The following article was written by Irene Ng, Life/Health Branch Manager of Gen Re’s Singapore office. Although the article was inclined towards life products, nevertheless was very relevant for applying them across the GI industry vis-a-vis selling on a B2C channel…
Mulai harini 1 jun 2016. Jpj tidak lagi mengeluarkan geran or geran salinan yg hilang kerana pd hari ini telah mula kuatkuasa penggunaan voc ( vehicle ownership certificate) di mana dgn pengunaan voc ini. Tiada lagi cetakan blkg geran slps renew roadtax di jpj. Sekiranya tuan/puan memerlukan maklumat kenderaan kerana geran asal telah hilang, tuan/puan di sarankan ke jpj berdekatan utk membeli maklumat kenderaan (rm20) tuan/puan sendiri….
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:
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.
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.
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.
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.