Bank Negara Circulars and Guidelines 2012 – 2013 | Insurance & Takaful Industry

 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: 

WHAT’S NEW FOR THE INDUSTRY IN 2012 (later part) – 2013

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