Insurance News MTUC wants government to control the PPF as "the scheme might collapse if left in the hands of the profit-driven private sector". Do you agree?
THE much talked about Private Pension Fund (PPF), targeted at those outside the current pension scheme and the self-employed, should not be left in the hands of profit-driven companies.
October 16, 2010
Insurance News Budget 2011: Double tax deduction will be given on payment of takaful contribution for export credit to companies approved by MoF. Currently only payment of conventional premium for such purpose is given double taxation. This Budget announcement will result in equal tax treatment between conventional insurance and takaful.
October 15, 2010
Insurance News Budget 2011: Private Pension Fund to be launched in 2011. Existing RM6,000 tax relief for EPF and insurance premiums combined can be used to purchase private pensions. No additional tax relief granted, not as proposed under Economic Transformation Programme whereby additional RM6,000 tax relief is to be made available.
October 15, 2010
Insurance News Great Eastern Takaful will launch 2 products early next year: I Great Damai (protection) and I Great Abadi (investment). 15 riders will also be made available.
KUALA LUMPUR: The new joint-venture (JV) takaful unit formed by Great Eastern Holdings Ltd and Koperasi Angkatan Tentera Malaysia Bhd (KAT) hopes to start operations by January, subject to receiving the operating licence from Bank Negara.
October 15, 2010
Insurance News Bancassurance channel dominates the SP sales with 66% market share but when it comes to RP business it only commands 12% market share. On total premium basis, bancassurance is the 2nd largest channel with 32% share of the premiums.
PETALING JAYA: Bancassurance is fast becoming a formidable No. 2 distribution channel in the insurance industry behind agency.
October 15, 2010
Insurance News Great Eastern takaful JV sets itself a target date of 11 Jan 2011 to be operational and 4 years to bring in the 1st profit. The JV will also make Malaysia the headquarters for takaful and commits to expand business overseas within 1 year. Brunei and Indonesia are the 2 likely markets.
Great Eastern Holdings Ltd plans to recruit more Bumiputera agents to further strengthen its agency infrastructure, especially in takaful services.
October 14, 2010
Insurance News AmLife will distribute its AmMedic plan through IHM and targets to secure RM2 mil premiums in 1st year and RM3 mil yearly thereafter.
AmLife Insurance Bhd (AmLife), previously known as AmAssurance Bhd, aims to generate RM3 million premiums annually from its partnership collaboration with Integrated Healthcare Management Sdn Bhd (IHM).
October 13, 2010
Insurance News Manulife Holdings Bhd's single largest shareholder is making a conditional take-over offer but intends to maintain the listing status of the company.
Manulife Century Holdings (Netherlands) B.V. (MHCN), which now has 48.66 per cent equity interest in Manulife Holdings Bhd (MHB), has offered RM3.22 per share for the remaining shares it does not own under a conditional take-over offer.
October 13, 2010
Insurance News In the effort of fighting insurance frauds which cause policyholders money through higher premium rates, the Australians launched a fraud hotline for frauds to be reported in an anonymous and convenient ways.
A new phone service is encouraging Australians to report suspected insurance fraud. The Insurance Fraud Hotline, set up by a Sydney-based investigations company, provides an online hub to report fraud information. People can upload pictures, videos and scanned documents. It is secure and users can ...
October 11, 2010
Insurance News Tokio Marine Life launched Opt-Income policy, a 20-year participating anticipated endowment plan and targets to secure RM20 mil premium within a month.
KUALA LUMPUR: Tokio Marine Life Insurance Malaysia Bhd expects to secure RM20mil in sales within a month from its new Opt-Income policy.
October 11, 2010
Insurance News LIAM hopes that in the coming Budget government would remove the 8% tax on investment income in life fund. The removal of tax would benefit policyholders and put life insurance funds on level playing field with other investments such as unit trusts.
KUALA LUMPUR: The Life Insurance Association of Malaysia (LIAM) wants the government to remove the 8% tax on investment earnings that is currently imposed on life insurance funds in the Budget 2011 to be tabled in Dewan Rakyat this Friday.
October 11, 2010