Pardon my ignorance! But seriously…. very few practitioners actually knew about a major change having made to the section 140(1) of Malaysian Insurance Act 1996 back in March 2009. Let’s revisit relevant subsections of section 140 of the Insurance Act prior to 31st March 2009: Section 140 Insurance Act 1996 – Insurance of property...
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Risk-based Capital (RBC) framework has taken effect since 1st Jan 2009. With all Captive insurers (“Captives”) registered under the Offshore Insurance Act (OIA, 1990) having no approved financial strength rating (fsr), it is difficult to see how “Captives” can generate interest among the (re)insurers operating in the country especially to provide a fronting platform for the...
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Just in case we missed this piece of recent news – Labuan International Business and Financial Centre (IBFC) is looking towards developing the world first set of guidelines on syariah-compliant captive insurance. Kudos! Another First for Malaysia…..can’t say of the implementation though. Before we move forward best if we run through some of the...
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