After the 1st April 2015’s GST implementation…. perhaps now is the time for the industry to reflect upon what’s next. What’s next is not difficult to guess. The Royal Custom & Excise department is certain to conduct a check if…
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….
Section 94 and 95 of the RTA 1987 prohibits an insurer from relying on certain terms in an insurance policy for the purposes of excluding liability. On the other hand a term or condition which does not come within the purview of section 94 and 95 may be legitimately relied upon by the insurer for the purposes of excluding liability under the policy when a claim is brought by a third party. The question now is whether Section 91(1)(b) of the RTA 1987 can be legitimately relied upon by the Appellant to exclude liability. The answer to this question lies in section 95(k) of the RTA 1987 itself.
In 2012, the following orders were also introduced under the Insurance Act 1996 (now repealed and replaced by Financial Services Act 2013) to strength those liberalisation measures:
Insurance (Exemption)(No. 2) Order 2012; Insurance (Exemption)(Amendment) Order 2012; and Insurance (Approved International Marine, Aviation and Transit Insurance Brokers) Regulations 2012
Bank Negara Malaysia (BNM) is simplifying the process of obtaining financial adviser’s representative (FAR) licence in order to attract more FARs and is expected to make an announcement some time this month.
A source close to the matter told SunBiz that the modules for Certified Financial Planner (CFP) and….
The following are some excerpts from the meeting relevant to the insurance industry:
During the meeting MyCC Chairman, Tan Sri Dato’ Seri Siti Norma Yaakob requested some clarifications by Bank Negara Malaysia (BNM) in relation to banks or insurance companies breaching the Central Bank’s guidelines. BNM clarified that while no financial penalty will be imposed, in such cases, the bank or insurance company found to be in breach will be required to refund the money to the consumer or replace the product. According to BNM, it holds the bank and insurance companies responsible over the actions of their agents.
Breaking News – Personal Data Protection Act enters into force. The Act will enter into force on 15th November 2013 and will introduce an omnibus privacy regime in Malaysia for the first time. In a nutshell the PDPA introduces, among others, seven data protection principles which data users must comply with.
Many associations commonly collect and disseminate industry data and statistics for their members. Where such information is commercially sensitive (for example, information on retail sales and market shares of members) and is disaggregated such that they can be easily attributed to specific members, competition law issues are likely to arise as such dissemination reduces the uncertainty that would normally exist