Posts Tagged ‘ motor insurance 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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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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I read your blogs with written topics concerning the readiness of our agency force with interest. We can refresh with the following blog materials: How agents are preparing for mandatory motor rebate The growing pains of direct rebating Having been around the industry for quite awhile I find it absolute true that our agency...
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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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I am not sure whether this is going to be a reality, ie. the Malaysia Motor Insurance Pool (MMIP) has appointed POS Malaysia to help issue cover for vehicles aged > 10 years citing the public is having difficulties in renewing motor insurance for their aging vehicles from their existing insurance company. Currently only Uni.Asia...
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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 proposed mandatory motor insurance rebating by insurance company is a reality by July this year. However, in the recent PIAM’s proposal to have the member insurers approve the deletion of Clause 5.3 of the Inter-Company Agreement of the General Insurance Business, 31 insurers rejected it. This leads PIAM to suggest the deletion of...
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