Share Talents for the country in the making Sanction Clause on an expansionary mode I have numerous discussions with my reinsurance brokers as well as my lead reinsurer lately, the main subject was on the appropriateness of sanction clause being imposed in NON-MARINE related treaty reinsurance. Treaty reinsurers are now pushing hard to have the clause inserted into all non-marine treaty. Currently most if not all MARINE related treaty programmes are imposed with Sanction...
Share Introducing the latest SKIM AMANAH RAKYAT (SARA) 1MALAYSIA The Malaysian government has just launched the Skim Amanah Rakyat (SARA) 1Malaysia, which is offering a 32.16% return per annum on your investment…. something too good to be true perhaps that’s what you would be thinking. You probably wouldn’t be able to find any investment vehicles in the market right now providing such a high return on investment. How does this scheme works? SARA 1Malaysia is a...
Share This posting is about Legal Liability to Passengers (LLP) or in simple term, “Passenger Liability” – talks about what’s being covered and what’s not, including the insurers’ obligation under the Road Transport Act (RTA) to cover passenger liability in identified situation and circumstances. When I first wrote a posting on Passenger liability: Your kids are not covered……. a year ago little did I know there would be more than 1,600 over hits on...
Share Issues of non-disclosure, concealment or misrepresentation of Material Facts A common confrontational piece between insurer and assured - in the guise of non-disclosure, misrepresentation or concealment of material facts, which in this case (outlined below) under discussed here was about the health aspects of the life assured. She bought the insurance without declaring that she has anemia….. there was no medical checkup since sum assured was below the threshold. She subsequently passed away due to a heart attack, nothing...
Share It is welcome news for the insurance industry that Site Safety Supervisor is a requirement at construction sites. No doubt this should improve safety at site for workers specifically and ensure safety for the public in general but unsure how this implementation could improve claim ratios for insurer in respect of Contractor’s All Risks, Erection All Risks, or construction plant & machinery Insurance policy. Site Safety Supervisors are definitely not going to be...
Share National Motor Insurance Assists for all to be set up under the New National Motor Insurance Framework? Setting up a National Motor Insurance Claims Assists Center for the purpose of providing prompt services immediately at the time of accident…. Perhaps this is a great idea or maybe just something the industry needs to do to get some small increases in Motor Insurance premium come 2012? Couple of days ago Telekom Malaysia made a presentation to...
Share 348 agents to process illegal foreign workers‘ applications for the purpose of legalising them in a biometric-system-driven programme or Program 6P And the General Insurance companies and Takaful Operators are going to be a part of these 348 agents….. But is this a strategic move for the industry? First of all, isn’t this some BREAKING NEWS for the industry? Or you are asking me…. “You mean the insurers are now able to provide...
Share A Podcasting Affair On DurianFM.com….. “Not For Anyone” It is not everyday you get to share your views LIVE over the radio – sharing the various tips and matters of interest with the public on thing concerning insurance…. insurance talk to be exact. Of course we did stray out of the main topics, but that’s according to desire (or was it whim and fancy….) of our host, Andrew Chia the MONEY MAN. Talking...
Share The PIDM Guidelines 2011 (for Takaful and Insurance benefits Protection System {TIPS} – submission and returns on calculation of premium)…. …..has just been introduced. Except for the issue date of this guidelines that was on 11 March 2011 nothing much was mentioned about the implementation date. Nonetheless the guide did mention about the insurers and takaful operators being obliged to pay up the prescribed premium when due – at least we know the...
Share In view of the many earthquakes occurring around the world, Malaysia Insurance Online has come up with a widget to link our readers to those occurrences. adv_username = "malaysiainsurance"; adv_gid = "malaysiainsurance_default"; adtype = "336x280"; Currently we limit the monitoring to USGS > 2.5 on the richter. Please scroll down and you should get the sight of the widget on your right hand side…. Updates are quite frequent to the tune of every...
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