Share It is no great news for the Malaysian insurance agency fraternity…. More income tax coming your way! As announced in the 2012 Malaysian Budget, the proposed new Section 83A of the Income Tax Act 1967 requires every company making payments (monetary or otherwise) to its (insurance and takaful) agents to complete a prescribed form (Form CP58 ) which contains particulars of payment(s), and provide it to the agents by 31 March of the...
Share Malaysia joins the world’s developed economies with the implementation of the Malaysian Competition Act 2010 from 1 January 2012. Earlier on we have written on the topic of Competition Act where it was stressed the need for the industry to be tech-driven dealing with any rules and regulations implementation in the era where the promotion of competition is at its highs. Check this out…. While rules and regulations are good in injecting some level of...
Share What do you understand between Unearned Premium Reserves (UPR) and Unexpired Risks Reserves (URR)? UNEARNED PREMIUM RESERVES. Simply say and forgetting about the more technical aspect of it, UPR is that portion of premium which is not earned by the insurer, i.e. the amount of premium that relates to the policy period that has yet to be utilised or is still an ongoing concern or being the unexpired future periods of cover. The...
Share Are you a supporter of insurance regulation breaches or you are already reaping some rewards from supporting those breaches? Some insurance practitioners are so ever willing to breach established regulations just to gain a slice of any premium segment deemed strategic – prior to 2009 insurers were very combative with the motor insurance sectors with much monetary enticements being thrown to the markets but this had stopped since the implementation of the Risk-based...
Share Providing a STOCK-THROUGHPUT INSURANCE COVER or avoiding it? Excluding stock-throughput coverage in a Marine Insurance reinsurance treaty agreement is a norm. However, if you check with your peers the exact nature or meaning of what stock-throughput means, nobody seems to be able to explain…. Some said, there is a prolonged storage extension (i.e., 120 days extension) to the storage after and before the marine voyage. Some commented the voyage involves factory-liked processes or...
Share Talents for the country in the making Sanction Clause on an expansionary mode I have numerous discussions with my reinsurance brokers as well as my lead reinsurer lately, the main subject was on the appropriateness of sanction clause being imposed in NON-MARINE related treaty reinsurance. Treaty reinsurers are now pushing hard to have the clause inserted into all non-marine treaty. Currently most if not all MARINE related treaty programmes are imposed with Sanction...
Share Introducing the latest SKIM AMANAH RAKYAT (SARA) 1MALAYSIA The Malaysian government has just launched the Skim Amanah Rakyat (SARA) 1Malaysia, which is offering a 32.16% return per annum on your investment…. something too good to be true perhaps that’s what you would be thinking. You probably wouldn’t be able to find any investment vehicles in the market right now providing such a high return on investment. How does this scheme works? SARA 1Malaysia is a...
Share 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...
Share 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 your existing motor insurance premium. These prescribed increases are applicable for the year 2012 but with gradual increases till 2016 when...
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