Tag: Bank Negara

What’s Next When Insurer Breaches The Central Bank’s Guidelines

The following are some excerpts from the meeting relevant to the insurance industry:
During the meeting MyCC Chairman, Tan Sri Dato’ Seri Siti Norma Yaakob requested some clarifications by Bank Negara Malaysia (BNM) in relation to banks or insurance companies breaching the Central Bank’s guidelines. BNM clarified that while no financial penalty will be imposed, in such cases, the bank or insurance company found to be in breach will be required to refund the money to the consumer or replace the product. According to BNM, it holds the bank and insurance companies responsible over the actions of their agents.

Best Re at its lowest | Malaysian Insurance Industry affected?

Best Re rating

BEST RE’s FINANCIAL RATING PERFORMANCE POSITION — THE MILLION DOLLAR QUESTION Best Re (Labuan) Ltd. was once a darling reinsurer of the Malaysian insurance industry, especially for the non-life markets. Most difficult risks got placed simply because of the presence…

2013 Motor Insurance Premium Rates | What has increased?

The 2013 Motor Insurance Premium Rates are out and there are increases but I do not foresee the premium increase is going to be damaging to the wallet, rather a soft landing for the rakyat and yet enables both insurers…

Bank Negara Circulars and Guidelines 2012 – 2013 | Insurance & Takaful Industry

 Bank Negara Guidelines & Circulars issued in 2012 and being implemented in 2013. As we enter 2013 it is refreshing for us to take a glimpse of what’s would be brewing in the next couple of months and I take…

Can I explain the Genneva Gold issues?

This posting has nothing to do with insurance but nevertheless is on personal investing and finance matters. The Genneva Gold raid On the 1st of October 2012, Genneva Gold was raided by both the authorities in Malaysia and Singapore for…

2012 New Motor Insurance Premium Framework | Motor Insurance Online

New Motor Insurance Premium Framework | How are your motor insurance premium computed and How much more are you going to pay for your motor insurance in 2012? Get the answers here…. In case you do not know, starting this…

2011 Bank Negara Malaysia’s Guidelines & Circulars | Malaysia Insurance News

The importance of buying insurance

Auld Lang Syne 2011 and Happy New Year 2012! We are arriving at the doorsteps of 2012, so Malaysia Insurance Online wishes to thank you guys for faithfully arriving at our site in 2011 and hope you guys would be…

Market Value for Motor Vehicles

Market Value of Vehicles, Why not for the Birds?

How To Determine The Market Value of Your Motor Vehicle For Insurance? Check no further…. read this; it is from the Central Bank, The Consumer & Market Conduct Department…. Insurers and Takaful operators must ensure that they (including their agency…

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…

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…