The Life Insurance Association of Malaysia (LIAM) is urging insurance companies to sell their products via online platforms to drive the penetration rate to 75% in 2020 from the current 56%….LIAM president Toi See Jong expressed hope that the companies could establish their own platform by Jan 1, 2017.
Under the new FSA, policy owner can no longer appoint himself/herself as the trustee of the policy moneys. In the event no trustee is appointed, the beneficiary (or nominee) who is competent to contract will be the trustee. If the beneficiary is incompetent to contract, the parent(s) of the incompetent beneficiary (other than the policy owner) will be the trustee. Only when there is no surviving parent of the incompetent beneficiary, the Public Trustee will then be appointed.