Category: Statutory

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

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…

Keeping our data private for the insurance buyers | PDPA

While the Government gets set to enforce the Personal Data Protection Act, all involved should comply with the provisions of the Act now instead of adopting a wait and see’ attitude. Here is the latest news report from Star online:…

Insurance policy premium refund ala Malaysian?

Getting a policy premium refund? All policy premium refunds belong to policyholders and rightfully any return in premium goes directly back to them unless they provide the insurance principal an official letter witnessed by a (at least) commissioner of oath…

Converging Our Motor Insurance Industry For Asean Cross-border Collaboration

ASEAN Economic Community

Over the weekend I spent sometime reading through some papers concerning Asean framework agreement on facilitation of cross border transportation of people. This proposed agreement is with the view to promote and ease cross-border movement of people residing within member…

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…