Tag: Agency Commission

Commissions earned by registered agents are based on fixed prescribed percentage of the gross premium the insurance company charges.

Detariffing Motor & Fire Insurance and Liberalisation of the Malaysian General Insurance Industry

The (BNM) Bank Negara’s Concept Paper on “PHASED LIBERALISATION OF MOTOR AND FIRE TARIFFS” is out, posted on their kijang-net portal and awaiting responses (until 29 April 2016) from insurance practitioners. I thought of highlighting what I could possibly see and decipher from the very “condensed” write-up. I would appreciate some feedbacks from you guys before I summarise some responses to BNM. By the way, I am not able to post the full concept paper here as the paper is not supposed to be for public viewing, nevertheless I should provide you with one if you have genuine intention to provide necessary feedback. Kindly provide me with the necessary info within the following contact form:

Issue of foreign students insurance » Agents cry foul over EMGS-AXA link-up

Cardinal rule number 1 is that consumers should be consistently provided with more buying options but yet they are put in a position of limited option or no option at all; usually on the pretext that this “one and only”…

Foreign Workers Related Insurance Schemes | Pay Extra, Gain Competitive Advantages

Foreign Workers’ Insurance – from Foreign Workers Compensation Scheme (FWCS), Foreign Workers Hospitalisation & Surgical Insurance Scheme (or SKHPPA) to Foreign Workers’ Insurance Guarantee (FWIG)  , they provide a really handsome profit for the insurance industry.  Now, that’s the reason why…

Digital Franking System (DFS) For Insurance Guarantee Stamping

Of FRANGKI DIGITAL and DIGITAL FRANKING…. INSURANCE GUARANTEE and INSURANCE POLICY

A few months ago numerous insurance companies wrote to the Stamping Office of the Malaysian Inland Revenue Board (IRB) requesting that the stamping requirement for insurance bond or guarantee issued to cover foreign workers be simplified or to allow self-franking by the insurance companies themselves. Of course the original intention was to complain against certain companies and shame them (in public) over the manner the “Stamp Duty Paid” mark was placed onto their Foreign Workers Insurance Guarantee (FWIG) policy. At that time the public understanding was that any documents falling under BOND or GUARANTEE must be stamped at the Stamp Office and not to be handled by any third party.






Motor Insurance Direct Discount – time for agents to reinvent

special thanks to http://www.facebook.com/miiagroup

In 2009, the Malaysian non-life insurance industry had resolved to provide MANDATORY discount on all motor insurance purchased directly from the insurers – the scheme of discounting was such that it would be 5% for the first year of implementation…

Insurance Accounting Software: How To Get The Best One

Insurance business has developed and prospered by leaps and bounds in the last few decades. This has not only made their transactions big but have also made them a little more complicated with new insurance policies being launched every day.…

Direct MOTOR Rebating – How does this works?

insurance rebate

The Guidelines in respect of Direct Motor Mandatory Rebate (click on the PDF for details of the Guidelines) can be quite confusing, having confused numerous insurers when it was first implemented on 1st July 2009. Now some critical issues were also…

Hello! Anyone removing Clause 5.3?

insurance rebate

We have written in our previous post on June 22nd – The growing pains of direct premium rebating…… Looks like no one seems to notice the importance of doing away with Clause 5.3 of the Inter-company agreement on General Insurance…

The growing pains of direct premium rebating….

Today the final blow was delivered where the word “members” of Clause 5.3 Inter-Company Agreement (ICA) was deleted after unanimously agreed upon.  This means agents and brokers cannot rebate where insurers are able to; signifying a divergence of focus between…

How agents are preparing for the motor mandatory rebate…..

The last time I wrote, the main issue is on PIAM trying to either delete clause 5.3 of the Inter-company agreement on General Insurance Business or to delete off the word “member” from the said clause. After much deliberation and…