Hello! Anyone removing Clause 5.3?

We have written in our previous post on June 22nd – The growing pains of direct premium rebating…... Looks like no one seems to notice the importance of doing away with Clause 5.3 of the Inter-company agreement on General Insurance Business (ICAGIB). PERWAKIM is looking at some other things (picketing is already over, what’s next?) and overlooked this point…. Ms Liza Lau, there is more definitely more that the association can do in the years ahead, although as of now, nothing but despair and uphill task (Thank friendly meshio.com for this piece of art…..thought of borrowing it for awhile!).

After checking out the direct transactions over the last 2 weeks or so, certainly does not paint those bleak and despair sort of scenarios that we have had all envisaged all this while.

Liza, we can assure PERWAKIM, if this particular clause can be taken out, intermediary and principal would stand on a level playing field, I believe things can surely evolve for the betterment of the agency community.

Liza and her committee…..”on your mark, get set…..GO!”

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Tags: Agency Commission, Intermediary, motor insurance commission, Motor Insurance Matters