Category: Statutory

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

Labuan Captive Insurer…… from reinsurance captive to fronting insurer?

Labuan Offshore Financial Services

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…

Driving your Motor Vehicle into Singapore?

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…

Can an insurance agent issue policy on behalf of the insurer?

insurance policy issuance by agents

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…

Is your Performance Bond portfolio measuring up to a Judicial’s under-cut swing?

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.…

The 5% service tax factor in insurance policy issued in favour of Management Corporation

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…

New Product in the Making… Insuring your Land with Title Insurance?

land Title Insurance

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…

Management Corporation – of insurances and service tax waiver

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…

Amendment to Malaysia Limitation Act 1953 – (1) Getting some terms correct…in proposed S24A

Malaysia Limitation Act

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…