTakaful's potential partners shortlisted 

Insurance News

  -  August 22, 2013
AmLife and AmTakaful should have a new partner by end of this year. A few potential partners have been shortlisted and BNM is expected to respond to AMMB's application within the next 2 weeks.
AMMB targets end-2013 for partner in insurance biz - The Star KUALA LUMPUR: AMMB Holdings Bhd hopes to shortlist a new partner for its insurance business in October and finalise the deal by year-end, says group managing director Ashok Ramamurthy.

 

Posted by Loo Hai Thursday, August 22, 2013 6:32:00 PM Categories: AmMetLife AmMetLife Takaful BNM Merger
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FSA 2013 and IFSA 2013 came into force 

Insurance News

  -  July 7, 2013
BNM announced that FSA 2013 and IFSA 2013 came into force on 30 June 2013.
Financial Services Act 2013 and Islamic Financial Services Act 2013 Come Into Force - BNM The regulatory and supervisory framework of Malaysia enters a new stage of its development as the Financial Services Act 2013 (FSA) and Islamic Financial Services Act 2013 (IFSA) come into force on 30 June 2013.

 

Posted by Loo Hai Sunday, July 7, 2013 9:24:00 PM Categories: BNM FSA Regulations
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