Year: 2012

Insurance policy premium refund ala Malaysian?

Getting a policy premium refund? All policy premium refunds belong to policyholders and rightfully any return in premium goes directly back to them unless they provide the insurance principal an official letter witnessed by a (at least) commissioner of oath…

Converging Our Motor Insurance Industry For Asean Cross-border Collaboration

ASEAN Economic Community

Over the weekend I spent sometime reading through some papers concerning Asean framework agreement on facilitation of cross border transportation of people. This proposed agreement is with the view to promote and ease cross-border movement of people residing within member…

How best can a Conventional insurance company and Takaful Operator work together?

Conventional Insurance and Takaful

Last week I have a discussion with a counterpart from the takaful segment of our industry – the subject was on how best the conventional insurance segment could possibly work out a joint venture with the takaful operator. How can…

New Income Tax Rules A Pain For Insurance And Takaful Agents

What you see, you may not know about the new tax ruling

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…

Moving Closer Towards Malaysian Competition Act 2010

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…

Understanding Unearned Premium Reserves (UPR) and Unexpired Risks Reserves (URR)

Consider unearned premium reserves is no different from unexpired risk reserves but in reality there are as adverse loss development is being factored in the actuarial computation

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…

Breaching Insurance rules and regulations in the name of profits | Insurance & Takaful Online

Foreign workers insurances

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…

Stock-throughput insurance coverage in Marine Cargo Insurance

career in marine underwriting

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…

Sanction Clause putting its claws into the Non-Marine Insurance segments

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…

Skim Amanah Rakyat 1Malaysia | Available 30th January 2012

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…