Motor insurance is operated on a tariff platform, meaning from rating, terms and conditions of cover, and how motor insurance is being sold, handled and distributed….. they are within the FRAMEWORK or better said, “IN A BOX”
Share New Motor Insurance Premium Framework | How are your motor insurance premium computed and How much more are you going to pay for your motor insurance in 2012? Get the answers here…. In case you do not know, starting this 16th January 2012 the Malaysian Insurance industry will be imposing some small increases to your existing motor insurance premium. These prescribed increases are applicable for the year 2012 but with gradual increases till 2016 when...
Share How To Determine The Market Value of Your Motor Vehicle For Insurance? Check no further…. read this; it is from the Central Bank, The Consumer & Market Conduct Department…. Insurers and Takaful operators must ensure that they (including their agency channel) provide the necessary market value advisory services in respect of advising their customers (those within the CONSUMERS category) on the correct value to insure. Customers should be given the necessary advices along...
Share PROPOSED NEW MOTOR COVER FRAMEWORK — An extraction from the recent CONSULTATION SESSION WITH INSURANCE & TAKAFUL INDUSTRY on 23rd February 2011 This new motor framework was structured very much differently from the earlier version (refer to Fig 1 below for the outline of the OLD SCHEME) – the following are glaring enough for special mention here: 1. The new company (NewCo) supposedly to take over the unprofitable Act portion of the existing...
Share What is passenger liability cover in your private vehicle insurance policy? It simply means coverage for you in the event your passenger(s) sue you or your authorised driver for having driven the car negligently, resulting in bodily injury, death or property damage. Passenger liability is therefore also known as legal liability to passengers. Simple as it sounds, but lets examine the main section of the policy wordings that deal with passenger liability. SECTION...
Share The date, 1st July 2010 will mark another day for a major change to a long established Motor insurance practice…. this time is about the manner the No Claims Discount (or NCD) is to be confirmed. We expect some rough moments ahead as we viewed this new confirmation procedure as being haphazardly handled…. but hopefully not! Was this the reason why the implementation is made to coincide with the day when increase (from...
Share Whenever I met up with agents nowadays, they never failed to complain over decisions that were adopted by the industry recently. Of course, mandatory direct rebate and refusal to write third party cover were some of those but very recently, the agents, especially those writing substantial portfolio of commercial “A” vehicles are again upset over their clients having lost out on NCD in respect of trailers. They claimed those discounts were already part of the industry day-to-day practices and no reason why NCD...
Share It is mind boggling with the tariff section relevant to TRAILERS. It is very difficult for the Insured to ensure that the insurer insuring their prime mover (“Vehicle”) and the trailer attaching to it must be the same. What if the Insured is required to change insurer on renewal in the circumstances that the period of insurance applicable to the Vehicle and to the trailer differs? They may end up with the Vehicle being insured...
Share This may or may not be good news for all…. When ISM-NCD system was implemented in 2007, the operating framework was nothing but on a parallel run; one leg with IT platform and the other leg with the usual manual related options. After having ran for almost two years, ISM-NCD which ought to be an IT platform was never treated like one…or should I say, “It was just a big boy misbehaving…and refusing to grow...
Share I read your blogs with written topics concerning the readiness of our agency force with interest. We can refresh with the following blog materials: How agents are preparing for mandatory motor rebate The growing pains of direct rebating Having been around the industry for quite awhile I find it absolute true that our agency force is not prepared for the many imminent changes ahead. Many of the agents are merely relying on their...
Share According to the Malaysian Motor Tariff section 6 (Commercial tariff), trailers may not be insured separately. But no one seems to know exactly what this phrase, “…may not be insured separately.” Is this to do with trailer and prime-mover must not be insured with different insurer? Or Is it about an insurer cannot issue separate policy for both the units? Over the many years as the very old timers retired, no one seems...
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