Tag: Guidelines

The Foreign Grip On Our Insurance Industry

….whatever being the real reason(s), the locals and the foreign lieutenants must learn how best to work efficiently and effectively towards achieving established common goals – it is pathetic when those foreign lieutenants don’t articulate well the strategic and tactical direction for the company, and through it all, consultants after consultants are being engaged to carry out projects after projects that may at the end of the day doesn’t add up….

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.

Financial Advisers | (Update) Roles in General Insurance Business

Malaysia Financial Adviser

2013 New instruction concerning the issuance of cover on behalf of insurer or takaful operator by Financial Advisers operating in Malaysia. The following circular by Persatuan Insuran Am Malaysia (PIAM) says it all…. Financial Advisers are barred from issuing cover…

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…

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…

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…

Top 5 things you should know |Introducing New General Insurance and Takaful Products

It took me quite awhile to finalise a review of Central Bank (BNM)’s BNM/RH/GL 010-14 “Guidelines on Introduction of New Products for Insurance Companies and Takaful Operators”. Procrastinating, perhaps! Anyway, I must say it, “Guidelines were badly written….” and the…