Author: vkliew

Small talks from Land below the wind

ASEAN in 2015: Will Lower Oil Prices Interfere with its Economic Expansion?

Talking about ASEAN and how as a regional hub will help push the Malaysian Insurance industry to a newer height, this is one good article at KNOWLEDGE@WHARTON —- I supposed this makes great reading since contents were tastefully compiled and presented. Hope our readers will enjoy…. The 620 million people living in the Association of Southeast Asian Nations, or ASEAN, are facing some potentially big changes in coming months, given lower oil prices and the formation of a regional economic community.

Aviation Legal Liability | Airline Will Not Escape Liability if Act of War Caused Crash

Pray For MH17

Officials say 283 passengers and 15 crew members died when the flight crashed in Ukraine near the Russian border on Thursday. So far, there is no evidence that the aircraft malfunctioned; officials say it was brought down by a Russian-made antiaircraft missile. But according to the Montreal Convention, a 1999 international treaty that governs airline liability and compensation for the victims of air disasters, Malaysia Airlines is liable, regardless of whether it is at fault for the crash. Airlines do not have to pay for damaged cargo if it’s damaged in an act of war. But in the case of death or injury to passengers, the aircraft carrier can be held liable for up to 113,100 Special Drawing Rights, an updating, weighted average of convertible currencies.






Hiring the best for the insurance industry | Learning from Google

Leadership – in particular emergent leadership as opposed to traditional leadership. Traditional leadership is, were you president of the chess club? Were you vice-president of sales? How quickly did you get there? “We don’t care. What we care about is, when faced with a problem and you’re a member of a team, do you, at the appropriate time, step in and lead. And just as critically, do you step back and stop leading, do you let someone else? “Because what’s critical to be an effective leader in this environment is you have to be willing to relinquish power.”






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.






Foreign Workers Related Insurance Schemes | Pay Extra, Gain Competitive Advantages

Foreign Workers’ Insurance – from Foreign Workers Compensation Scheme (FWCS), Foreign Workers Hospitalisation & Surgical Insurance Scheme (or SKHPPA) to Foreign Workers’ Insurance Guarantee (FWIG)  , they provide a really handsome profit for the insurance industry.  Now, that’s the reason why…

Best Re at its lowest | Malaysian Insurance Industry affected?

Best Re rating

BEST RE’s FINANCIAL RATING PERFORMANCE POSITION — THE MILLION DOLLAR QUESTION Best Re (Labuan) Ltd. was once a darling reinsurer of the Malaysian insurance industry, especially for the non-life markets. Most difficult risks got placed simply because of the presence…

Digital Franking System (DFS) For Insurance Guarantee Stamping

Of FRANGKI DIGITAL and DIGITAL FRANKING…. INSURANCE GUARANTEE and INSURANCE POLICY

A few months ago numerous insurance companies wrote to the Stamping Office of the Malaysian Inland Revenue Board (IRB) requesting that the stamping requirement for insurance bond or guarantee issued to cover foreign workers be simplified or to allow self-franking by the insurance companies themselves. Of course the original intention was to complain against certain companies and shame them (in public) over the manner the “Stamp Duty Paid” mark was placed onto their Foreign Workers Insurance Guarantee (FWIG) policy. At that time the public understanding was that any documents falling under BOND or GUARANTEE must be stamped at the Stamp Office and not to be handled by any third party.






An Insurance Dilemma in Non-disclosure, Misrepresentation or Concealment of Material Facts

Insurer thinks Assured must adhere strictly to all the instructions

Issues of non-disclosure, concealment or misrepresentation of Material Facts A common confrontational piece between insurer and assured – in the guise of non-disclosure, misrepresentation or concealment of material facts, which in this case (outlined below) under discussed here was about the health aspects of the life…

Overseas Tax on Reinsurance Premium ceded to Foreign Reinsurers

The real onion and the toxic onion

Overseas tax applicable on reinsurance premium This writeup is really for those who are engaged in reinsurance functions; treaty and facultative alike. It is normal for us to charge a 1.25% (back in 2007 and before we charged 1.40%) on…

Feng Shui for the insurance industry | Year of the Metal Rabbit 2011

  When the peaceful Rabbit hops in on February the 3rd 2011, the world over is looking forward to a year of relative calm and serenity… or is this going to be otherwise; something worst off than the tiger year?…