Category: Statutory

Those enactments or proposed bills that may have an impact on the insurance-practice ecosystem.

What’s Next When Insurer Breaches The Central Bank’s Guidelines

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.

Personal Data Protection Act Enforcement | 15 November 2013

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.






Competition law update | A Stronger Grip On Associations

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






Latest on PDPA | Malaysia’s Personal Data Protection Act 2010

PDPA insurance

Malaysia has come a long way to finally pass and implement the PDPA after a wait of more than a decade. The PDPA has commercially far-reaching implications and severe penalties in the event of non-compliance. The intent of the PDPA is not to inhibit business but to grow it by giving consumers confidence that their personal data will be protected. Errant data users should bear in mind that it is no longer “business as usual”….






Life policy owners can no longer be trustees | theSundaily

Under the new FSA, policy owner can no longer appoint himself/herself as the trustee of the policy moneys. In the event no trustee is appointed, the beneficiary (or nominee) who is competent to contract will be the trustee. If the beneficiary is incompetent to contract, the parent(s) of the incompetent beneficiary (other than the policy owner) will be the trustee. Only when there is no surviving parent of the incompetent beneficiary, the Public Trustee will then be appointed. 






The implementation of GST in Malaysia | An inevitable part of insurance

The implementation of GST in Malaysia: inevitable and imminent? Here the write-up by Baker & Mckenzie for reading pleasure. Baker & McKenzie Malaysia June 30 2013 From as far back as 2005, the idea of introducing a Goods and Services…

New enforcement date | Personal Data Protection Act 2010

New enforcement date of the Personal Data Protection Act 2010 has just been announced and it is 16 August 2013. This was as reported by Baker & McKenzie | »Announcements have been made by YB Dato’ Sri Ahmad Shabery bin…

Issue of foreign students insurance » Agents cry foul over EMGS-AXA link-up

Cardinal rule number 1 is that consumers should be consistently provided with more buying options but yet they are put in a position of limited option or no option at all; usually on the pretext that this “one and only”…

Malaysian Insurer Liable for Passengers Injury in any Road Accident Involving Malaysian Vehicle that Occurred in Singapore

Malaysian Insurers are now liable for passenger liability in any road accident involving Malaysian vehicle that occurred in Singapore regardless whether a liability to passenger cover is extended or not in the main policy. The Motor Insurers’ Bureau of Singapore (“SMIB”)…

Your Rights As A Motor Vehicle Passenger Under Road Traffic Act 1987 Section 91(1)

all pretty girls passengers

Rewriting Our Private Car Insurance Policy In The Era Of Plain Language Policy Wordings I have to say, “All of us are passengers…. either at this very moment or sometimes in the near future”, but how much do you know…