Shanghai All Green Environmental Engineering demonstrates the Malaysian courts continued attempts to give effect to arbitration agreements and to discount attempts to renege on agreements to arbitrate by relying on technical objections.
The liberalisation roadmap (specifically referred to as the “Phased Liberalisation of Motor and Fire Tariffs” and referenced as BNM/RH/PD 029-8) had been put into effect on 1st July 2016 (by Bank Negara) but so far what have the General Insurers and General Takaful Operators been doing….?
The Post-1st July 2016…. Till 1st July 2017
As of now till 1st July 2017 we can only see submission in regards to submission to PIAM’s IPREB for wordings approval, firstly for those existing products that fall within current tariff framework but somehow part of product’s component or section may require a revisit from the tariff angle, and secondly, some insurers may wish to introduce some new add-ons (or currently called extension cover) of standalone products that leverage on the tariff products, for example passengers’ PA leveraging on Motor Insurance.
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….