Category: Grapevine

The twists and turns of the industry…. but there is always something for everyone.

RTD replaces Registration Card with Vehicle Ownership Certificate

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 Horses Mouth | The Concept Paper for Detariffication and Liberalisation Roadmap

BNM is not exactly sure how to deal with those queries put forth by the audience. We were not sure if those queries confuse BNM or BNM’s replies having confused the audience; ultimately they think going back to cardinal rule#1, just submit to BNM for us to eye-ball and we shall tell you if those products that were being mentioned were indeed have no infringement of the tariff and the spirit behind this roadmap….






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:






15-Day Celebration of Chinese New Year – Chinese Customs

The festival traditionally begins on the first day of the first lunar month (Traditional Chinese: 正月; Pinyin: zhēngyuè) in the Chinese calendar and ends on the 15th; this day is called Lantern Festival. The first day of the New Year is known as Yuan Dan (Chinese: 元旦; pinyin: yuándàn (First Morning of the year), New Year’s Day, First Day (or Duan Ri).






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.






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.






Motor and Fire Insurance unlikely to be detariffed rather will be restructured on risk-based pricing

The non-life insurance industry is not likely to see any detariffication in the near term; more like the Bank Negara putting it through some form of restructuring, i.e. from a risk-based premium pricing to making the industry workforce and agents more professional in their modus operandi. The following are emphasis:

(1) Premium should be fairly charged —- risk behaviour of policyholder is important.

(2) Insurers and Takaful operators must have a proper pricing regime in place so that those fairness as pointed out in item (1) above could be dispense. Not sure if this pricing regime is to be submitted to the regulator before launching the premium pricing structure….






The risk of “reckless prudence”

“We are so risk adverse that we are requiring levels of capital that are probably beyond what is sensible, and intrusive supervision which I think is not really sustainable,” he added. There has been a very sharp swing of the pendulum post-global financial crisis for the financial system as a whole, he said.






Insurance Companies engaging non-resident consultants must understand the Withholding Tax | Special Classes of Income

It is normal for insurers nowadays to appoint consultants from overseas to assist with various new development or projects; probably those expertise were not commonly available in the country. If this being so, then the amount that insurers is to…