Category: Managing

FOREIGN WORKERS COMPENSATION INSURANCE | Some Interesting Statistics

Surprisingly in 2008 there was reported a total of 2.06 million foreign workers registered in the country but here the statistics just show some 50% of that reported numbers. Well… this is despite the fact that Subsection 26 (1) of Workmen’s Compensation Act 1952, having direct that all employers of foreign workers must ensure that the workers are insured all of their foreign workers within the Foreign Workers’ Compensation Scheme designated by the Human Resources Minister. The Subsection 26 (1) of Workmen’s Compensation Act 1952 specifically states that failure to do so is an offence and if convicted, the employer would be fined not more than RM20,000, or jailed for not more than two years or both.

The simple sides of the Marketing?

What is marketing and how funny would that be? 1. You see a gorgeous girl at a party. You go up and say: “I am very rich. Marry me! “. – That’s Direct Marketing. 2. You are at a party…

MAA Group: What’s that issue with arbitration against Zurich Insurance?

Got to read the following article in The Sun News, where MAA Group has filed for arbitration for a dispute with Zurich Insurance – what exactly is the dispute (other than the amount being RM131 million) was not made known,…

Buzz around the Malaysian insurance industry

We work in the insurance industry where at times rumours and hearsay may travel faster than our pace at work; of course we get the buzz coming from our grapevine, some being rumours and hearsay, but some are definite news…

Foreign Workers Related Insurance Schemes | Pay Extra, Gain Competitive Advantages

Foreign Workers’ Insurance – from Foreign Workers Compensation Scheme (FWCS), Foreign Workers Hospitalisation & Surgical Insurance Scheme (or SKHPPA) to Foreign Workers’ Insurance Guarantee (FWIG)  , they provide a really handsome profit for the insurance industry.  Now, that’s the reason why…

Motor Insurers Bureau of Malaysia

Today I did a email posting on to the wall of this site and I must say, this was indeed a great success. Technology…. I marvel at it! Not forgetting I did blog posting using my android phone, it was…

Best Re at its lowest | Malaysian Insurance Industry affected?

Best Re rating

BEST RE’s FINANCIAL RATING PERFORMANCE POSITION — THE MILLION DOLLAR QUESTION Best Re (Labuan) Ltd. was once a darling reinsurer of the Malaysian insurance industry, especially for the non-life markets. Most difficult risks got placed simply because of the presence…

Agents must complete tasks to earn their commissions in full

Agents must not rely on their principal’s goodwill to help them with part of their tasks (agency obligations to their customers) in delivering devices to their customers. This was highlighted in the following members’circular issued by the Persatuan Insuran Am…

Keeping our data private for the insurance buyers | PDPA

While the Government gets set to enforce the Personal Data Protection Act, all involved should comply with the provisions of the Act now instead of adopting a wait and see’ attitude. Here is the latest news report from Star online:…

New Income Tax Rules A Pain For Insurance And Takaful Agents

What you see, you may not know about the new tax ruling

It is no great news for the Malaysian insurance agency fraternity…. More income tax coming your way! As announced in the 2012 Malaysian Budget, the proposed new Section 83A of the Income Tax Act 1967 requires every company making payments…