Posts Tagged ‘ Agency Commission ’

In 2009, the Malaysian non-life insurance industry had resolved to provide MANDATORY discount on all motor insurance purchased directly from the insurers – the scheme of discounting was such that it would be 5% for the first year of implementation and thereafter at 10%.  Thus, come 1st July 2010 and onwards all Malaysian non-life...
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Insurance business has developed and prospered by leaps and bounds in the last few decades. This has not only made their transactions big but have also made them a little more complicated with new insurance policies being launched every day. There are specific business requirement for insurance companies. So, software engineers have produced a...
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The Guidelines in respect of Direct Motor Mandatory Rebate (click on the PDF for details of the Guidelines) can be quite confusing, having confused numerous insurers when it was first implemented on 1st July 2009. Now some critical issues were also raised recently in respect of subsection 4.1.1 (highlighted in yellow) - “Motor Business” - whether the...
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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...
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Today the final blow was delivered where the word “members” of Clause 5.3 Inter-Company Agreement (ICA) was deleted after unanimously agreed upon.  This means agents and brokers cannot rebate where insurers are able to; signifying a divergence of focus between intermediaries and principals. The circular further mentioned that rebating is discretionary (for member companies)...
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The last time I wrote, the main issue is on PIAM trying to either delete clause 5.3 of the Inter-company agreement on General Insurance Business or to delete off the word “member” from the said clause. After much deliberation and checking out with the industry experts…..or so-called experts (nowadays, people always proclaim themselves as...
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