Are you an insurance agent? Do you know what your roles are in as far as the governing laws are concerned? This may be of interest to you. Insurance agents must take their role as contracted personnel of an insurer and that someone who solicits and connects a policyholder with the insurer. Therefore the agent has a contractual responsibility to both insurer and policyholder and their representation has heavy legal weightage. The Malaysian Insurance...
New Motor Insurance Premium Framework | How are your motor insurance premium computed and How much more are you going to pay for your motor insurance in 2012? Get the answers here…. In case you do not know, starting this 16th January 2012 the Malaysian Insurance industry will be imposing some small increases to...
Auld Lang Syne 2011 and Happy New Year 2012! We are arriving at the doorsteps of 2012, so Malaysia Insurance Online wishes to thank you guys for faithfully arriving at our site in 2011 and hope you guys would be likewise doing so faithfully for the new year 2012. But, please do it with...
Salary Review and Promotion for the Insurance and Takaful Industry – Predicting it for 2012 Reviewing some of my previous writeup on salary increment and promotion, did some serious checks on market salary (+pay package) comparison lately and having gone through an extensive appraisal review recently on staff performance I think I...
Is your company providing coverage extension for overseas location? What about extension for Customers’ premises and Suppliers’ premises in respect of Business Interruption or Consequential Loss Insurance cover? The recent massive flooding in Thailand has caused havoc to reinsurers operating within the region. Expected...
Insurance Companies and Takaful Operators | In Technology Transformation Project I read K. Ram Sundaram’s article on Why It Is Important To Put Generalists Above Specialists for Your Technology Transformation Project at Insurance & Technology website with interest for I tend to think there are elements of truth to...
In US and Europe markets it is already a common thing for insurers to check various information of individual by “snooping” on to the social media platforms as a form of intelligence gathering. Insurers use of social media for anti-fraud purposes is no more a violation of...
This posting is about Legal Liability to Passengers (LLP) or in simple term, “Passenger Liability” – talks about what’s being covered and what’s not, including the insurers’ obligation under the Road Transport Act (RTA) to cover passenger liability in identified situation and circumstances. ...
The Sanction Clause as what Malaysian insurers called it has effectively found its place in the industry on 1st April 2011. What exactly is this Sanction Limitation and Exclusion Clause or Sanction Clause in short? This Sanction Clause had on 1st April 2011 found its...
Issues of non-disclosure, concealment or misrepresentation of Material Facts A common confrontational piece between insurer and assured - in the guise of non-disclosure, misrepresentation or concealment of material facts, which in this case (outlined below) under discussed here was about the health aspects of the life assured. She bought the...
It is welcome news for the insurance industry that Site Safety Supervisor is a requirement at construction sites. No doubt this should improve safety at site for workers specifically and ensure safety for the public in general but unsure how this implementation could improve...
Overseas tax applicable on reinsurance premium This writeup is really for those who are engaged in reinsurance functions; treaty and facultative alike. It is normal for us to charge a 1.25% (back in 2007 and before we charged 1.40%) on the amount of premium...
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