Category: Statutory

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

New Income Tax Rules A Pain For Insurance And Takaful Agents

What you see, you may not know about the new tax ruling

It is no great news for the Malaysian insurance agency fraternity…. More income tax coming your way! As announced in the 2012 Malaysian Budget, the proposed new Section 83A of the Income Tax Act 1967 requires every company making payments…

Buying Your Motor Insurance with Passenger Liability Extension Cover?

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…

What is Sanction Limitation and Exclusion Clause? What are the Implications?

Omitting the Sanction Limitation & Exclusion Clause is a big burden to carry

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…

Safety Supervisor, made compulsory for construction site

Got this from the email chain, thought was funny post it over this site. May the real owner provide us with the connection so that we can link it over to his or her site?

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…

Overseas Tax on Reinsurance Premium ceded to Foreign Reinsurers

The real onion and the toxic onion

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…

From Insurance Levy to PIDM Premium | Malaysia Deposit Insurance Corporation Act 2011

Press it Right

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…

Personal Data Protection Act 2010 | Getting the insurance industry to order

Personal Data Protection Act 2010

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…

Bank Negara’s Circulars and Guidelines | Happy New Year 2011

Happy Holiday at the beach?

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…

Foreign Workers’ Compensation Scheme | frolicking with the extras….

  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…

Pay up the 1% extra service tax on your insurance premium….

[ad name=”Google Adsense”] 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.…