Bank Negara Guidelines & Circulars issued in 2012 and being implemented in 2013.
As we enter 2013 it is refreshing for us to take a glimpse of what’s would be brewing in the next couple of months and I take it from those circulars / guidelines that were issued towards the second half of 2012 as a good guide…. If you need to view the documents do click on the links:
No | Sector | Category of Document | Name of Document | Effective date | Applicability | Issuing Department |
1. | IA Licensees TA Regulated Entities | Guidelines | Guidelines on Investment-Linked Insurance /Takaful Business | 1 Jan 2013 | Insurers underwriting life insurance business and takaful operators conducting family takaful business | Prudential Financial Policy Department |
2. | TA Regulated Entities | Guidelines | Guidelines on Operating Costs of Family Takaful Business | 1-Jan-2013 | Insurers underwriting life insurance business and takaful operators conducting family takaful business | Islamic Banking and Takaful Department |
3. | IA Licensees | Guidelines | Guidelines to Control Operating Costs of Life Insurance Business | 1-Jan-2013 | Insurers underwriting life insurance business and takaful operators conducting family takaful business | Financial Sector Development Department |
4. | IA Licensees TA Regulated Entities | Circulars | Grant Of Credit Facilities By Licensed Insurers and Takaful Operators (Consolidated) | 1-Jan-2013 | Insurers underwriting life insurance business and takaful operators conducting family takaful business. | Financial Sector Development Department Islamic Banking and Takaful Department |
5. | IA Licensees | Circulars | Voluntary Cessions to Malaysian Reinsurance Berhad | 1-Jan-2013 | All direct insurers carrying on general insurance business | Financial Sector Development Department |
6. | TA Regulated Entities | Guidelines | Risk-Based Capital Framework for Takaful Operators | Financial year beginning on and after 1 January 2014 | All takaful operators, including retakaful operators, registered under the Takaful Act 1984 | Islamic Banking and Takaful Department |
7. | TA Regulated Entities | Guidelines | Guidelines on Valuation Basis for Liabilities of Family Takaful Business | Financial year beginning on and after 1 July 2011. | All takaful operators underwriting family takaful business. | Islamic Banking and Takaful Department |
8. | IA Licensees TA Regulated Entities | Surveys | Survey on the Actuarial Profession in Malaysia | 5-Nov-2012 | All insurers and reinsurers licensed under Insurance Act 1996; and all takaful operators and retakaful operators licensed under Takaful Act 1984. | Jabatan Penyeliaan Insurans dan Takaful |
9. | BAFIA Licensees IBA Licensees TA Regulated Entities Development Financial Institutions | Guidelines | Shariah Standard on Mudarabah | 1 January 2014 | The Shariah Standard on Mudarabah is applicable to Islamic financial institution carrying on Islamic financial business and shall include:(a)Islamic banks licensed under the Islamic Banking Act 1983 (IBA); (b)Banks licensed under the Banking and Financial Institutions Act 1989 (BAFIA) to carry on Islamic banking business provided under section 124 of BAFIA; (c)Development financial institutions prescribed under the Development Financial Institutions Act 2002 (DFIA) to carry on Islamic banking business provided under section 129 of DFIA; and (d) All takaful operators registered under the Takaful Act 1984. |
Islamic Banking and Takaful Department |
10. | BAFIA Licensees IBA Licensees IA Licensees TA Regulated Entities PSA Regulated Institutions | Act | Financial Services Bill 2012 and Islamic Financial Services Bill 2012 | tba | The Financial Services Bill 2012 and the Islamic Financial Services Bill 2012 were passed by Parliament on 19 December 2012 | Jabatan Undang-Undang |
