Those enactments or proposed bills that may have an impact on the insurance-practice ecosystem.
Share This posting is about Legal Liability to Passengers (LLP) or in simple term, “Passenger Liability” – talks about what’s being covered and what’s not, including the insurers’ obligation under the Road Transport Act (RTA) to cover passenger liability in identified situation and circumstances. When I first wrote a posting on Passenger liability: Your kids are not covered……. a year ago little did I know there would be more than 1,600 over hits on...
Share The Sanction Clause as what Malaysian insurers called it has effectively found its place in the industry on 1st April 2011. What exactly is this Sanction Limitation and Exclusion Clause or Sanction Clause in short? This Sanction Clause had on 1st April 2011 found its place in the Malaysian insurance industry especially where marine related policies were concerned. Most foreign insurers seemed to have steadfastly adopted this clause in particularly Japanese dominant insurers, however, most local...
Share It is welcome news for the insurance industry that Site Safety Supervisor is a requirement at construction sites. No doubt this should improve safety at site for workers specifically and ensure safety for the public in general but unsure how this implementation could improve claim ratios for insurer in respect of Contractor’s All Risks, Erection All Risks, or construction plant & machinery Insurance policy. Site Safety Supervisors are definitely not going to be...
Share Overseas tax applicable on reinsurance premium This writeup is really for those who are engaged in reinsurance functions; treaty and facultative alike. It is normal for us to charge a 1.25% (back in 2007 and before we charged 1.40%) on the amount of premium reinsured to foreign insurers. We were so used to imposing this tax levy whenever we have dealings with foreign reinsurers, unless they have a branch licensed to operate within...
Share The PIDM Guidelines 2011 (for Takaful and Insurance benefits Protection System {TIPS} – submission and returns on calculation of premium)…. …..has just been introduced. Except for the issue date of this guidelines that was on 11 March 2011 nothing much was mentioned about the implementation date. Nonetheless the guide did mention about the insurers and takaful operators being obliged to pay up the prescribed premium when due – at least we know the...
Share The Malaysian Personal Data Protection Act (PDPA) was gazetted sometimes on the 10th June 2010 and has since been a subject of intense discussion amongst the insurance practitioners and community – something that many of us would want to talk about but difficult when getting at some viable framework before the PDPA gets implemented. Anyway the exact enforcement date of this Act has yet to be decided but the target is set somewhere...
Share Here we are at the very doorsteps of 2011 and a public holiday to go along with the celebration. Today’s holiday was declared by the Prime Minister for the nation to celebrate the Malaysian football team’s one of those rare achievements (We are the champion….) in the recent Asean Football Federation (AFF) Suzuki Cup. Malaysia Insurance Online wishes everyone…. an early HAPPY NEW YEAR 2011. Catching up with Circulars, Notices and Guidelines Taking...
Share Whenever a Malaysia-domiciled enterprise engages a foreign worker, the following types of insurance are compulsory: Foreign Workers’ Insurance Guarantee (or Bond) (FWIG) Foreign Workmen’s Compensation Scheme (FWCS) Foreign Workers’ Health Insurance (taking effect from 01.01.2011) CEO! You may be caught in between and guess what? Without you knowing it! In the context of this posting rather than explaining what these coverage are all about we shall focus on the “…..frolicking...
Share Come 1st January 2011 if you own a business you would be required to pay an extra 1% of the premium as service tax. This means an additional RM40 million in service taxes to the government coffer. Isn’t this great? Sorry! if you are so unhappy…. If you are one of those insurance practitioners who is responsible to implement this additional charge, have you already started work on this? You would need to...
Share 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 prior to 31st March 2009: Section 140 Insurance Act 1996 – Insurance of property and liability (1) Except with the prior written approval of the Bank, no person shall insure or cause to...
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