The Competition Commissioner had issued a notice to require provision of information and document by all 22 insurers and their Association under section 18(1) of the Competition Act 2010. The notice further states the Commission has commenced an investigation against them under section 15(1) of the Act where the Commission has reason to suspect the 23 listed parties have infringed or are infringing section 4(2)(a) of the Act in relation to and agreement to fix prices or charges in regards to the following for the period between (sometimes in) July 2011 and up until the date of this Notice….
Most travelers confuse transit and transfer flights when passing through more than one city. They both require change in flight (as in different flight number), but due to lack of precise understanding people have trouble booking tickets. The more you know, the more it helps! Today’s Delicious Travel Recipe Pincake discusses the difference between “transit” and “transfer” flight.
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.
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….
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:
In the first phase (the first year of implementation, starting July 1), the industry will be allowed to offer “new products” and optional add-on covers at market rates. This can include, for example, additional policies to cover engine hydro-lock (water entering the engine in lightly flooded areas, separated out from the currently costly flood damage insurance), lost car key replacement, and perhaps even the availability of courtesy cars.