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.

Existing policies can still have owner as trustee 

Insurance News

  -  September 6, 2013
LIAM has confirmed that policies issued before 1 July 2013 are not affected by the new requirement whereby the policy owners are not allowed to act as the trustee. http://bit.ly/TAS130906a2
You can’t be trustee of your own policy anymore - The Star KUALA LUMPUR: The Life Insurance Association of Malaysia (LIAM) clarified today that with the enforcement of the Financial Services Act 2013 on June 30, non-Muslim policy owners would no longer be allowed to appoint themselves as trustees of their own policies.

 

Posted by Loo Hai Friday, September 6, 2013 7:14:00 PM Categories: FSA LIAM
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Policy owner can no longer appoint himself as trustee under FSA 

Insurance News

  -  August 23, 2013
Under the new FSA, policy owner can no longer appoint himself/herself as the trustee of the policy moneys. In the event no trustee is appointed, the nominee who is competent to contract will be the trustee.  If the nominee is incompetent to contract, the parent of the incompetent nominee (other than the policy owner) will be the trustee. Only when there is no surviving parent of the incompetent nominee, the Public Trustee will be appointed. The newspaper article seems to create a false impression that everyone should rush out and appoint a licensed trust companies as the trustee.
For our agent readers out there, have you encountered any practical problem in the appointment of trustee since the new FSA came into force?
Life policy owners can no longer be trustees - The Sun Daily KUALA LUMPUR (Aug 23, 2013): Policy owners and insurance companies have an inevitable headache looming, as they scramble to make sure they comply with a new rule which stipulates that policy owners can no longer name themselves as the trustee to their life policies.

 

Posted by Loo Hai Friday, August 23, 2013 5:52:00 PM Categories: FSA
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STMB putting on hold purchase of foreign properties 

Insurance News

  -  July 11, 2013
STMB is putting on hold the purchase of foreign properties pending clarification on the requirements under the IFSA, in particular on the requirement to set up a financial holding company.
Takaful Malaysia suspends foreign property foray plans, awaits IFSA clarity - The Sun Daily PETALING JAYA (July 11, 2013): Syarikat Takaful Malaysia Bhd, the country's oldest Islamic insurer, has put all future investments on hold until it gets a clearer picture on the newly-enforced Islamic Financial Services Act (IFSA), its top executive said.

 

Posted by Loo Hai Thursday, July 11, 2013 5:38:00 PM Categories: FSA STMB Strategy
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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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General takaful licences up for grabs? 

Insurance News

  -  June 24, 2013
HSBC Amanah Takaful, PruBSN, HLMT and maybe even CIMB Aviva Takaful are considering disposing their general takaful business, given that under IFSA their family and general takaful businesses are to be separated into 2 legal entities with minimum capital of RM100 mil each. The small size of their general takaful business means that injection of new capital is hardly sensible from commercial point of view.
Takaful companies plan to dispose general biz - The Sun Daily PETALING JAYA (June 24, 2013): At least three Islamic insurers are considering disposing their general takaful business ahead of the Islamic Financial Services Act 2013 (IFSA), which comes into force next month.

 

Posted by Loo Hai Monday, June 24, 2013 6:39:00 PM Categories: Aviva CIMB FSA Hong Leong MSIG HSBC Amanah Takaful Merger PruBSN Takaful
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5-year timeframe sufficient for separation of life and general businesses 

Insurance News

  -  Apr 1, 2013
Takaful and conventional composite insurers are required to separate their life and general insurance businesses under the new IFSA and FSA respectively.  Most players do not foresee major problems and are of the opinion that the given 5-year timeframe is sufficient.
New rules to see some takaful companies separating life and general operations - The Star PETALING JAYA: Although the Islamic Financial Services Act (IFSA) is expected to see some takaful players, especially those with a composite licence, split their life and general operations, it has not deterred their gameplan to strengthen and grow their takaful business amid the growing and competitive Islamic insurance landscape.

 

Posted by Loo Hai Monday, April 1, 2013 10:33:00 PM Categories: FSA
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5-year grace period to comply with FSA shareholdings limit 

Insurance News

  -  Mar 14, 2013
Under the new Financial Services Act 2012 which is expected to become effective from 2/5/2013, individuals with more than 10% holdings in insurance company will have 5 years to comply with the 10% shareholdings limit. Holding companies which own 50% or more of the financial institution are also required to register as a financial holding company within 12 months from the commencement date of the Act.
5 yrs for insurers to meet 10pc ownership limit - KiniBiz Individual owners insurance companies will have five years to comply with the 10-percent shareholdings limit of the yet-to-be gazetted Financial Services Act 2012 (FSA).

 

Posted by Loo Hai Thursday, March 14, 2013 9:40:00 PM Categories: FSA Regulations
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