Category: Insurance Practices

Service Tax on Insurance for Management Corporation

A number of readers wrote in ranting over the issues of service tax applicable on insurance premium for policies issued in the name of Management Corporation (MC) and Joint Management Body (JMB). Some were complaining over inconsistencies adopted by the…

Claim lessons in Chinese tea leaves

Is it really very difficult when coming to the subject of determining the value of tea leaves? What about determining the types and grade of those leaves after a loss incident? How can we recognise tea leaves of higher grade…

No Claims Discount online – A connectivity-controls issue….

  On 1st July 2010, the nation’s No Claims Discounting (or NCD in short) system has finally gone online. Despite all the grumblings, howlings and discontentment over the forced implementation among various stakeholders, things seemed rather quiet – perhaps for…

The New Motor No Claims Discount (NCD) practices – Consumers gain, Insurers leak?

e-Report on NCD

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…

Trading, wagering, betting, gambling…. an All-in-one-Underwriting

In essence the underwriting process is nothing more than a business game of risk-to-premium trading – where clients trade with the insurers to have their risk of a loss transferred to the latter with the latter getting a premium in…

Managing the insurance cycle the Lloyd’s way

I thought the February / March 2010 CII’s The Journal write-up on the topic: Insurance Pricing was interesting and some eye-opener…. in particularly those relating to the Lloyd’s seven steps to managing the insurance cycle. With fluctuating premiums, varying levels…

Labuan Captive Insurer…… from reinsurance captive to fronting insurer?

Labuan Offshore Financial Services

Pardon my ignorance! But seriously…. very few practitioners actually knew about a major change having made to the section 140(1) of  Malaysian Insurance Act 1996 back in March 2009. Let’s revisit relevant subsections of section 140 of the Insurance Act…

Driving your Motor Vehicle into Singapore?

It is an offence to enter Singapore without extending passenger-liability cover to your existing motor insurance policy. In Singapore passenger-liability cover is compulsory but Malaysian motor insurance policy has no auto-extension for such passenger-liability (or liability to passenger). Thus, it…

Can an insurance agent issue policy on behalf of the insurer?

insurance policy issuance by agents

Since the early 1990’s after the sun had dawn on the now defunct underwriting agency channel and their network of sub-agency, insurance companies had totally discontinued allowing the issuance of policy documents (other than cover notes) by agents. Moreover the Bank Negara then was…

Piracy update – Effect of US Executive Order on ransom payment

What impact will the new US Executive Order have on piracy in Somalia? (Adapted from an article written on May, 5 by Jai Sharma, director of Casualty & GA Department, Dolphin Maritime and Aviation Services Ltd) In spite of attempts…