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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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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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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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Lifting of overseas investment limit not likely to have impact 

Insurance News

  -  Apr 16, 2013
Takaful operators in Malaysia have low investment exposure in overseas assets; the lack of expertise and low risk appetite are 2 factors slowing down the drive for overseas venture. Recently the government lifted the limit on overseas investments but the move is seen to have minimal impact given that most operators are fall below the old limit.
Malaysia's Islamic insurers hesitant on overseas investment - The Edge KUALA LUMPUR/DUBAI, April 15 (Reuters) - Malaysia is promoting overseas investment by its takaful firms(Islamic insurers) as it seeks to internationalise its Islamic finance industry, but a lack of expertise and low risk appetite are likely to slow the drive.

 

Posted by Loo Hai Tuesday, April 16, 2013 6:59:00 PM Categories: Regulations Takaful
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The life insurance industry to grow 8-10% despite challenges 

Insurance News

  -  Apr 16, 2013
LIAM expects the industry to grow by 8-10% this year driven by medical, deferred annuity and investment-linked products.  The challenges faced by the industry include compliance with Financial Services Act and the Malaysian Competition Act and achieve a higher insurance penetration rate. The Association has applied for block exemption with the Malaysia Competition Commission.
LIAM expects life insurance industry to grow 8-10% this year - The Edge KUALA LUMPUR (April 16): The Life Insurance Association of Malaysia (LIAM) expects the life insurance industry to grow by eight to 10% this year, driven by various innovative products.

 

Posted by Loo Hai Tuesday, April 16, 2013 6:45:00 PM Categories: LIAM Outlook Regulations
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New FSA and IFSA may result in staff pinching 

Insurance News

  -  Apr 12, 2013
The new FSA and IFSA may result in staff pinching as new positions are created when companies separate their composite licence to life and general.
Staff pinching worry in insurance arena - The Star PETALING JAYA: With the Financial Services Act (FSA) and Islamic Financial Services Act (IFSA) around the corner, the pinching and hiring of talent is expected to intensify among composite insurers and takaful players amid the talent crunch in the competitive insurance arena.

 

Posted by Loo Hai Friday, April 12, 2013 9:53:00 PM Categories: Executive Movement Regulations STMB
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