Year: 2011

2011 Bank Negara Malaysia’s Guidelines & Circulars | Malaysia Insurance News

The importance of buying insurance

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…

Salary Increment in 2012 | The Malaysian Perspectives

Salary Review and Promotion for the Insurance and Takaful Industry – Predicting it for 2012 [ad name=”Google Adsense”] 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…

Overseas Insurance Coverage | Overseas Locations and Contingency Business Interruptions

Approximately 2/3 of Bangkok was submerged under water for more than a month

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…

Insurance Companies: Putting Generalists Above Specialists for Technology Transformation Project

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…

Insurance Companies Snooping on Twitter and Facebook Accounts?

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…

Buying Your Motor Insurance with Passenger Liability Extension Cover?

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…

What is Sanction Limitation and Exclusion Clause? What are the Implications?

Omitting the Sanction Limitation & Exclusion Clause is a big burden to carry

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…

An Insurance Dilemma in Non-disclosure, Misrepresentation or Concealment of Material Facts

Insurer thinks Assured must adhere strictly to all the instructions

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…

Safety Supervisor, made compulsory for construction site

Got this from the email chain, thought was funny post it over this site. May the real owner provide us with the connection so that we can link it over to his or her site?

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…

Overseas Tax on Reinsurance Premium ceded to Foreign Reinsurers

The real onion and the toxic onion

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…