Etiqa Takaful Bags Awards In Five Categories
KUALA LUMPUR, March 11 (Bernama) -- Etiqa Takaful Bhd bagged awards in five categories at the second Takaful Annual Dinner and Awards Night on Thursday.
It was named the Best Group Business Operator and the Best Bancatakaful Operator in two categories.
Adventurine Agency Sdn Bhd representing Etiqa Takaful won the Million Dollar Producer Award, while Zulkifli Othman, an Etiqa Takaful agent, took home the Million Dollar Agency Award.
It also won the Best Group Business Producer and Group Takaful Business for its partnership with Bank Rakyat.
-- BERNAMA
Source : http://finance.bernama.com/news.php?id=570273
Tuesday, January 24, 2012
PIDM Eyes Higher Premium Revenue This Year
KUALA LUMPUR, May 12 (Bernama) -- The Malaysian Deposit Insurance Corp (PIDM) aims to rake in RM243 million in premium revenue this year, of which RM82 million will be generated from the Takaful and Insurance Benefits Protection System (TIPS) launched last year.
PIDM's mandate had been expanded to administer the TIPS by Parliament, effective Dec 31, 2010.
Chief operating officer, Md Khairuddin Arsyad, said the remaining RM161 million was expected to come from Deposit Insurance System.
"PIDM is also expected to generate RM11 million in investment income this year," he told a media briefing on its 2010 annual report here Thursday.
In 2010, PIDM's revenue stood at RM115 million, with premium revenue amounted to RM105 million and investment income of RM9.3 million.
Total Deposit Insurance Funds (DIF) for the year amounted to RM431 million, made up of Conventional DIF of RM375 million and Islamic DIF of RM56 million.
Chief executive officer, Jean Pierre Sabourin, said for 2011-2013, PIDM would continue to focus on efforts to support its state of readiness, including building its capacity and capability in terms of operational readiness, improving operational effectiveness, promoting public awareness.
"This includes enhancing education initiatives, and putting in place the required infrastructure, systems and policies and resources to effectively administer TIPS," he said.
-- BERNAMA
Source : http://finance.bernama.com/news.php?id=586043
KUALA LUMPUR, May 12 (Bernama) -- The Malaysian Deposit Insurance Corp (PIDM) aims to rake in RM243 million in premium revenue this year, of which RM82 million will be generated from the Takaful and Insurance Benefits Protection System (TIPS) launched last year.
PIDM's mandate had been expanded to administer the TIPS by Parliament, effective Dec 31, 2010.
Chief operating officer, Md Khairuddin Arsyad, said the remaining RM161 million was expected to come from Deposit Insurance System.
"PIDM is also expected to generate RM11 million in investment income this year," he told a media briefing on its 2010 annual report here Thursday.
In 2010, PIDM's revenue stood at RM115 million, with premium revenue amounted to RM105 million and investment income of RM9.3 million.
Total Deposit Insurance Funds (DIF) for the year amounted to RM431 million, made up of Conventional DIF of RM375 million and Islamic DIF of RM56 million.
Chief executive officer, Jean Pierre Sabourin, said for 2011-2013, PIDM would continue to focus on efforts to support its state of readiness, including building its capacity and capability in terms of operational readiness, improving operational effectiveness, promoting public awareness.
"This includes enhancing education initiatives, and putting in place the required infrastructure, systems and policies and resources to effectively administer TIPS," he said.
-- BERNAMA
Source : http://finance.bernama.com/news.php?id=586043
Indonesian Maids To Get Insurance Coverage
KUALA LUMPUR, June 21 (Bernama) -- Two companies, Etiqa Takaful Bhd and Takaful Ikhlas, will introduce an insurance scheme for Indonesian domestic maids soon with a premium payment for as low as RM70 a year.
With that amount, the maids will be eligible to receive compensation of up to RM40,000 due to accidents while at work.
They will also get to receive other benefits, including death benefit, payment for their hospital bills and medical cost under the scheme which will be implemented under the Domestic Helpers Affairs programme (Helpers).
Chairman of the Saba Islamic Domestic Help Advisory (SAIDHA), Sabariah Abdullah, said the insurance scheme received the cooperation of the Indonesian embassy and the Malaysian government, and supported by 33 non-governmental organisations (NGOs), including the Allied Coordinating Committee of Islamic NGOs (ACCIN), Malaysian Islamic Youth Movement (ABIM) and the Jemaah Islam Malaysia (JIM).
The premium for the insurance will be paid by the employers of the maids concerned, he told reporters after the launch of the Helper programme and the signing of a Memorandum of Understanding (MoU) between SAIDHA, the Indonesian Embassy and their strategic partners.
Sabariah said the insurance programme had been discussed at the ministry level and would be implemented soon.
The Helper programme also involve the participation of Maybank Bhd and CIMB Berhad to facilitate salary payment for the maids concerned, she added.
-- BERNAMA
Source : http://finance.bernama.com/news.php?id=595774
KUALA LUMPUR, June 21 (Bernama) -- Two companies, Etiqa Takaful Bhd and Takaful Ikhlas, will introduce an insurance scheme for Indonesian domestic maids soon with a premium payment for as low as RM70 a year.
With that amount, the maids will be eligible to receive compensation of up to RM40,000 due to accidents while at work.
They will also get to receive other benefits, including death benefit, payment for their hospital bills and medical cost under the scheme which will be implemented under the Domestic Helpers Affairs programme (Helpers).
Chairman of the Saba Islamic Domestic Help Advisory (SAIDHA), Sabariah Abdullah, said the insurance scheme received the cooperation of the Indonesian embassy and the Malaysian government, and supported by 33 non-governmental organisations (NGOs), including the Allied Coordinating Committee of Islamic NGOs (ACCIN), Malaysian Islamic Youth Movement (ABIM) and the Jemaah Islam Malaysia (JIM).
The premium for the insurance will be paid by the employers of the maids concerned, he told reporters after the launch of the Helper programme and the signing of a Memorandum of Understanding (MoU) between SAIDHA, the Indonesian Embassy and their strategic partners.
Sabariah said the insurance programme had been discussed at the ministry level and would be implemented soon.
The Helper programme also involve the participation of Maybank Bhd and CIMB Berhad to facilitate salary payment for the maids concerned, she added.
-- BERNAMA
Source : http://finance.bernama.com/news.php?id=595774
Rising Interest In Takaful Products Will Benefit Insurance Industry On Whole
By Mohd Khairi Idham Amran
KUALA LUMPUR, July 22 (Bernama) -- The rising interest in Takaful (Islamic insurance) products would benefit the insurance industry on the whole as it will garner more customers, especially in the lowly penetrated Malay market.
Chief Executive Officer of the Malaysian Insurance Institute (MII) Khadijah Abdullah said the Takaful business would complement the conventional insurance business, which has seen a slight slowdown in recent years.
Takaful will provide an option to the public, she said.
At the end of the day, people would go for either the conventional or Takaful business, as "we are all in the same industry," she told Bernama on the sideline of the Malaysia Million Dollar Roundtable Day 2011 (MDRT Day 2011) opening ceremony, here today.
The event, co-organised by the MII and MDRT Communication Committee, was officiated by MDRT's country chairman Mohamad Manmohan Abdullah.
Last year, the Takaful industry's assets in Malaysia was valued at RM14.7 billion, accounting for 8.7 per cent of the combined asset base of the conventional and Takaful industries.
Currently, there are 16,277 Takaful agents and 122,513 conventional insurance agents in Malaysia.
Meanwhile, the Malaysia MDRT Day 2011 was aimed to prepare local insurance agents to excel in their career by providing a platform for knowledge sharing between successful insurance agents and the participants.
Themed "Sparking Change", the conference, the first endeavour by the MII and MDRT Communication Committee, addressed critical issues and key challenges currently faced by insurance agents locally and globally.
The conference attracted 1,500 participants from the country's insurance industry.
-- BERNAMA
Source : http://finance.bernama.com/news.php?id=603019
By Mohd Khairi Idham Amran
KUALA LUMPUR, July 22 (Bernama) -- The rising interest in Takaful (Islamic insurance) products would benefit the insurance industry on the whole as it will garner more customers, especially in the lowly penetrated Malay market.
Chief Executive Officer of the Malaysian Insurance Institute (MII) Khadijah Abdullah said the Takaful business would complement the conventional insurance business, which has seen a slight slowdown in recent years.
Takaful will provide an option to the public, she said.
At the end of the day, people would go for either the conventional or Takaful business, as "we are all in the same industry," she told Bernama on the sideline of the Malaysia Million Dollar Roundtable Day 2011 (MDRT Day 2011) opening ceremony, here today.
The event, co-organised by the MII and MDRT Communication Committee, was officiated by MDRT's country chairman Mohamad Manmohan Abdullah.
Last year, the Takaful industry's assets in Malaysia was valued at RM14.7 billion, accounting for 8.7 per cent of the combined asset base of the conventional and Takaful industries.
Currently, there are 16,277 Takaful agents and 122,513 conventional insurance agents in Malaysia.
Meanwhile, the Malaysia MDRT Day 2011 was aimed to prepare local insurance agents to excel in their career by providing a platform for knowledge sharing between successful insurance agents and the participants.
Themed "Sparking Change", the conference, the first endeavour by the MII and MDRT Communication Committee, addressed critical issues and key challenges currently faced by insurance agents locally and globally.
The conference attracted 1,500 participants from the country's insurance industry.
-- BERNAMA
Source : http://finance.bernama.com/news.php?id=603019
Higher Motor Insurance Premiums To Cushion Any Economic Slowdown
KUALA LUMPUR, Sept 9 (Bernama) -- The hike in motor insurance premiums starting next year and prudent management by local insurance players will lessen any potential negative effects from an economic slowdown.
This is the first revision of the motor framework since 1978 and the actual quantum of increase is still under review.
Although, during times of crisis, the demand for certain insurance products with return guarantees tends to increase and claims, too, are likely to spike due to a higher incidence of fraud and thefts, Malaysian insurers have been prudent in managing their risks and claims, said OSK Research.
It also said Malaysia insurance companies have limited exposure to investments in equities and their investment income has not been significantly affected by market turbulence.
"Investment income is expected to be stable as most of these are in the fixed income and bond markets," it added.
The industry has also sufficient capital buffer, thanks to the risk-based capital (RBC) framework implemented in 2009 which enhances insurers' underwriting procedures, technical expertise in valuation of assets and liabilities, stress testing, and risk assessment.
"As such, policyholders are provided with greater protection since only insurance companies with strong capitalisation are able to continue operating," OSK Research said in a research note today.
As of the first quarter of 2011, the industry's capital adequacy ratio (CAR) stood at 242 per cent versus last year's 224.6 per cent, well above the minimum requirement of 130 per cent set by the RBC framework.
This, said OSK Research, clearly indicates that the local insurance industry had been fairly resilient, although the economic outlook was challenging.
Besides, the net effect of the 2008 crisis was quite small and the industry as a whole has been quite untouched, it said.
OSK Research said most insurance companies under its coverage had recorded positive net profit growth during the 2008 crisis, which further supported its view that the industry is relatively resilient.
Hence, OSK Research is maintaining its "neutral" call on the industry with its favorite insurance pick being Allianz, given the company's solid financial performance and potential merger and acquisition (M&A) excitement.
Kurnia Insurance is also poised to benefit from an impending M&A.
-- BERNAMA
Source : http://finance.bernama.com/news.php?id=612490
KUALA LUMPUR, Sept 9 (Bernama) -- The hike in motor insurance premiums starting next year and prudent management by local insurance players will lessen any potential negative effects from an economic slowdown.
This is the first revision of the motor framework since 1978 and the actual quantum of increase is still under review.
Although, during times of crisis, the demand for certain insurance products with return guarantees tends to increase and claims, too, are likely to spike due to a higher incidence of fraud and thefts, Malaysian insurers have been prudent in managing their risks and claims, said OSK Research.
It also said Malaysia insurance companies have limited exposure to investments in equities and their investment income has not been significantly affected by market turbulence.
"Investment income is expected to be stable as most of these are in the fixed income and bond markets," it added.
The industry has also sufficient capital buffer, thanks to the risk-based capital (RBC) framework implemented in 2009 which enhances insurers' underwriting procedures, technical expertise in valuation of assets and liabilities, stress testing, and risk assessment.
"As such, policyholders are provided with greater protection since only insurance companies with strong capitalisation are able to continue operating," OSK Research said in a research note today.
As of the first quarter of 2011, the industry's capital adequacy ratio (CAR) stood at 242 per cent versus last year's 224.6 per cent, well above the minimum requirement of 130 per cent set by the RBC framework.
This, said OSK Research, clearly indicates that the local insurance industry had been fairly resilient, although the economic outlook was challenging.
Besides, the net effect of the 2008 crisis was quite small and the industry as a whole has been quite untouched, it said.
OSK Research said most insurance companies under its coverage had recorded positive net profit growth during the 2008 crisis, which further supported its view that the industry is relatively resilient.
Hence, OSK Research is maintaining its "neutral" call on the industry with its favorite insurance pick being Allianz, given the company's solid financial performance and potential merger and acquisition (M&A) excitement.
Kurnia Insurance is also poised to benefit from an impending M&A.
-- BERNAMA
Source : http://finance.bernama.com/news.php?id=612490
Number Of General Insurance Agents In Malaysia Expected To Grow By 26 Per Cent This Year
KUALA LUMPUR, Sept 13 (Bernama) -- The number of general insurance agents in Malaysia is expected to grow by 26 per cent this year, from more than 35,000 in the industry in 2010.
The Chief Executive Officer of the Malaysian Insurance Institute (MII), Khadijah Abdullah said this is based on the average trend of about 800 candidates per month, who sat for the insurance agents exam for the first seven months of this year.
"A career as a general insurance agent is still attractive and very much sought after," she said during the General Insurance Agents Convention 2011 here today.
She added that as the industry is growing, more measures are expected to be implemented in future to strengthen it.
Khadijah said Bank Negara has come out with new measures on motor insurance, aimed at ensuring consumers are advised accordingly on the appropriate market value of motor vehicles, when purchasing a comprehensive coverage for private cars effective Aug 1, 2011.
"This requires the agents to have an indepth knowledge and ability to advise their clients," she added.
-- BERNAMA
Source : http://finance.bernama.com/news.php?id=613074
KUALA LUMPUR, Sept 13 (Bernama) -- The number of general insurance agents in Malaysia is expected to grow by 26 per cent this year, from more than 35,000 in the industry in 2010.
The Chief Executive Officer of the Malaysian Insurance Institute (MII), Khadijah Abdullah said this is based on the average trend of about 800 candidates per month, who sat for the insurance agents exam for the first seven months of this year.
"A career as a general insurance agent is still attractive and very much sought after," she said during the General Insurance Agents Convention 2011 here today.
She added that as the industry is growing, more measures are expected to be implemented in future to strengthen it.
Khadijah said Bank Negara has come out with new measures on motor insurance, aimed at ensuring consumers are advised accordingly on the appropriate market value of motor vehicles, when purchasing a comprehensive coverage for private cars effective Aug 1, 2011.
"This requires the agents to have an indepth knowledge and ability to advise their clients," she added.
-- BERNAMA
Source : http://finance.bernama.com/news.php?id=613074
Premium For General Insurance To Remain Stable
KUALA LUMPUR, Sept 13 (Bernama) -- The premium for general insurance in Malaysia, with the exception of motor and fire insurance, is expected to remain stable due to competition.
The Chief Executive Officer of the Malaysian Insurance Institute (MII), Khadijah Abdullah said premiums for motor and fire insurance, was controlled in Malaysia.
According to the General Insurance Association of Malaysia (PIAM), for 2010, the total general insurance gross premium was about RM13 billion, of which the agent's contribution was RM7.4 billion.
"As an industry as a whole, we are driving higher professionalism as well as quality standards and in this respect, all stakeholders have to work together to achieve aims and objective," she said during the General Insurance Agents Convention 2011 here today.
The event was attended by 500 participants comprising Malaysian Insurance agents.
Meanwhile, the Deputy minister of Human Resources, Senator Datuk Maznah Mazlan said in her speech that with a low insurance market penetration of only 42 per cent, there is yet a huge section to consider, particularly in the life insurance sector.
Her speech was read by the Secretary-General of the Ministry of Human Resources, Datuk Seri Zainal Rahim Seman.
In her speech, Maznah also said that the other form of social security protection applicable to foreign workers employed in Malaysia, was the payment of Workmen's Compensation administered by the Department of Labour, Ministry of Human Resource under the Workmen's Compensation Act 1952.
"This Act requires employers engaging foreign workers to insure their foreign workers with a workmen compensation insurance policy which may be acquired from any insurance company appointed by the Minister of Human Resource.
"At present, 30 insurance companies in Malaysia have been appointed to manage insurance coverage for the foreign workers," she added.
-- BERNAMA
Source : http://finance.bernama.com/news.php?id=613109
KUALA LUMPUR, Sept 13 (Bernama) -- The premium for general insurance in Malaysia, with the exception of motor and fire insurance, is expected to remain stable due to competition.
The Chief Executive Officer of the Malaysian Insurance Institute (MII), Khadijah Abdullah said premiums for motor and fire insurance, was controlled in Malaysia.
According to the General Insurance Association of Malaysia (PIAM), for 2010, the total general insurance gross premium was about RM13 billion, of which the agent's contribution was RM7.4 billion.
"As an industry as a whole, we are driving higher professionalism as well as quality standards and in this respect, all stakeholders have to work together to achieve aims and objective," she said during the General Insurance Agents Convention 2011 here today.
The event was attended by 500 participants comprising Malaysian Insurance agents.
Meanwhile, the Deputy minister of Human Resources, Senator Datuk Maznah Mazlan said in her speech that with a low insurance market penetration of only 42 per cent, there is yet a huge section to consider, particularly in the life insurance sector.
Her speech was read by the Secretary-General of the Ministry of Human Resources, Datuk Seri Zainal Rahim Seman.
In her speech, Maznah also said that the other form of social security protection applicable to foreign workers employed in Malaysia, was the payment of Workmen's Compensation administered by the Department of Labour, Ministry of Human Resource under the Workmen's Compensation Act 1952.
"This Act requires employers engaging foreign workers to insure their foreign workers with a workmen compensation insurance policy which may be acquired from any insurance company appointed by the Minister of Human Resource.
"At present, 30 insurance companies in Malaysia have been appointed to manage insurance coverage for the foreign workers," she added.
-- BERNAMA
Source : http://finance.bernama.com/news.php?id=613109
More Awareness Should Be Created For Captive Insurance
KUALA LUMPUR, Oct 17 (Bernama) -- Local companies should be more exposed to captive insurance which is at an infant stage in Malaysia, says Chief Executive Officer, Labuan International Business and Financial Centre (Labuan IBFC) Malaysia, David Kinloch.
He said currently there were about 14 companies which have established the captive insurance business in Labuan.
Captive insurance companies are insurance companies established with the specific objective of financing risks emanating from their parent group or groups, but they sometimes also insure risks of the group's customers as well.
Using a captive insurer is a risk management technique by which a business forms its own insurance company subsidiary to finance its retained losses in a formal structure.
"As far as we are concerned, the Malaysian market is huge and captive insurance only fits in when you are spending a lot of money on insurance products," he told reporters after a conference on captive insurance here Monday.
He also said the current global financial crisis was actually helping the growth of captive insurance.
"Our focus now is regional. We are actually taking business back from other jurisdiction, both in wealth management, banking and insurance, as the region becomes more sophisticated in its risk management and insurance buying," David said.
-- BERNAMA
Source : http://finance.bernama.com/news.php?id=620430
KUALA LUMPUR, Oct 17 (Bernama) -- Local companies should be more exposed to captive insurance which is at an infant stage in Malaysia, says Chief Executive Officer, Labuan International Business and Financial Centre (Labuan IBFC) Malaysia, David Kinloch.
He said currently there were about 14 companies which have established the captive insurance business in Labuan.
Captive insurance companies are insurance companies established with the specific objective of financing risks emanating from their parent group or groups, but they sometimes also insure risks of the group's customers as well.
Using a captive insurer is a risk management technique by which a business forms its own insurance company subsidiary to finance its retained losses in a formal structure.
"As far as we are concerned, the Malaysian market is huge and captive insurance only fits in when you are spending a lot of money on insurance products," he told reporters after a conference on captive insurance here Monday.
He also said the current global financial crisis was actually helping the growth of captive insurance.
"Our focus now is regional. We are actually taking business back from other jurisdiction, both in wealth management, banking and insurance, as the region becomes more sophisticated in its risk management and insurance buying," David said.
-- BERNAMA
Source : http://finance.bernama.com/news.php?id=620430
Health Ministry Mulls Creating Social Health Insurance Scheme
KUALA LUMPUR, Dec 8 (Bernama) -- The Health Ministry is mulling over plan to create a social health insurance scheme in a bid to ensure that private sector retirees will be insured against chronic diseases.
Its deputy minister, Datuk Rosnah Abdul Rashid Shirlin, said the scheme, which would be based on fair cost and risk sharing, would give a chance to all quarters to help each other, including those diagnosed with chronic diseases.
"Through the scheme, retirees will also be able to seek medical treatment at either private or government hospital or clinic," she said in reply to Senator Datuk Mohammed Najeeb Abdullah.
Mohammed Najeeb had wanted to know what was the government's plan in ensuring that private sector retirees would be covered by health insurance policies as those reaching the retirement age had higher risks of falling prey to chronic diseases which often required expensive treatment.
Rosnah said the premium for the proposed insurance scheme would involve contributions from the government, as well as both the employers and the employees.
However, she said the implementation of the scheme under the national health transformation system should be properly planned so that it would not burden the people.
-- BERNAMA
Source : http://finance.bernama.com/news.php?id=632823
KUALA LUMPUR, Dec 8 (Bernama) -- The Health Ministry is mulling over plan to create a social health insurance scheme in a bid to ensure that private sector retirees will be insured against chronic diseases.
Its deputy minister, Datuk Rosnah Abdul Rashid Shirlin, said the scheme, which would be based on fair cost and risk sharing, would give a chance to all quarters to help each other, including those diagnosed with chronic diseases.
"Through the scheme, retirees will also be able to seek medical treatment at either private or government hospital or clinic," she said in reply to Senator Datuk Mohammed Najeeb Abdullah.
Mohammed Najeeb had wanted to know what was the government's plan in ensuring that private sector retirees would be covered by health insurance policies as those reaching the retirement age had higher risks of falling prey to chronic diseases which often required expensive treatment.
Rosnah said the premium for the proposed insurance scheme would involve contributions from the government, as well as both the employers and the employees.
However, she said the implementation of the scheme under the national health transformation system should be properly planned so that it would not burden the people.
-- BERNAMA
Source : http://finance.bernama.com/news.php?id=632823
MAC In Talks With Insurance Companies On HIV/AIDS Medical Expenses Coverage
KUALA LUMPUR, Dec 12 (Bernama) -- The Malaysian AIDS Council (MAC) is in talks with insurance companies, to insure HIV/AIDS medical expenses.
"The MAC spends RM30 million annually on the antiretroviral therapy (ART) tablet, a drug to suppress the HIV/AIDS virus," MAC president Tan Sri Mohd Zaman Khan Rahim Khan told a press conference at the Business Forum on HIV/AIDS Education and Prevention here today.
He also said the government had taken the lead in preventing the disease from spreading by financing the MAC to almost 100 per cent, with government grants received last year totaling up to RM10 million.
"The corporate sector must also keep on hiring HIV positive individuals, for them to afford the treatment, while educating their employees on the disease," he added.
The half-day forum was a joint effort between the Malaysian AIDS Foundation and the MAC. It was supported by the Mandarin Oriental Hotel Kuala Lumpur.
Held in conjunction with World AIDS Day 2011, the forum highlighted innovative prevention and education programmes run by businesses to address the HIV/AIDS crisis, and new strategies for the future.
- -BERNAMA
Source : http://finance.bernama.com/news.php?id=633499
KUALA LUMPUR, Dec 12 (Bernama) -- The Malaysian AIDS Council (MAC) is in talks with insurance companies, to insure HIV/AIDS medical expenses.
"The MAC spends RM30 million annually on the antiretroviral therapy (ART) tablet, a drug to suppress the HIV/AIDS virus," MAC president Tan Sri Mohd Zaman Khan Rahim Khan told a press conference at the Business Forum on HIV/AIDS Education and Prevention here today.
He also said the government had taken the lead in preventing the disease from spreading by financing the MAC to almost 100 per cent, with government grants received last year totaling up to RM10 million.
"The corporate sector must also keep on hiring HIV positive individuals, for them to afford the treatment, while educating their employees on the disease," he added.
The half-day forum was a joint effort between the Malaysian AIDS Foundation and the MAC. It was supported by the Mandarin Oriental Hotel Kuala Lumpur.
Held in conjunction with World AIDS Day 2011, the forum highlighted innovative prevention and education programmes run by businesses to address the HIV/AIDS crisis, and new strategies for the future.
- -BERNAMA
Source : http://finance.bernama.com/news.php?id=633499
Gradual Revision Of Motor Tariff Premium From Jan 16
KUALA LUMPUR, Jan 6 (Bernama) -- The gradual revision in the motor tariff premium rates will be implemented effective Jan 16, 2012, says Bank Negara Malaysia (BNM).
In a statement today, BNM said the revision would be the first to be undertaken after the non-revision for over 30 years.
The central bank said the premium adjustment was in small quantum and to be implemented over a period of four years.
For third-party cover, motorcycles of 110cc will experience a premium increase of between RM1-RM3.50 per year only (a maximum of 30 sen a month) over the next four years.
For a private car of 1,400cc, the premium adjustment will be between RM6-RM34 per year (a maximum of RM2.80 a month) over the same period.
For commercial vehicles such as outstation taxis and buses, the impact of the premium adjustment on the passengers will be minimal, at less than 10 sen per passenger per trip.
BNM gave assurance that the implication on the public and businesses will be marginal.
According to BNM, the adjustment in the motor tariff premium rates will be reviewed periodically to ensure that the adjusted premium rates continue to be reflective of the claims experience.
The revision of tariff is part of the New Motor Cover Framework in addressing the structural issues within the motor insurance and takaful sector.
The framework will pave the way for the detariffing of motor insurance premiums in 2016 in which premium rates will be further differentiated in accordance to the risk profile of individual vehicles and fairer to vehicle owners as those with good claims experience would enjoy much better premium rates than those with higher risk profile, it said.
BNM had previously said that the tariffs which have not been revised for more than 30 years had been a major source of difficulties faced by the public in recent years.
While the premiums had not been adjusted, there had been significant increases in the level of car ownership to about 19 million to date, accident rate and claims, it said.
BNM had said the framework would also involve immediate implementation of critical measures to enhance efficiency in claims settlement.
The enhancements will significantly reduce the average claims settlement period to six to 18 months from the present one to five years.
To ensure that the public is aware and able to benefit from the framework, particularly on the enhancements to the motor claims settlement process, BNM and the insurance industry will continue to provide information to the public on motor insurance issues through consumer awareness and outreach programmes currently in place.
BNM said those with queries relating to the framework may contact the central bank at TELELINK : 1-300-88-5465 or visit www.insuranceinfo.com.my.
Enquiries can also be forwarded to either Persatuan Insurans Am Malaysia (PIAM) or individual insurers, it said.
-- BERNAMA
Source : http://finance.bernama.com/news.php?id=638310
KUALA LUMPUR, Jan 6 (Bernama) -- The gradual revision in the motor tariff premium rates will be implemented effective Jan 16, 2012, says Bank Negara Malaysia (BNM).
In a statement today, BNM said the revision would be the first to be undertaken after the non-revision for over 30 years.
The central bank said the premium adjustment was in small quantum and to be implemented over a period of four years.
For third-party cover, motorcycles of 110cc will experience a premium increase of between RM1-RM3.50 per year only (a maximum of 30 sen a month) over the next four years.
For a private car of 1,400cc, the premium adjustment will be between RM6-RM34 per year (a maximum of RM2.80 a month) over the same period.
For commercial vehicles such as outstation taxis and buses, the impact of the premium adjustment on the passengers will be minimal, at less than 10 sen per passenger per trip.
BNM gave assurance that the implication on the public and businesses will be marginal.
According to BNM, the adjustment in the motor tariff premium rates will be reviewed periodically to ensure that the adjusted premium rates continue to be reflective of the claims experience.
The revision of tariff is part of the New Motor Cover Framework in addressing the structural issues within the motor insurance and takaful sector.
The framework will pave the way for the detariffing of motor insurance premiums in 2016 in which premium rates will be further differentiated in accordance to the risk profile of individual vehicles and fairer to vehicle owners as those with good claims experience would enjoy much better premium rates than those with higher risk profile, it said.
BNM had previously said that the tariffs which have not been revised for more than 30 years had been a major source of difficulties faced by the public in recent years.
While the premiums had not been adjusted, there had been significant increases in the level of car ownership to about 19 million to date, accident rate and claims, it said.
BNM had said the framework would also involve immediate implementation of critical measures to enhance efficiency in claims settlement.
The enhancements will significantly reduce the average claims settlement period to six to 18 months from the present one to five years.
To ensure that the public is aware and able to benefit from the framework, particularly on the enhancements to the motor claims settlement process, BNM and the insurance industry will continue to provide information to the public on motor insurance issues through consumer awareness and outreach programmes currently in place.
BNM said those with queries relating to the framework may contact the central bank at TELELINK : 1-300-88-5465 or visit www.insuranceinfo.com.my.
Enquiries can also be forwarded to either Persatuan Insurans Am Malaysia (PIAM) or individual insurers, it said.
-- BERNAMA
Source : http://finance.bernama.com/news.php?id=638310
Uptake of group insurance due to poor social insurance coverage
PETALING JAYA: Employers are taking group insurance schemes as there is a need for greater protection and a more comprehensive coverage, says Malaysian Employers Federation (MEF) executive director Shamsuddin Bardan.
He told The Malay Mail the social insurance scheme by the Social Security Organisation (Socso) is limited in scope and hence many employers feel the inadequacies for their staff, therefore opting for group insurance plans.
“As we move towards a high income economy, provisions for social insurance coverage needs to be reviewed. When companies take on additional insurance, it is not cheap. Instead of employers incurring extra costs, the social insurance policies should be reevaluated to provide better coverage,” said Shamsuddin.
He said it should not be compulsory for employers to buy group insurance and also that Socso guidelines should be reassessed even when employers have taken group insurance policies.
“I believe lots of disputes can be avoided if a no-fault insurance system is practised by Socso, as adopted by most developed countries,” said Shamsuddin.
Source : http://www.mmail.com.my/content/69059-group-insurance-rise
PETALING JAYA: Employers are taking group insurance schemes as there is a need for greater protection and a more comprehensive coverage, says Malaysian Employers Federation (MEF) executive director Shamsuddin Bardan.
He told The Malay Mail the social insurance scheme by the Social Security Organisation (Socso) is limited in scope and hence many employers feel the inadequacies for their staff, therefore opting for group insurance plans.
“As we move towards a high income economy, provisions for social insurance coverage needs to be reviewed. When companies take on additional insurance, it is not cheap. Instead of employers incurring extra costs, the social insurance policies should be reevaluated to provide better coverage,” said Shamsuddin.
He said it should not be compulsory for employers to buy group insurance and also that Socso guidelines should be reassessed even when employers have taken group insurance policies.
“I believe lots of disputes can be avoided if a no-fault insurance system is practised by Socso, as adopted by most developed countries,” said Shamsuddin.
Source : http://www.mmail.com.my/content/69059-group-insurance-rise
Group insurance on the rise
Cover brings added benefits for employees who also feel they are being cared for
Ee Ann Nee
Monday, April 11th, 2011 11:56:00
PETALING JAYA: Companies not compelled to purchase group insurance are progressively taking up protection schemes from insurers to provide additional benefits for employees.
Former Life Insurance Association of Malaysia (LIAM) president Md Adnan Md Zain told The Malay Mail although the labour laws do not make it compulsory for companies to take up insurance for their staff, it would be ideal to make this compulsory.
“Such a move would provide financial assistance to a deceased’s family if death occurs while the employee is carrying out his duties. Moreover, group insurance is an added benefit of employment and will be deemed by employees that they are cared for.”
Adnan said group insurance is cost-effective, with lower administration costs and pooling of risks. Furthermore, it requires limited underwriting and is hassle-free with premiums paid by employers or are automatically deducted from the payroll.
However, Adnan cautioned the cost implications on employers as most employers, especially the established companies, were voluntarily providing cover.
“Group insurance is seeing an upward trend. The growing trend comes from an increasing awareness of companies offering better remuneration packages to employees as well as protecting their valuable human capital,” he said.
For LIAM members, the group insurance business saw a growth of 14.1 per cent in 2010 to a record RM2.36 billion in total premiums compared to RM2.07 billion in 2009.
Adnan said most companies spend on a combination of medical, personal accident and term-life insurance.
“To alleviate rising costs on medical claims, companies would certainly take up the medical portion with personal accident as the common choice. To accentuate their coverage, companies choose term-life as well to enhance coverage and provide higher compensation in the case of demise of an employee during their work tenure,” he said.
General Insurance Association of Malaysia (PIAM) executive director and secretary Lim Chia Fook told The Paper That Cares that providing any other benefits beyond requirements in the Employment Act is to the discretion of employers.
“However, a majority of employers do provide medical and health insurance (MHI) as it is the ‘right thing to do’ and it is part of the strategy to attract employees. It is also a norm for reputable companies to have medical benefits for their staff. No doubt employees see the need for MHI and many staff do rely on employers to provide medical care,” he said.
Lim said the common type of MHI coverage is hospitalisation and surgical insurance. He added not many companies provide outpatient and clinical coverage while dental and maternity coverage are fringe benefits based on the generosity of employers.
“But if a company has a large staff force, providing MHI including outpatient and clinical coverage can stabilise the company’s medical costs. Companies pay a fixed premium so they are able to budget against uncertainties and variables. The ‘risks’ are deemed taken care of by the insurance company,” he said.
Lim also said small and medium enterprises (SMEs) are gradually buying group insurance as part of their cost structuring. He said SMEs will slowly see that providing MHI for employees is a necessary risk transfer mechanism to stabilise costs.
“If a company does not insure, there will be tremendous risks involved,” he said.
Source : http://www.mmail.com.my/content/69059-group-insurance-rise
Cover brings added benefits for employees who also feel they are being cared for
Ee Ann Nee
Monday, April 11th, 2011 11:56:00
PETALING JAYA: Companies not compelled to purchase group insurance are progressively taking up protection schemes from insurers to provide additional benefits for employees.
Former Life Insurance Association of Malaysia (LIAM) president Md Adnan Md Zain told The Malay Mail although the labour laws do not make it compulsory for companies to take up insurance for their staff, it would be ideal to make this compulsory.
“Such a move would provide financial assistance to a deceased’s family if death occurs while the employee is carrying out his duties. Moreover, group insurance is an added benefit of employment and will be deemed by employees that they are cared for.”
Adnan said group insurance is cost-effective, with lower administration costs and pooling of risks. Furthermore, it requires limited underwriting and is hassle-free with premiums paid by employers or are automatically deducted from the payroll.
However, Adnan cautioned the cost implications on employers as most employers, especially the established companies, were voluntarily providing cover.
“Group insurance is seeing an upward trend. The growing trend comes from an increasing awareness of companies offering better remuneration packages to employees as well as protecting their valuable human capital,” he said.
For LIAM members, the group insurance business saw a growth of 14.1 per cent in 2010 to a record RM2.36 billion in total premiums compared to RM2.07 billion in 2009.
Adnan said most companies spend on a combination of medical, personal accident and term-life insurance.
“To alleviate rising costs on medical claims, companies would certainly take up the medical portion with personal accident as the common choice. To accentuate their coverage, companies choose term-life as well to enhance coverage and provide higher compensation in the case of demise of an employee during their work tenure,” he said.
General Insurance Association of Malaysia (PIAM) executive director and secretary Lim Chia Fook told The Paper That Cares that providing any other benefits beyond requirements in the Employment Act is to the discretion of employers.
“However, a majority of employers do provide medical and health insurance (MHI) as it is the ‘right thing to do’ and it is part of the strategy to attract employees. It is also a norm for reputable companies to have medical benefits for their staff. No doubt employees see the need for MHI and many staff do rely on employers to provide medical care,” he said.
Lim said the common type of MHI coverage is hospitalisation and surgical insurance. He added not many companies provide outpatient and clinical coverage while dental and maternity coverage are fringe benefits based on the generosity of employers.
“But if a company has a large staff force, providing MHI including outpatient and clinical coverage can stabilise the company’s medical costs. Companies pay a fixed premium so they are able to budget against uncertainties and variables. The ‘risks’ are deemed taken care of by the insurance company,” he said.
Lim also said small and medium enterprises (SMEs) are gradually buying group insurance as part of their cost structuring. He said SMEs will slowly see that providing MHI for employees is a necessary risk transfer mechanism to stabilise costs.
“If a company does not insure, there will be tremendous risks involved,” he said.
Source : http://www.mmail.com.my/content/69059-group-insurance-rise
Wednesday, January 11, 2012
Penilaian Semula Hukum Pelaburan Aamanah Saham Nasional (ASN ) Dan Amanah Saham Bumiputera (ASB ) Dan Seumpamanya (Selangor)
Tarikh Keputusan: 12 Apr, 2011
Keputusan:
Setelah meneliti setiap pandangan ahli mesyuarat dan hujah-hujah yang dikemukakan, maka Mesyuarat Jawatankuasa Fatwa Negeri Selangor Kali Ke 2/2011 yang bersidang pada 12hb. April 2011M bersamaan 8 Jumadal Ula 1432H telah bersetuju memutuskan bahawa Pelaburan Amanah Saham Nasional (ASN), Amanah Saham Bumiputera (ASB) dan Seumpamanya adalah tidak halal kerana masih belum menepati hukum syarak dengan alasan seperti berikut:-
Skim Amanah Saham Nasional ( ASN ) dan Amanah Saham Bumiputera ( ASB ) secara jelas terlibat dalam aktiviti pelaburan yang bercampur-campur antara patuh syariah dan tidak patuh syariah sebahagian besarnya adalah daripada sektor kewangan konvensional. Ini berdasarkan hadis riwayat Jabir Al-Ja’fi daripada Ibnu Mas’ud:
ما اجتمع الحلال والحرام إلاغلب الحرام الحلال
Maksudnya : “ Tidak bercampur antara yang halal dan yang haram, melainkan mengalahkan yang haram atas yang halal . ”
Skim Amanah Saham Nasional ( ASN ) dan Amanah Saham Bumiputera ( ASB ) diklasifikasikan sebagai dana unit amanah tidak patuh syariah oleh Majlis Penasihat Syariah Suruhanjaya Sekuriti kerana terlibat dalam pelaburan tidak lulus syariah iaitu pelaburan dalam kaunter perbankan konvensional berteraskan faedah melalui Maybank dan pasaran wang.
Sumbangan kepada tidak patuh syariah adalah terbesar yang tidak bertepatan dengan kehendak syarak serta kadar yang berubah-ubah ini menyukarkan pelabur untuk membuat pembersihan terhadap hasil dividen.
Sumber:http://www.muftiselangor.gov.my/KoleksiDownload/16062011/ASNASB.pdf
Source : http://www.e-fatwa.gov.my/fatwa-negeri/penilaian-semula-hukum-pelaburan-aamanah-
saham-nasional-asn-dan-amanah-saham-bumiputera
Tarikh Keputusan: 12 Apr, 2011
Keputusan:
Setelah meneliti setiap pandangan ahli mesyuarat dan hujah-hujah yang dikemukakan, maka Mesyuarat Jawatankuasa Fatwa Negeri Selangor Kali Ke 2/2011 yang bersidang pada 12hb. April 2011M bersamaan 8 Jumadal Ula 1432H telah bersetuju memutuskan bahawa Pelaburan Amanah Saham Nasional (ASN), Amanah Saham Bumiputera (ASB) dan Seumpamanya adalah tidak halal kerana masih belum menepati hukum syarak dengan alasan seperti berikut:-
Skim Amanah Saham Nasional ( ASN ) dan Amanah Saham Bumiputera ( ASB ) secara jelas terlibat dalam aktiviti pelaburan yang bercampur-campur antara patuh syariah dan tidak patuh syariah sebahagian besarnya adalah daripada sektor kewangan konvensional. Ini berdasarkan hadis riwayat Jabir Al-Ja’fi daripada Ibnu Mas’ud:
ما اجتمع الحلال والحرام إلاغلب الحرام الحلال
Maksudnya : “ Tidak bercampur antara yang halal dan yang haram, melainkan mengalahkan yang haram atas yang halal . ”
Skim Amanah Saham Nasional ( ASN ) dan Amanah Saham Bumiputera ( ASB ) diklasifikasikan sebagai dana unit amanah tidak patuh syariah oleh Majlis Penasihat Syariah Suruhanjaya Sekuriti kerana terlibat dalam pelaburan tidak lulus syariah iaitu pelaburan dalam kaunter perbankan konvensional berteraskan faedah melalui Maybank dan pasaran wang.
Sumbangan kepada tidak patuh syariah adalah terbesar yang tidak bertepatan dengan kehendak syarak serta kadar yang berubah-ubah ini menyukarkan pelabur untuk membuat pembersihan terhadap hasil dividen.
Sumber:http://www.muftiselangor.gov.my/KoleksiDownload/16062011/ASNASB.pdf
Source : http://www.e-fatwa.gov.my/fatwa-negeri/penilaian-semula-hukum-pelaburan-aamanah-
saham-nasional-asn-dan-amanah-saham-bumiputera
Status Pampasan Polisi Insurans Konvensional Selepas Kematian Pembeli Polisi
Keputusan:
Muzakarah Jawatankuasa Fatwa Majlis Kebangsaan Bagi Hal Ehwal Ugama Islam Malaysia Kali Ke-94 yang bersidang pada 20 - 22 April 2011 telah membincangkan Status Pampasan Polisi Insurans Konvensional Selepas Kematian Pembeli Polisi. Muzakarah telah memutuskan seperti berikut:
Setelah meneliti keterangan, hujah-hujah dan pandangan yang dikemukakan, Muzakarah berpandangan bahawa insurans konvensional adalah suatu muamalah yang tidak patuh syariah kerana mempunyai elemen-elemen yang bercanggah dengan prinsip teras Islam.
Sehubungan itu, Muzakarah bersetuju memutuskan bahawa pampasan polisi insurans konvensional yang diterima oleh ahli waris adalah dikira sebagai harta tidak patuh syariah.
Dalam hal ini, jumlah bayaran pokok pembeli polisi ketika hayat sahaja dikategorikan sebagai harta peninggalan si mati yang perlu diagihkan secara sistem faraid. Manakala baki pampasan polisi insurans konvensional tersebut tidak boleh diwarisi oleh ahli waris secara sistem faraid serta wajib dilupuskan dengan diserahkan sama ada kepada pihak Baitulmal Majlis Agama Islam Negeri-Negeri atau didermakan untuk tujuan kebajikan termasuklah kepada golongan fakir dan miskin.
Jika terdapat ahli waris pembeli polisi, contohnya isteri atau anak-anak pembeli polisi dikategorikan sebagai golongan fakir dan miskin, maka hukumnya adalah harus bagi ahli waris tersebut untuk mengambil wang pampasan polisi insurans konvensional tersebut dengan jumlah sekadar keperluan sebagai fakir dan miskin setelah disahkan oleh pihak berkuasa atau Jawatankuasa Kariah kawasan berkenaan. Baki wang pampasan polisi tersebut perlulah dilupuskan mengikut cara yang telah dinyatakan dalam perkara (iii) di atas.
Source : http://www.e-fatwa.gov.my/fatwa-kebangsaan/status-pampasan-polisi-insurans-konvensional-selepas-kematian-pembeli-polisi
Keputusan:
Muzakarah Jawatankuasa Fatwa Majlis Kebangsaan Bagi Hal Ehwal Ugama Islam Malaysia Kali Ke-94 yang bersidang pada 20 - 22 April 2011 telah membincangkan Status Pampasan Polisi Insurans Konvensional Selepas Kematian Pembeli Polisi. Muzakarah telah memutuskan seperti berikut:
Setelah meneliti keterangan, hujah-hujah dan pandangan yang dikemukakan, Muzakarah berpandangan bahawa insurans konvensional adalah suatu muamalah yang tidak patuh syariah kerana mempunyai elemen-elemen yang bercanggah dengan prinsip teras Islam.
Sehubungan itu, Muzakarah bersetuju memutuskan bahawa pampasan polisi insurans konvensional yang diterima oleh ahli waris adalah dikira sebagai harta tidak patuh syariah.
Dalam hal ini, jumlah bayaran pokok pembeli polisi ketika hayat sahaja dikategorikan sebagai harta peninggalan si mati yang perlu diagihkan secara sistem faraid. Manakala baki pampasan polisi insurans konvensional tersebut tidak boleh diwarisi oleh ahli waris secara sistem faraid serta wajib dilupuskan dengan diserahkan sama ada kepada pihak Baitulmal Majlis Agama Islam Negeri-Negeri atau didermakan untuk tujuan kebajikan termasuklah kepada golongan fakir dan miskin.
Jika terdapat ahli waris pembeli polisi, contohnya isteri atau anak-anak pembeli polisi dikategorikan sebagai golongan fakir dan miskin, maka hukumnya adalah harus bagi ahli waris tersebut untuk mengambil wang pampasan polisi insurans konvensional tersebut dengan jumlah sekadar keperluan sebagai fakir dan miskin setelah disahkan oleh pihak berkuasa atau Jawatankuasa Kariah kawasan berkenaan. Baki wang pampasan polisi tersebut perlulah dilupuskan mengikut cara yang telah dinyatakan dalam perkara (iii) di atas.
Source : http://www.e-fatwa.gov.my/fatwa-kebangsaan/status-pampasan-polisi-insurans-konvensional-selepas-kematian-pembeli-polisi
Islamic banking and finance to keep expanding next year
KUALA LUMPUR, Dec 29 (Bernama) -- Despite the global financial crisis, Islamic banking and finance is expected to continue expanding next year, with Malaysia-based players ready to lead the pack regionally and internationally.
The flaws in conventional finance have created great interest in the Islamic financial model, and this provides the basis for the industry to sustain a period of strong growth for the rest of this decade.
Dubai-based Noor Investment Group chief executive officer, Hussain Al Qemzi, said the high level of infrastructure spending in both Asean and the Middle East offers Islamic finance an opportunity to establish itself strongly in the global financial market, especially with the eurozone crisis that has certainly depressed the European banks' appetite for financing infrastructure projects.
"Islamic finance has not stopped growing despite all the crises. I think 2012 would be a much better year especially in the sukuk market, which is expected to rebound once the issues in the Middle East have settled down," he told Bernama in an interview.
Malaysia is already one of the largest sukuk (Islamic bond) issuance centres in the world and has established Islamic finance institutions well governed by trusted bodies like the International Islamic Liquidity Management Corporation.
Source : http://www.malaysiasme.com.my/index.php/SME-News/Islamic-banking-and-finance-to-keep-expanding-next-year.html
KUALA LUMPUR, Dec 29 (Bernama) -- Despite the global financial crisis, Islamic banking and finance is expected to continue expanding next year, with Malaysia-based players ready to lead the pack regionally and internationally.
The flaws in conventional finance have created great interest in the Islamic financial model, and this provides the basis for the industry to sustain a period of strong growth for the rest of this decade.
Dubai-based Noor Investment Group chief executive officer, Hussain Al Qemzi, said the high level of infrastructure spending in both Asean and the Middle East offers Islamic finance an opportunity to establish itself strongly in the global financial market, especially with the eurozone crisis that has certainly depressed the European banks' appetite for financing infrastructure projects.
"Islamic finance has not stopped growing despite all the crises. I think 2012 would be a much better year especially in the sukuk market, which is expected to rebound once the issues in the Middle East have settled down," he told Bernama in an interview.
Malaysia is already one of the largest sukuk (Islamic bond) issuance centres in the world and has established Islamic finance institutions well governed by trusted bodies like the International Islamic Liquidity Management Corporation.
Source : http://www.malaysiasme.com.my/index.php/SME-News/Islamic-banking-and-finance-to-keep-expanding-next-year.html
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