Comments for Malaysia Insurance Online http://www.malaysiainsurance.info Malaysia Online Insurance News Portal With A Difference Sun, 19 Feb 2012 01:39:47 +0000 hourly 1 http://wordpress.org/?v=3.3.1 Comment on A single-Project (Design & Construct) Professional Indemnity prerequisite…… by malaysiainsurance http://www.malaysiainsurance.info/a-single-project-design-construct-professional-indemnity-prerequisite/comment-page-1#comment-32718 malaysiainsurance Sun, 19 Feb 2012 01:39:47 +0000 http://www.malaysiainsurance.info/?p=2500#comment-32718 Usually a quotation is obtained during the tendering stages and Project PI is normally purchase at commencement of the project. Usually a quotation is obtained during the tendering stages and Project PI is normally purchase at commencement of the project.

]]> Comment on A single-Project (Design & Construct) Professional Indemnity prerequisite…… by Rachel http://www.malaysiainsurance.info/a-single-project-design-construct-professional-indemnity-prerequisite/comment-page-1#comment-32035 Rachel Mon, 13 Feb 2012 03:06:50 +0000 http://www.malaysiainsurance.info/?p=2500#comment-32035 Regarding the duration/period for the PI, shall it be bought during the preliminary stage of proposal/review of options which proposed to the Clients? Or only to be covered during the design stage for tendering purpose? Regarding the duration/period for the PI, shall it be bought during the preliminary stage of proposal/review of options which proposed to the Clients? Or only to be covered during the design stage for tendering purpose?

]]> Comment on Grab the Malaysia Motor Insurance Pool premium structure by malaysiainsurance http://www.malaysiainsurance.info/grab-the-malaysia-motor-insurance-pool-premium-structure/comment-page-1#comment-31696 malaysiainsurance Sat, 11 Feb 2012 15:27:38 +0000 http://www.malaysiainsurance.info/?p=4805#comment-31696 Yes, you can extend the MMIP cover but it would be most convenient if this is done at Multipurpose's office rather than going to POS or Uni.Asia. I am not sure the MMIP transactional portal allows for extension done from a different source. To extend now, this may be too early since you had already renewed your roadtax to expire in May 2012.... nonetheless if you need to extend now, you would need to explain to Multipurpose the reason for doing so. If they accept or the MMIP portal allows for such early extension then you should have no problem. As of now all MMIP related transactions are no available to the public online. Yes, you can extend the MMIP cover but it would be most convenient if this is done at Multipurpose’s office rather than going to POS or Uni.Asia. I am not sure the MMIP transactional portal allows for extension done from a different source. To extend now, this may be too early since you had already renewed your roadtax to expire in May 2012…. nonetheless if you need to extend now, you would need to explain to Multipurpose the reason for doing so. If they accept or the MMIP portal allows for such early extension then you should have no problem.

As of now all MMIP related transactions are no available to the public online.

]]> Comment on Overseas Insurance Coverage | Overseas Locations and Contingency Business Interruptions by malaysiainsurance http://www.malaysiainsurance.info/overseas-insurance-coverage-overseas-locations-and-contingency-business-interruptions/comment-page-1#comment-31695 malaysiainsurance Sat, 11 Feb 2012 15:20:13 +0000 http://www.malaysiainsurance.info/?p=5627#comment-31695 We only knew of CCR pulling out from those markets. One or two Lloyds syndicates stopped doing business as a result of the Thai flood but not for reasons of insolvency, just a matter of discontinuing from such nature of business.... Toa Re did pulled out from writing Japanese related business in this part of the region. Most reinsurers are still writing as they used to do over the many years. The markets are hardening, ie. rates and terms are going up in favour of reinsurers thus it is an opportunity rather than for other reasons.... We only knew of CCR pulling out from those markets. One or two Lloyds syndicates stopped doing business as a result of the Thai flood but not for reasons of insolvency, just a matter of discontinuing from such nature of business…. Toa Re did pulled out from writing Japanese related business in this part of the region. Most reinsurers are still writing as they used to do over the many years. The markets are hardening, ie. rates and terms are going up in favour of reinsurers thus it is an opportunity rather than for other reasons….

]]> Comment on Grab the Malaysia Motor Insurance Pool premium structure by Tham Wai Keong http://www.malaysiainsurance.info/grab-the-malaysia-motor-insurance-pool-premium-structure/comment-page-1#comment-31458 Tham Wai Keong Thu, 09 Feb 2012 12:15:41 +0000 http://www.malaysiainsurance.info/?p=4805#comment-31458 My brother transferred his Proton Saga, 1996 model, to me last 20 October 2011. My sister had then arranged for a runner to go to Puspakom, and to buy third party insurance at MMIP, agent was Multipurpose Insurance. The insurance period was the usual one year, from 20 Oct 2011 to 19 Oct 2012. However, the road tax period is of course different, 30 Nov 2011 to 29 Nov 2012. Thus the Post Office at Kg Tunku, PJ, allowed me to buy only six months road tax, from 30 Nov 2011 to 29 May 2012. I will need to extend the insurance period from 20 Oct 2012 to 29 Nov 2012, in order to tie up with the road tax period, when I renew the next half year's road tax soon. Can I buy this extension at any of the MMIP agents - Post Office, Uni Asia or Multipurpose ? Can I buy it now, and then renew the road tax later, i.e. up to two months before the current half-year's road tax expiry date ? Can the purchase for the extension be done online ? My brother transferred his Proton Saga, 1996 model, to me
last 20 October 2011.

My sister had then arranged for a runner to go to Puspakom,
and to buy third party insurance at MMIP, agent was Multipurpose Insurance.

The insurance period was the usual one year, from 20 Oct 2011 to 19 Oct 2012.

However, the road tax period is of course different, 30 Nov 2011 to 29 Nov 2012.

Thus the Post Office at Kg Tunku, PJ, allowed me to buy only six months road
tax, from 30 Nov 2011 to 29 May 2012.

I will need to extend the insurance period from 20 Oct 2012 to 29 Nov 2012,
in order to tie up with the road tax period, when I renew the next half year’s
road tax soon.

Can I buy this extension at any of the MMIP agents – Post Office, Uni Asia
or Multipurpose ?

Can I buy it now, and then renew the road tax later, i.e. up to two months
before the current half-year’s road tax expiry date ?

Can the purchase for the extension be done online ?

]]> Comment on Overseas Insurance Coverage | Overseas Locations and Contingency Business Interruptions by Anonymous http://www.malaysiainsurance.info/overseas-insurance-coverage-overseas-locations-and-contingency-business-interruptions/comment-page-1#comment-30646 Anonymous Wed, 01 Feb 2012 15:03:38 +0000 http://www.malaysiainsurance.info/?p=5627#comment-30646 Can you comment on the few reinsurers that have pulled out from doing business in this region, in particularly Thailand, Australia and NZ? Can you comment on the few reinsurers that have pulled out from doing business in this region, in particularly Thailand, Australia and NZ?

]]> Comment on 2012 New Motor Insurance Premium Framework | Motor Insurance Online by malaysiainsurance http://www.malaysiainsurance.info/2012-new-motor-insurance-premium-framework-motor-insurance-online/comment-page-1#comment-30348 malaysiainsurance Sat, 28 Jan 2012 07:49:38 +0000 http://www.malaysiainsurance.info/?p=5703#comment-30348 Mr. Ng, A gradual increase is good for the consumer than a one-off increase, which the latter is a great burden.... i) Although renewal notices are already printed in advance perhaps 3 months earlier on but the insurers can resend a supplementary to their customer telling them that there will be increase-in-premium if they renewed their policy on or after 16th January 2012. Of course you have some insurers ready to issue renewal cover if the insured could produce the renewal notice document with the prescribed "old" computed premium. PIAM motor sub-committee had agreed to enforce on the basis of transaction date, i.e. any e-cover issued on and after 16th January 2012 will auto-computed under the new premium table. ii) System changes nowadays are unavoidable so if you are an agent it makes better business sense to ride on your principal's point-of-sales systems rather than trying to own one or having one's outsourced system. It is best to leverage on the principal's systems. If your agency is on own controlled point-of-sale system it is best to make the change now. iii) For endorsements, I think PIAM motor sub-comm has agreed to adopt "follow the premium structure of the policy" which mean any policy issued with the old premium structure then the endorsement is computed on the basis of the old premium structure even if the date of the endorsement is on or after 16th January. I think with this thoughts it would make things much more easy for the industry in implementing this premium structure change. Yes, I agreed with you that this change is a last minute thing.... I cannot comment as this is not the problem of the industry byt rather lies with the various authorities.... Cheers are happy Chinese New Year! Mr. Ng, A gradual increase is good for the consumer than a one-off increase, which the latter is a great burden….
i) Although renewal notices are already printed in advance perhaps 3 months earlier on but the insurers can resend a supplementary to their customer telling them that there will be increase-in-premium if they renewed their policy on or after 16th January 2012. Of course you have some insurers ready to issue renewal cover if the insured could produce the renewal notice document with the prescribed “old” computed premium. PIAM motor sub-committee had agreed to enforce on the basis of transaction date, i.e. any e-cover issued on and after 16th January 2012 will auto-computed under the new premium table.
ii) System changes nowadays are unavoidable so if you are an agent it makes better business sense to ride on your principal’s point-of-sales systems rather than trying to own one or having one’s outsourced system. It is best to leverage on the principal’s systems. If your agency is on own controlled point-of-sale system it is best to make the change now.
iii) For endorsements, I think PIAM motor sub-comm has agreed to adopt “follow the premium structure of the policy” which mean any policy issued with the old premium structure then the endorsement is computed on the basis of the old premium structure even if the date of the endorsement is on or after 16th January. I think with this thoughts it would make things much more easy for the industry in implementing this premium structure change.

Yes, I agreed with you that this change is a last minute thing…. I cannot comment as this is not the problem of the industry byt rather lies with the various authorities….

Cheers are happy Chinese New Year!

]]> Comment on The simple side of Risk-based Capital (RBC)…. by malaysiainsurance http://www.malaysiainsurance.info/the-simple-side-of-risk-based-capital-rbc/comment-page-1#comment-30345 malaysiainsurance Sat, 28 Jan 2012 07:32:51 +0000 http://www.malaysiainsurance.info/?p=804#comment-30345 What you are saying here is correct. RBC is about a framework for BNM to monitor and control how insurers work with their available capital. Capital available determines or control how insurers run their business in as far as the framework is concerned. In the spirit of the framework BNM had agreed to remove the management expense cap so that insurers could go about making sense of the money that they utilised in carrying out their business. Previously if the insurers are not able to cap their management expenses they are not able to pay for agency profit commission and also organise agency convention for their more deserving agents.... and so on. If the insurers could show that they are able to keep the SCAR and ICAR above 130% and 180% respectively then they are giving a freer hand to carry out most of their business plans otherwise the management would have to show to the BNM's supervisory team as to the best manner to tackle the below par achievement.... Whilst expense cap had been taken off, the detariffication of our fire and motor tariff is not in sight yet. It has already been prescribed earlier that the motor tariff would be maintained (off course with some gradual changes over the next couple of years) till end of 2015. Fire tariff is likely to be maintained, at least for 2012 - think BNM has managed to convince the Competition Act Commissioner that the fire tariff as a whole is beneficial to the consumers although I am not sure how.... As to whether the fire tariff will fall apart after this year would depend on the consumer association and how capable are they are to pick up their argument for detariffication.... What you are saying here is correct. RBC is about a framework for BNM to monitor and control how insurers work with their available capital. Capital available determines or control how insurers run their business in as far as the framework is concerned. In the spirit of the framework BNM had agreed to remove the management expense cap so that insurers could go about making sense of the money that they utilised in carrying out their business. Previously if the insurers are not able to cap their management expenses they are not able to pay for agency profit commission and also organise agency convention for their more deserving agents…. and so on.

If the insurers could show that they are able to keep the SCAR and ICAR above 130% and 180% respectively then they are giving a freer hand to carry out most of their business plans otherwise the management would have to show to the BNM’s supervisory team as to the best manner to tackle the below par achievement….

Whilst expense cap had been taken off, the detariffication of our fire and motor tariff is not in sight yet. It has already been prescribed earlier that the motor tariff would be maintained (off course with some gradual changes over the next couple of years) till end of 2015. Fire tariff is likely to be maintained, at least for 2012 – think BNM has managed to convince the Competition Act Commissioner that the fire tariff as a whole is beneficial to the consumers although I am not sure how…. As to whether the fire tariff will fall apart after this year would depend on the consumer association and how capable are they are to pick up their argument for detariffication….

]]> Comment on The Wonder of Maths can be mind-boggling by malaysiainsurance http://www.malaysiainsurance.info/the-wonder-of-maths-can-be-mind-boggling/comment-page-1#comment-30344 malaysiainsurance Sat, 28 Jan 2012 07:14:36 +0000 http://www.malaysiainsurance.info/?p=4701#comment-30344 Must be the spices in the curry.... cut down those spices for her, and why need to circumcise her vagina, leave it natural! Must be the spices in the curry…. cut down those spices for her, and why need to circumcise her vagina, leave it natural!

]]> Comment on 2012 New Motor Insurance Premium Framework | Motor Insurance Online by Ng Eng Yew http://www.malaysiainsurance.info/2012-new-motor-insurance-premium-framework-motor-insurance-online/comment-page-1#comment-30179 Ng Eng Yew Thu, 26 Jan 2012 12:10:00 +0000 http://www.malaysiainsurance.info/?p=5703#comment-30179 Has the amount of "gradual increase of premium" confirmed? When will the effective date of the next increase be - 16/01/2013? Personally I feel that the increase is in such gradual amounts, we would be better of in going on a once-off increase rather than such progressive increases. There are few potential impacts here i) Renewal notices are printed in advance. Premium may not actually reflect the actual price printed on renewal notices ii) Workwise seem impractical as this would involve system changes - need to pay the programmers esp if using outsourced IT/e-cover note services and also the amount of testing that is involved. iii)Endorsements to existing policy (esp extension) may have premium computational issues esp if the company's system is implementing a table-driven premium computational system (hence may involve a lot of manual checking to cross reference the previous premium) - this will heavily depend on the system architecture/design. It would be good if some certainty can be given as most companies have to prioritise projects and look into every angle possible. As it is this announcement to effect this on the 16/01/2012 comes rather last minute. Has the amount of “gradual increase of premium” confirmed? When will the effective date of the next increase be – 16/01/2013?

Personally I feel that the increase is in such gradual amounts, we would be better of in going on a once-off increase rather than such progressive increases. There are few potential impacts here

i) Renewal notices are printed in advance. Premium may not actually reflect the actual price printed on renewal notices

ii) Workwise seem impractical as this would involve system changes – need to pay the programmers esp if using outsourced IT/e-cover note services and also the amount of testing that is involved.

iii)Endorsements to existing policy (esp extension) may have premium computational issues esp if the company’s system is implementing a table-driven premium computational system (hence may involve a lot of manual checking to cross reference the previous premium) – this will heavily depend on the system architecture/design.

It would be good if some certainty can be given as most companies have to prioritise projects and look into every angle possible. As it is this announcement to effect this on the 16/01/2012 comes rather last minute.

]]> Comment on The simple side of Risk-based Capital (RBC)…. by Anonymous http://www.malaysiainsurance.info/the-simple-side-of-risk-based-capital-rbc/comment-page-1#comment-30174 Anonymous Thu, 26 Jan 2012 11:59:35 +0000 http://www.malaysiainsurance.info/?p=804#comment-30174 I got a feeling that RBC seems to align with the much talked about indications by Bank Negara on the removal of caps on operating expenses of insurers and the deregulation of pricing of motor and fire insurance products. I interpret that insurance companies with better capital adequacy capabilities would be in a better position to manage their operating expenses, including commissions to agents and agency related expenses, and also leeway to set their own product pricing based on their intended portfolio mix.......am I correct or incorrect to interpret so? In your opinion, when do you think the removal of expense caps and tariff rates would likely come into the scene? Soon.....not so soon......or not likely at all by year 2020? I will appreciate your further sharing. Thanks. I got a feeling that RBC seems to align with the much talked about indications by Bank Negara on the removal of caps on operating expenses of insurers and the deregulation of pricing of motor and fire insurance products. I interpret that insurance companies with better capital adequacy capabilities would be in a better position to manage their operating expenses, including commissions to agents and agency related expenses, and also leeway to set their own product pricing based on their intended portfolio mix…….am I correct or incorrect to interpret so? In your opinion, when do you think the removal of expense caps and tariff rates would likely come into the scene? Soon…..not so soon……or not likely at all by year 2020? I will appreciate your further sharing. Thanks.

]]> Comment on The Wonder of Maths can be mind-boggling by Victor http://www.malaysiainsurance.info/the-wonder-of-maths-can-be-mind-boggling/comment-page-1#comment-30137 Victor Wed, 25 Jan 2012 20:11:58 +0000 http://www.malaysiainsurance.info/?p=4701#comment-30137 Muslims have more sex due to their food habit. I can't satisfy my Muslim wife, in spite of taking Viagra. She is not circumcised vaginally, I mean her clitoris and lips are intact. Muslims have more sex due to their food habit. I can’t satisfy my Muslim wife, in spite of taking Viagra. She is not circumcised vaginally, I mean her clitoris and lips are intact.

]]> Comment on Difficult buying your Motor Insurance? Try Malaysian Motor Insurance Pool by malaysiainsurance http://www.malaysiainsurance.info/difficult-buying-your-motor-insurance-try-malaysian-motor-insurance-pool/comment-page-2#comment-30052 malaysiainsurance Sun, 22 Jan 2012 09:13:24 +0000 http://www.malaysiainsurance.info/?p=2695#comment-30052 Kalau beli insuran kat MMIP seharusnya syarikat insuran berkenaan tidak boleh memaksa pelanggan MMIP membeli sebarang insuran selain dari menjual insuran motor yang dikehendaki oleh pelanggan. Saudara, kalau di paksa membeli insuran yang tidak dikehendaki, saudara boleh membuat komplain kat Bank Negara.... Kalau beli insuran kat MMIP seharusnya syarikat insuran berkenaan tidak boleh memaksa pelanggan MMIP membeli sebarang insuran selain dari menjual insuran motor yang dikehendaki oleh pelanggan. Saudara, kalau di paksa membeli insuran yang tidak dikehendaki, saudara boleh membuat komplain kat Bank Negara….

]]> Comment on Difficult buying your Motor Insurance? Try Malaysian Motor Insurance Pool by teddy http://www.malaysiainsurance.info/difficult-buying-your-motor-insurance-try-malaysian-motor-insurance-pool/comment-page-2#comment-29931 teddy Wed, 18 Jan 2012 02:37:52 +0000 http://www.malaysiainsurance.info/?p=2695#comment-29931 baru ini saya hendak meperbaharui insuran kereta third party di MMIP di uniasia kl.kenapa paksa untuk membeli pa (personal accident) sekali.Insuran mana boleh third party tanpa kena beli pa? terima kasih baru ini saya hendak meperbaharui insuran kereta third party di MMIP di uniasia kl.kenapa paksa untuk membeli pa (personal accident) sekali.Insuran mana boleh third party tanpa kena beli pa?
terima kasih

]]> Comment on CEO in Vietnam | Vietnam Internet Insurance Marketing by stan http://www.malaysiainsurance.info/ceo-in-vietnam-vietnam-internet-insurance-marketing/comment-page-1#comment-29879 stan Mon, 16 Jan 2012 11:16:12 +0000 http://www.malaysiainsurance.info/?p=4254#comment-29879 YEAH! YOU MAKE A GREAT CEO FROM THE WAY YOU EXPLAINED THE ISSUES. GREAT JOB POSTING YOUR THOUGHTS. YEAH! YOU MAKE A GREAT CEO FROM THE WAY YOU EXPLAINED THE ISSUES. GREAT JOB POSTING YOUR THOUGHTS.

]]> Comment on Difficult buying your Motor Insurance? Try Malaysian Motor Insurance Pool by malaysiainsurance http://www.malaysiainsurance.info/difficult-buying-your-motor-insurance-try-malaysian-motor-insurance-pool/comment-page-2#comment-29806 malaysiainsurance Sat, 14 Jan 2012 17:15:59 +0000 http://www.malaysiainsurance.info/?p=2695#comment-29806 Ini tidak betul, kalau terlanggar rumah kepunyaan third party, kerosakan akan di tanggung oleh policy insuran tersebut. Ini tidak betul, kalau terlanggar rumah kepunyaan third party, kerosakan akan di tanggung oleh policy insuran tersebut.

]]> Comment on Grab the Malaysia Motor Insurance Pool premium structure by malaysiainsurance http://www.malaysiainsurance.info/grab-the-malaysia-motor-insurance-pool-premium-structure/comment-page-1#comment-29805 malaysiainsurance Sat, 14 Jan 2012 17:13:15 +0000 http://www.malaysiainsurance.info/?p=4805#comment-29805 Most insurance companies refuse to insure old vehicles, maybe you can try Kurnia, Berjaya Sompo, etc but it seems premium loading can be high.... Check them out if you are not satisfy with the premium you can proceed to continue shopping around.... Most insurance companies refuse to insure old vehicles, maybe you can try Kurnia, Berjaya Sompo, etc but it seems premium loading can be high…. Check them out if you are not satisfy with the premium you can proceed to continue shopping around….

]]> Comment on Grab the Malaysia Motor Insurance Pool premium structure by malaysiainsurance http://www.malaysiainsurance.info/grab-the-malaysia-motor-insurance-pool-premium-structure/comment-page-1#comment-29804 malaysiainsurance Sat, 14 Jan 2012 17:10:57 +0000 http://www.malaysiainsurance.info/?p=4805#comment-29804 Dear susana, did you purchase the policy from Malaysia Motor Insurance Pool (MMIP) vide Pos Malaysia? Kindly let us know your policy details.... Dear susana, did you purchase the policy from Malaysia Motor Insurance Pool (MMIP) vide Pos Malaysia? Kindly let us know your policy details….

]]> Comment on Grab the Malaysia Motor Insurance Pool premium structure by malaysiainsurance http://www.malaysiainsurance.info/grab-the-malaysia-motor-insurance-pool-premium-structure/comment-page-1#comment-29803 malaysiainsurance Sat, 14 Jan 2012 17:08:47 +0000 http://www.malaysiainsurance.info/?p=4805#comment-29803 Saudara boleh pergi ke website ini, Biro Pengantaraan Kewangan atau Financial Mediation Bureau untuk membuat pengaduan bekenaan dengan insurance kereta.... http://www.fmb.org.my/bm/pc03.complaint.htm Urusan JPJ dan Perodua berkenaan dengan nombor enjin seharus tiada berkenaan dengan tuntutan insurance. Saudara boleh pergi ke website ini, Biro Pengantaraan Kewangan atau Financial Mediation Bureau untuk membuat pengaduan bekenaan dengan insurance kereta….
http://www.fmb.org.my/bm/pc03.complaint.htm

Urusan JPJ dan Perodua berkenaan dengan nombor enjin seharus tiada berkenaan dengan tuntutan insurance.

]]> Comment on Difficult buying your Motor Insurance? Try Malaysian Motor Insurance Pool by lynn http://www.malaysiainsurance.info/difficult-buying-your-motor-insurance-try-malaysian-motor-insurance-pool/comment-page-2#comment-29782 lynn Sat, 14 Jan 2012 05:41:44 +0000 http://www.malaysiainsurance.info/?p=2695#comment-29782 saya nak tanya, saya ader satu case dimaner insured nie telah melanggar 3rd party punya rumah.so, kenapa pihak insurance tidak cover?...tetapi kalu langgar kereta 3rd party,itu di cover pulak..need your explaination. saya nak tanya, saya ader satu case dimaner insured nie telah melanggar 3rd party punya rumah.so, kenapa pihak insurance tidak cover?…tetapi kalu langgar kereta 3rd party,itu di cover pulak..need your explaination.

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