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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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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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New financial advisory framework expected this year 

Insurance News

  -  March 10, 2014
The new financial advisory framework my come on stream this year. The framework will curtail product pushing, minimise the number of part-time agents and will also put the financial advisory under one single licensing framework jointly regulated by BNM and SC.  http://bit.ly/TAS140310c 

 

Posted by Loo Hai Monday, March 10, 2014 9:40:00 PM Categories: Financial Adviser
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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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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
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