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Purpose: This blog provides brief insurance news and digest for the busy executives. It is a handy archive covering major insurance news in Malaysia and nearby countries. 

Disclaimer: While all attempts are made to ensure the accuracy of the news herein, we are not liable for any loss arising from the use of any information contained in this blog.

Reproduction: You may reproduce materials published here provided that the source (actuaries.com.my/insurance-news) is properly acknowledged.

RBCT to come live in 2014 

Insurance News

  -  Feb 13, 2013
The RBCT has started its parallel run this year and will be effective in 2014. It is benchmarked against the conventional RBC framework. Capital injection is likely for some takaful players especially those that sold capital-intensive products.
RBC framework ensure healthy takaful growth - Business Times KUALA LUMPUR:The risk-based capital (RBC) framework for the takaful industry is a necessary medicine for healthy growth, especially to an industry still very much in a growing stage, says the Malaysian Takaful Association (MTA).

 

Posted by Loo Hai Wednesday, February 13, 2013 5:45:00 PM Categories: RBC Regulations Takaful
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Finding right talent a challenge in Takaful industry 

Insurance News

  -  Feb 3, 2013
Takaful industry is facing a lack of skilled and knowledgeable staff who are conversant in shariah principles. The industry does not have the pulling power to attract the best talent. Shortage of talent has resulted in staff pinching, resulting in higher wages but no improvement in productivity and efficiency.
Takaful industry faces challenge in finding right talent - Business Times KUALA LUMPUR: The Malaysian takaful industry, although growing faster than its conventional counterpart, is facing challenge in talent as it faces increase competition moving forward.

 

Posted by Loo Hai Sunday, February 3, 2013 11:31:00 AM Categories: Takaful
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New legislation for takaful products near finalisation 

Insurance News

  -  Dec 20, 2012
New legislation for takaful products that gives a stronger legal basis to contracts devised by takaful operators is in its final stages of introduction. However, no time frame has yet been set for its launch.
Zeti says the legislation will help Bank Negara better regulate the industry.(File pic shows Bank Negara Malaysia Governor Tan Sri Dr Zeti Akhtar Aziz delivering her keynote address "Banking on Islamic Finance Form Legality to Ecomic Value" at the 8th World Islamic Economic Forum in Johor Baru on December 6, 2012. Pic by ABDUL RAHMAN EMBONG/The Star.)
 
New Malaysian law for Islamic banking and takaful products - The Star KUALA LUMPUR: Malaysia is in the final stages of introducing a new legislation for Islamic banking and takaful products, Bank Negara governor Tan Sri Dr Zeti Akhtar Aziz said, which gives a stronger legal basis to contracts devised by financial institutions.

 

Posted by Loo Hai Thursday, December 20, 2012 5:39:00 PM Categories: BNM Regulations Takaful
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New legal framework for Takaful being enacted 

Insurance News

  -  Dec 6, 2012
The new legal framework for takaful is currently undergoing the legislative process towards its enactment. http://bit.ly/TAS1206a
Zeti: Legal framework for Islamic banking, takaful being enacted JOHOR BAHARU: The new legal framework for Islamic banking and takaful is currently undergoing the legislative process towards its enactment, Bank Negara Malaysia Governor Tan Sri Dr Zeti Akhtar Aziz said.
Posted by Loo Hai Friday, December 7, 2012 10:29:00 AM Categories: BNM Regulations Takaful
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News Posts 20120819-20120826 

Insurance

News

26 Aug 2012  -  Public
 
If there is a significant demand for PRS, the SC may issue more licences. However it is not likely that more new licences would be issued this year.http://bit.ly/TAS0826b


BUILDING DEMAND: Private Retirement Scheme providers will first need to create awareness

Insurance

News

24 Aug 2012  -  Public
 
AIA received about 5000 applications for its Early Pay Critical Illness Rider since its mid-June launch. The rider covers up to 92 critical illness events grouped into 36 categories, with payouts of 30%, 60% or 100% of sum assured, depending on the severity of the illness.  http://bit.ly/TAS0824a


AMERICAN International Assurance Bhd (AIA) has launched a new insurance protection plan that covers early medical treatment for those diagnosed with a critical illness.

Insurance

News

23 Aug 2012  -  Public
 
Pakistan's 5 takaful operators filed a petition to protest the rules which allow conventional insurers to offer takaful services through takaful windows. Pending the final ruling by the court, conventional insurers meanwhile are not allowed to offer takaful services. http://bit.ly/TAS0823a
Pakistan's Islamic insurance rules in limbo after court hearing | Reuters »
DUBAI, Aug 16 (Reuters) - Pakistan's conventional insurancefirms will have to wait a few more weeks to learn if they canopen takaful, or Islamic insurance, windows after a state courton Thursday adjou...

Insurance

News

22 Aug 2012  -  Public
 
ACE Jerneh is totally focused on organic growth but does not rule out further acquisition. The company is targeting double-digit growth annually and will start refurbishing Wisma ACE Jerneh this month. http://bit.ly/TAS0822b


GENERAL insurer ACE Jerneh Insurance Bhd is interested in mergers and acquisitions (M&As) if it fits into its business strategy, said its top executive.

Insurance

News

22 Aug 2012  -  Public
 
Allianz's authorised agents will soon provide estate planning services offered by OSK following the recent strategic partnership between the 2 companies.http://bit.ly/TAS0822a


KUALA LUMPUR: Allianz Life Insurance Malaysia Bhd which today signed a strategic partnership agreement with OSK Trustees Bhd, hopes to offer a holistic financial solution to existing customers.

Insurance News

21 Aug 2012  -  Public
 
Korea Life may not pursue with its planned purchase of ING's Southeast Asian life business due to its "disadvantageous position". It is not clear whether the "disadvantageous position" has any connection with the jailing of the Chairman of the parent group for breach of trust. http://bit.ly/TAS0821c
Korea Life likely to ditch plan to buy ING's SE Asia unit »
SEOUL: Korea Life Insurance Co Ltd is unlikely to pursue its planned purchase of Dutch insurer ING's Southeast Asian life insurance operations, a spokesman for the Korean firm's parent Hanwha Group sa...

Insurance News

21 Aug 2012  -  Public
 
Professional indemnity insurance may have stronger growth and enjoy more prominence in the next few years due to greater consumer awareness. Competition among the insurance companies however may contain the increase in the premium rates. http://bit.ly/TAS0821b
Stronger growth in insurance sector seen »
PETALING JAYA: Although the recent legal suit brought by Silver Bird Group Bhd against its auditors may bring professional indemnity insurance into play, industry players see this class of insurance ...
 

Insurance News

21 Aug 2012  -  Public
 
Insurance fraud would be included in the 4th International Conference on Financial Crime and Terrorism Financing held next month due to the increase in frauds in the sector and also the sector has increasingly becoming a potential money laundering target. http://bit.ly/TAS0821a
IFCTF to address insurance fraud, cyber secruity issues »
KUALA LUMPUR: The International Conference on Financial Crime and Terrorism Financing 2012 (IFCTF 2012), to be held next month, will address cyber security issues as well as insurance fraud.

 

Posted by Loo Hai Sunday, August 26, 2012 3:13:00 PM Categories: ACE Jerneh AIA Allianz ING Merger PRS Takaful
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