Clyde & Co LLP Malaysia March 3 2017 The Malaysian Aviation Commission (“the Commission”), an independent adviser to the Malaysian Ministry of Transport, recently established the Malaysian Aviation Consumer Protection Code 2015 (“the Code”) to protect passengers’ rights in Malaysia. The…
As announced by the Bank in 2016, measures are currently being taken by the Bank to implement broad reforms in the motor insurance market, which includes the gradual liberalization of the motor insurance tariffs. This aims to promote a more competitive motor insurance market, while ensuring affordable motor insurance premiums in the long term. Without appropriate arrangements to control inflated and fraudulent claims which are being addressed as part of the reforms, these objectives will be severely undermined.
BY NEYLA ZANNIA ON FEBRUARY 9, 2017 This writeup is from Singapore, although not applicable for Malaysian vehicles but it is good to know in case insurers need to resolve some claim settlements. Land Transport Authority (LTA) has reminded the public…
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….