Category: Statutory

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

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.…

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…