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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 zest and be active commenting on the blogposting…. as we need feedbacks for further improvement.
Taking this opportunity we have some GUIDELINES, CIRCULARS & some CONCEPT PAPERS issued (or amended) by Central Bank of Malaysia (BNM) in 2011 posted here for your reading pleasure. Hopefully you will find them useful, especially for agents and independent insurance practitioners…. We cannot post any of the BNM’s attachments here for reasons you already knew, however, if you seriously require them do register your interest below or email us directly.
And…. DO NOT FORGET TO CLICK ONTO OUR ADVERTISEMENTS IN SUPPORT OF THIS PORTAL.
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Applicable to the following financial service providers (FSPs):
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These Guidelines outline supervisory expectations on retail financing practices in order to inculcate responsible lending conduct by FSPs in their dealings with retail customers in the current competitive and dynamic environment. |
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Consumer and Market Conduct Department |
01 November 2011 |
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All Insurance Companies and Takaful Operators |
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This circular is to inform all insurance companies and takaful operators to submit actuarial certificates and the relevant supporting documents to the Bank in electronic format. |
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Jabatan Penyeliaan Insurans dan Takaful |
The consultation period of this concept paper ends on 7 October 2011 |
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All licensed insurers |
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Insurers are required to have in place an Internal Capital Adequacy Assessment Process (ICAAP) to ensure that it maintains adequate capital on an ongoing basis. The Guidelines describe key elements required of an ICAAP, including the determination of an Individual Target Capital Level (ITCL) that is commensurate with an insurer’s risk profile and control environment, as well as sound capital management to ensure that insurers operate at levels above the ITCL at all times. These Guidelines are issued as a concept paper for insurers’ feedback and comments. Insurers are required to provide constructive comments and feedback to Bank Negara Malaysia latest by 7 October 2011 addressed to: Pengarah |
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Jabatan Penyeliaan Insurans dan Takaful |
1 January 2012 |
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All takaful operators registered under the Takaful Act 1984 |
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The Guidelines serves as guidance for takaful operators in conducting their operations, to ensure business activities and innovations are within their risk management capacity and do not compromise prudence, as it outlines parameters within which takaful operations shall take place. The Guidelines emphasizes on the need for takaful operators to put in place comprehensive internal procedures and safeguards to ensure long-term sustainability of the business and that interests of the stakeholders are safeguarded. Highlights of 5 September 2011 Updates |
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Islamic Banking and Takaful Department |
22 October 2008. This document was last updated on 29 August 2011 |
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These guidelines are applicable to all institutions licensed under the Banking and Financial Institutions Act 1989 (BAFIA), Islamic Banking Act 1983 (IBA), Insurance Act 1996 (IA) and Takaful Act 1984 (TA). Other institutions which are part of a financial group are also encouraged to adopt the principles contained in these guidelines, where appropriate. |
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These guidelines set out the guiding principles and the Bank’s supervisory expectations on sound data management and management information system (MIS) practices that financial institutions should consider when developing their internal data management capabilities. The attached implementation guidance serves to provide further clarification on operational and implementation issues raised by the banking and insurance industry on the concept paper issued in January 2008. Highlights of the latest update The guidelines are being updated to encourage financial institutions to obtain a MS ISO/IEC 27001:2007 Information Security Management Systems (ISMS) certification for critical systems, particularly the payment and settlement systems. |
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Prudential Financial Policy Department |
18 July 2011 |
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All licensed insurers and takaful operators. |
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The guidelines set the minimum standards for the management and administration of investment-linked insurance/takaful business. It provides flexibility in the management of investment-linked insurance/takaful business, while strengthening expectations on the fair treatment of customers, including enhanced disclosures and internal oversight arrangements for the management and control of investment-linked business. Highlights of the 18 July 2011 updates The guidelines will supersede the Guidelines on Investment-Linked Business issued on 12 November 2010. The changes made are:
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Jabatan Dasar Kewangan Pruden |
21-January-2011 |
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This circular is applicable to all insurers and reinsurers |
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This circular informs all licensed insurers and reinsurers that the submission of the Annual Remuneration Statement for Directors/Chief Executive Officers (CEOs) of Insurers (ARS) via the online Financial Institutions Corporate Profile System (FICPS) is no longer required |
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Jabatan Dasar Kewangan Pruden |
1 May 2011 |
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All general insurers and reinsurers licensed under the Insurance Act 1996 |
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The circular sets out the temporary measure to exclude the motor insurance liabilities, underwritten and accounted for under the MMIP, from the general insurance risk capital charges computation. Any queries on the framework may be directed to rbc@bnm.gov.my or the address below: Pengarah |
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Jabatan Dasar Kewangan Pruden |
9 June 2011 |
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All insurers and reinsurers licensed under the Insurance Act 1996 |
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The circular sets out the reporting requirements corresponding to the Risk Based Capital Framework for Insurers (Revised Version 2.0) issued on 10 May 2011. Any queries on the framework may be directed to rbc@bnm.gov.my or the address below: Pengarah |
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Jabatan Dasar Kewangan Pruden |
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3-Jun-2011 |
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The Guidelines on Business Continuity Management issued in December 2007 have been revised to incorporate changes to the report submission requirements. A summary of the revision is as follows: (i) LIs are no longer required to submit the following reports to Bank Negara Malaysia (the Bank); a. Appendix 1 – Level of Disruption (ii) Despite changes in the submission requirement, LIs are still required to prepare and maintain Appendices 1, 3 and 4 and to make these reports readily available for review, when requested; (iii) The internal auditors of the LIs are required to undertake periodic review on the BCP and DRP Post-Test Analysis Report (Appendix 4) and provide their assessment to the Bank quarterly; and (iv) LIs are still required to submit the Executive Summary of BCP and DRP Audit Report to the Bank within two months after being formally endorsed by the Audit Committee. |
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Financial Conglomerates Supervision Department |
13-August-2011 |
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All direct insurers carrying on life insurance business under the Insurance Act 1996. |
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Financial Sector Development Department |
11-Jan-2011 |
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Licensed life and composite insurers and licensed life and composite reinsurers. |
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The circular sets out the requirements for the companies stated to submit their Form Form E3 – Valuation Result, Allocation and Movement of Surplus, for Calendar Year ending 31 December for each year, for example 31 December 2010 and 31 December 2011. Please submit the above statistics in soft copy and hard copy by the last working day of January the following year. For example, Results for Calendar Year ending 31 December 2010 should be submitted by 31 January 2011. Should you require further clarification, please contact Mr. Saiful Adli Aziz at 22635000 ext 2765. |
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Jabatan Penyeliaan Insurans dan Takaful |
1-Jan-2011 |
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All life insurers and reinsurers |
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The circular set outs the removal of the temporary flexibility on the use of the risk-free discount rates to be used for valuation and capital charges computation purposes under the RBC Framework for insurers. Any queries on the framework may be directed to rbc@bnm.gov.my or the address below: Pengarah |
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Jabatan Dasar Kewangan Pruden |
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These Guidelines establish a consistent and comprehensive disclosure regime aimed at improving information disclosure on products and services offered by financial service providers. With the incorporation of the requirements on Negotiable Instruments of Deposit (NID) and Islamic Negotiable Instruments (INI) into these Guidelines and the Guidelines on Introduction of New Products, the Guidelines on Negotiable Instruments of Deposit issued on 15 June 2006 and the Guidelines on Islamic Negotiable Instruments issued on 8 September 2000 will no longer be applicable with effect from 18 May 2009. Financial institutions may refer to the “Explanatory Notes on NID and INI”, which can be obtained from the FAST website at https://fast.bnm.gov.my/fastweb, for additional guidance and reference. |
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Jabatan Konsumer dan Amalan Pemasaran |
1-Aug-2011 |
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General insurers licensed under the Insurance Act 1996 and takaful operators registered under the Takaful Act 1984, and their intermediaries. |
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The circular requires insurers / takaful operators and their agents to advise consumers during the pre-contractual stage or renewal of motor insurance / takaful cover on the present market value of motor vehicles, the importance of insuring the vehicle at the appropriate market value and the effect of over-insurance and under-insurance when a claim is made. |
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Jabatan Konsumer dan Amalan Pemasaran |
Do you have any information of the difference between Guidelines to Responsible Financing and the old guidelines?
Will check this out, but if I failed to reply to you do remind me again
Hi there, tq for the articles.
Need your assistance please, appreciate if you could kindly email to me the following guidelines for my review:
1. BNM Guideline dated 3/1/11
Guidelines on Revised Fees For Selected Services Under RENTAS, eSPICK and FAST System
2. BNM Circular dated 25/01/11
Clarification on Liberalisation of Foreign Exchange Administration Rules
3. BNM Circular dated 4/03/11
(A) Payments in Ringgit and Foreign Currency Involving Resident and Non-resident Individuals; and (B) Foreign Currency Accounts of Residents dated 4 March 2011
(ECM 3)
(ECM 4)
(ECM 7)
4. BNM Guidelines dated 29/4/11
Implementation of Revised Operational Procedures for Securities Services – Version 1.1
5. BNM Guidelines dated 29/4/11
Implementation of Revised Participation and Operation Rules for Payments and Securities Services – Version 1.1
6. BNM Guidelines dated 29/4/11
Implementation of Revised Operational Procedures for Sistem Penjelasan Informasi Cek Kebangsaan secara Elektronik (eSPICK) – Version 1.1
7. BNM Guidelines dated 29/4/11
Implementation of Guidelines on Dispute Resolution Between Participants of The Payments and Securities Services Provided by MyClear
8. BNM Guidelines dated 29/4/11
Implementation of Central Securities Depository and Paying Agency Rules (CSDPAR)
9. BNM Guidelines dated 05/05/11
Implementation of Revised Operational Procedures for Real Time Electronic Transfer of Funds and Securities (RENTAS) – Version 1.1.1
10. BNM Circular dated 31/5/11
“Liberalisation of Foreign Exchange Administration Rules on –
(A) Direct Investment Abroad;
(B) Inter-Company Borrowing; and
(C) Foreign Currency-Denominated Trade Financing”
11. BNM Guidelines dated 12/12/11
Implementation of the Revised Fees for Selected Services under RENTAS and FAST Systems
12. BNM Circular dated 31/1/12
Liberalisation of Foreign Exchange Administration Rules
Thanks & regards,
Helmy
Need a general comment for 3 minutes for a phone interview on “Current insurance market and towards 2020” for our segment on Capital.TV channel 127 for business viewers. Call me to discuss further and to set time for interview today Friday, 8 June 2012, before 3pm. Thank You. My number : 016 303 8903.