Those enactments or proposed bills that may have an impact on the insurance-practice ecosystem.
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...
Share It is an offence to enter Singapore without extending passenger-liability cover to your existing motor insurance policy. In Singapore passenger-liability cover is compulsory but Malaysian motor insurance policy has no auto-extension for such passenger-liability (or liability to passenger). Thus, it is a necessity for Malaysian Insured entering Singapore to extend their motor policy to include liability to their passenger(s). In a classical case, some three years ago, Madam Koo Siew Thai was a...
Share Since the early 1990′s after the sun had dawn on the now defunct underwriting agency channel and their network of sub-agency, insurance companies had totally discontinued allowing the issuance of policy documents (other than cover notes) by agents. Moreover the Bank Negara then was very much against intermediaries issuing policy and settling claims on behalf of their principal(s). In 1997 after the then new Malaysian 1996 Insurance Act came into force, this episode over agents’ role in...
Share Judges are people who can make or break an organisation or perhaps make some scurrying for a solution…. Sometimes they manufacture decisions that are so damned structural but yet defying the layman simplicities,ie. a straightforward interpretation of sentences and words. A case in point would be MBF Insuran vs FELCRA (2007). At the Court o Appeal level, the decision finally meted out appears to have far reaching effects on the bank and insurance...
Share On 27th July 2009, we have written a post title, “Management Corporation – insurances and service tax waiver” where we have proposed that the 5% service tax on insurance premium should be waived on the grounds that the Management Corporation (MC or PP) or Joint Managment Body (JMB or PPB) is not a taxable person and does not carry out any taxable services in the course of carrying out their duties as prescribed under the...
Share Funny! Why we ought to have some form of insurance protection for our land…but in Malaysia this is the real fact. With the growing number of land scams and increased value of property involved, serious measures, including protection by the law, are urgently needed to overcome the problem. The direct result of the federal court’s decision in Adorna Properties Sdn Bhd vs Boonsom Booyanit is where a landowner can lose his land eventhough he holds...
Share Over the last one year, there have been pressure from the marketing teams (obviously driven by broking distribution sectors) to push for the waiver of service tax supposedly apply for all insurance policies issued to Joint Management Body (JMB) and Management Corporation (MC) formed under either the Joint Property Act (Maintenance And Management) 2007 or the Strata Titles Act to manage residential apartments and condominiums. The established practices in the past, the insurance industry...
Share Click On Proposed s24A, B, C Limitation Act Taking from where I left off the last time on 11th June and before the whole episode drifted out from my mind, here are some real concerns in respect of the proposed amendment – insertion of S24A (1), (2), (3), (4) (5) and (6), S24B (1), (2) and (3), and S24C (1), (2) and (3). But for today, suffice to deal with S24A. While everyone seem to be talking...
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