Year: 2013

Lantern Festival Full-Moon Insurance for Holiday | Malaysia Insurance Online sells

The Mid Autumn Festival, which falls on Sept. 19 this year, is one of Greater China’s biggest holidays and features a lantern festival, the exchange of mooncakes and dining with family and friends while gazing at the harvest moon.

To ensure the holiday is an auspicious one this year, residents of three cities—Shanghai, Guangzhou and Shenzhen — can buy insurance online for 20 yuan (about US$3) and be compensated for up to 50 yuan if clouds obscure moon-viewing between 8 p.m. and 12 a.m. on Sept. 19.

Life policy owners can no longer be trustees | theSundaily

Under the new FSA, policy owner can no longer appoint himself/herself as the trustee of the policy moneys. In the event no trustee is appointed, the beneficiary (or nominee) who is competent to contract will be the trustee. If the beneficiary is incompetent to contract, the parent(s) of the incompetent beneficiary (other than the policy owner) will be the trustee. Only when there is no surviving parent of the incompetent beneficiary, the Public Trustee will then be appointed. 






Malaysia-Based BEST RE Entities Downgraded

Malaysia-based BEST RE entities downgraded and kept on watch on weakened group status and stand-alone credit profile Profile Source: Standard & Poor’s  August 8, 2013  Overview | We have revised our view of the BEST RE subgroup’s status relative to its parent,…

The implementation of GST in Malaysia | An inevitable part of insurance

The implementation of GST in Malaysia: inevitable and imminent? Here the write-up by Baker & Mckenzie for reading pleasure. Baker & McKenzie Malaysia June 30 2013 From as far back as 2005, the idea of introducing a Goods and Services…

The Press Metal Effect | the underwriting sides of things

The recent RM150 million claim on machinery breakdown and machinery breakdown loss of profit was another eye opener, especially for the underwriting fraternity and those that involved with reinsurance. The following are some snapshots that may be of interest to…

New enforcement date | Personal Data Protection Act 2010

New enforcement date of the Personal Data Protection Act 2010 has just been announced and it is 16 August 2013. This was as reported by Baker & McKenzie | »Announcements have been made by YB Dato’ Sri Ahmad Shabery bin…

Issue of foreign students insurance » Agents cry foul over EMGS-AXA link-up

Cardinal rule number 1 is that consumers should be consistently provided with more buying options but yet they are put in a position of limited option or no option at all; usually on the pretext that this “one and only”…

FOREIGN WORKERS COMPENSATION INSURANCE | Some Interesting Statistics

Surprisingly in 2008 there was reported a total of 2.06 million foreign workers registered in the country but here the statistics just show some 50% of that reported numbers. Well… this is despite the fact that Subsection 26 (1) of Workmen’s Compensation Act 1952, having direct that all employers of foreign workers must ensure that the workers are insured all of their foreign workers within the Foreign Workers’ Compensation Scheme designated by the Human Resources Minister. The Subsection 26 (1) of Workmen’s Compensation Act 1952 specifically states that failure to do so is an offence and if convicted, the employer would be fined not more than RM20,000, or jailed for not more than two years or both.






Insurance Premium Refund under Financial Services Act 2013

No doubt about this, in the FSA the refund provision was worded in a manner that policy premium refund is to be paid directly to the policy owner and never under any circumstances be paid or credited to the agent’s account.

We have also underlined the phrase, “….pay directly to a policy owner….” and if read together with the other phrase, “….such refund shall under no circumstances be paid or credited to any insurance agent.”, there is no doubt the FSA has intended to provide no flexibility at all for any possible interpretation…. including allowing the policy owner to sign a declaration to assign the policy refund to the agent…. with intention to strengthen policy owner protection.






The simple sides of the Marketing?

What is marketing and how funny would that be? 1. You see a gorgeous girl at a party. You go up and say: “I am very rich. Marry me! “. – That’s Direct Marketing. 2. You are at a party…