Tag: Insurance Practices

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….

3 Ways Steve Jobs Made Meetings Insanely Productive — And Often Terrifying

“I hate the way people use slide presentations instead of thinking,” Steve Jobs told Isaacson. “People would confront a problem by creating a presentation. I wanted them to engage, to hash things out at the table, rather than show a bunch of slides. People who know what they’re talking about don’t need PowerPoint.”

GST Insurance Forum | Malaysia Insurance Forum

GST for Malaysian will be implemented on 1st April 2014; so what do you know about GST and how it will impact policyholders, agents, brokers and insurers. Or, what you know we do not know or what we know you may not know….let us just share them over a forum.

Why not we go forum over this GST matter? If there is no good and effective forum online for GST on Insurance for us to articulate matters as well as acquiring specific information, why not have it here on Malaysia Insurance Online | Forum?

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.

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


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.

Converging Our Motor Insurance Industry For Asean Cross-border Collaboration

ASEAN Economic Community

Over the weekend I spent sometime reading through some papers concerning Asean framework agreement on facilitation of cross border transportation of people. This proposed agreement is with the view to promote and ease cross-border movement of people residing within member…

How best can a Conventional insurance company and Takaful Operator work together?

Conventional Insurance and Takaful

Last week I have a discussion with a counterpart from the takaful segment of our industry – the subject was on how best the conventional insurance segment could possibly work out a joint venture with the takaful operator. How can…

New Income Tax Rules A Pain For Insurance And Takaful Agents

What you see, you may not know about the new tax ruling

It is no great news for the Malaysian insurance agency fraternity…. More income tax coming your way! As announced in the 2012 Malaysian Budget, the proposed new Section 83A of the Income Tax Act 1967 requires every company making payments…

Understanding Unearned Premium Reserves (UPR) and Unexpired Risks Reserves (URR)

Consider unearned premium reserves is no different from unexpired risk reserves but in reality there are as adverse loss development is being factored in the actuarial computation

What do you understand between Unearned Premium Reserves (UPR) and Unexpired Risks Reserves (URR)? UNEARNED PREMIUM RESERVES. Simply say and forgetting about the more technical aspect of it, UPR is that portion of premium which is not earned by the…