PIAM to appeal MyCC’s finding that it infringed Competition Act

The General Insurance Association of Malaysia (PIAM) says it will be appealing against the Malaysian Competition Commission’s (MyCC) decision that it infringed the Competition Act 2010 in connection with motor vehicle repairs. The appeal is in relation to MyCC’s final decision against PIAM and general insurers on trade discounts on automotive parts prices and hourly[…]

Life insurance industry’s new premiums up 14.9% in 2019

The life insurance industry reported a 14.9% growth in new business total premiums to RM11.8 billion last year, from RM10.3 billion in 2018, according to the Life Insurance Association of Malaysia (LIAM). In a statement, it said in 2019, traditional business, investment-linked and group business recorded strong growth of 30.12%, 11.05% and 10.79% respectively. However,[…]

LIAM committed to increasing life insurance penetration rate

The Life Insurance Association of Malaysia (LIAM) is committed to increasing the life insurance penetration rate in the country and is learning from experience. Vice-president Rangam Bir said to further boost the penetration rate especially among the B40 group, it had launched several initiatives in partnership with Bank Negara Malaysia and other stakeholders and it[…]

500 complaints against insurance agents

Malaysian consumers are being misled into purchasing products or services incorrectly. At the National Consumers Complaint Centre (NCCC), many people who sought help complained of agents from insurance companies who promised rebates or other benefits that were not valid. Sales agents have to reach targets set by their companies. To do so, the unethical ones[…]