By PTI | Updated: Mar 26, 2017, 07.55 PM IST This is an India thing but it makes good reading considering Malaysia is also implementing the detariffication of our Motor and Fire insurance tariff. India regulators imposed +/-5% and Malaysia is on a…
BNM is not exactly sure how to deal with those queries put forth by the audience. We were not sure if those queries confuse BNM or BNM’s replies having confused the audience; ultimately they think going back to cardinal rule#1, just submit to BNM for us to eye-ball and we shall tell you if those products that were being mentioned were indeed have no infringement of the tariff and the spirit behind this roadmap….
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:
In the first phase (the first year of implementation, starting July 1), the industry will be allowed to offer “new products” and optional add-on covers at market rates. This can include, for example, additional policies to cover engine hydro-lock (water entering the engine in lightly flooded areas, separated out from the currently costly flood damage insurance), lost car key replacement, and perhaps even the availability of courtesy cars.