Category: Consumer

Relates to numerous developments within the industry that may have some impact on consumerism. You need to read but need not have to understand fully… meaning read between the lines and then write us a two, three liners.

Detariffing Motor & Fire Insurance and Liberalisation of the Malaysian General Insurance Industry

The (BNM) Bank Negara’s Concept Paper on “PHASED LIBERALISATION OF MOTOR AND FIRE TARIFFS” is out, posted on their kijang-net portal and awaiting responses (until 29 April 2016) from insurance practitioners. I thought of highlighting what I could possibly see and decipher from the very “condensed” write-up. I would appreciate some feedbacks from you guys before I summarise some responses to BNM. By the way, I am not able to post the full concept paper here as the paper is not supposed to be for public viewing, nevertheless I should provide you with one if you have genuine intention to provide necessary feedback. Kindly provide me with the necessary info within the following contact form:

Liberating the Malaysian Motor and Fire Insurance Tariffs

In the first phase (the first year of implementation, starting July 1), the industry will be allowed to offer “new products” and optional add-on covers at market rates. This can include, for example, additional policies to cover engine hydro-lock (water entering the engine in lightly flooded areas, separated out from the currently costly flood damage insurance), lost car key replacement, and perhaps even the availability of courtesy cars.






What is so professional about an Insurance Agent?

Professional agents should be more concerned about the client’s exposures than even the client is because of the significant consequences of improper or missing coverages. Insurance is about saving your client from ruin!






Malaysia’s New Financial Ombudsman Scheme

The Financial Services (Financial Ombudsman Scheme) Regulations 2015 and their Islamic equivalent came into force on 14 September 2015. The regulations establish a Financial Ombudsman Scheme (FOS) in Malaysia as part of efforts by Bank Negara Malaysia (BNM) to enhance financial dispute resolution arrangements for consumers and strengthen consumer protection. The FOS will be an alternative to, but will not replace, dispute resolution through the courts.






When can our Malaysian authorities adopt this? Malaysian gets jail, driving ban in Singapore for motor insurance fraud

A 40-year-old man, who was part of a syndicate which set up fake road accidents in order to cheat $104,700 (RM320,468) from insurance companies through fraudulent claims, was jailed for 44 weeks on Tuesday. Tew Yee Jeng, a Malaysian, will also be disqualified from driving for five years after his release from prison.






Your Travel Insurance Not Paying For Haze Related Claim?

Two friends were travelling home to Singapore from their holiday in Langkawi when their travel plans were disrupted by the haze. One who had taken out MSIG travel insurance got nothing, while his friend, an Aviva customer, received S$300 in compensation for the delay.






Man found guilty for staging road accidents to claim insurance

Rounding up accomplices desperate to absolve themselves from debts and financial hardship, Tew Yee Jeng, a 40-year-old Malaysian, made several trips to Singapore between 2012 and 2014, where he would orchestrate scam traffic accidents to make insurance claims for property damage and bodily injuries. The drivers he recruited would abruptly slam their brakes on purpose, leading to collisions with vehicles behind them that could not be stopped in time to prevent a crash.






Insurers do not cover Uber, GrabCar and the likes

Piam corporate communications representative Nur Fazliana Mohd Zuki said the private car insurance would be rendered useless if drivers engage in ride-sharing, which is deemed to be a commercial activity. “Therefore owners of such vehicles, drivers and passengers who use their private cars for commercial use will not be able to claim, under their insurance policy, in the event of an accident.






Navigating Coverage for Uber

The world is becoming more connected in the digital age. Suddenly, almost everything is about sharing. Not only are ride- and home-sharing services wildly popular, but on-demand deliveries of meals and packages as well as sharing of tools, clothing and even bathroom facilities when a portable toilet is unappealing are becoming ever more available.






Posting Your Boarding Pass Online? | TPA Travel Insurance

The Borneo Post ran a quick check – using a boarding pass of a local airline – on an online barcode reader site. Using only image of the barcode instead of the whole boarding pass, the programme managed to note the passenger’s full name, travel itineraries including frequent flyer number, flight and seating arrangement. Decoding the barcode only required uploading an image of the boarding pass.