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Monday, 8 November 2010

News Posts 20101101-20101107

Insurance News SC said it has consulted the unit trust fund managers on the broad framework of PPF. Meanwhile FIMM said that SC is still working with MoF to come up with the final framework before they engage the industry and players in the market.
THE Securities Commission (SC) has denied it left unit trust fund managers out in the cold on the proposed Private Pension Fund (PPF), saying that it has consulted them on the broad framework of the scheme.
November 4, 2010

Insurance News The improvements in corporate governance practices and capital positions of insurance and takaful industry has been uneven between institutions and overall progress could be further accelerated. M&A would be 1 option to accelerate this. The role of signing actuaries may be expanded to support the more robust risk management particularly with respect to underwriting and solvency assessments.
KUALA LUMPUR: Meanwhile, in the insurance and takaful industry, Zeti said there had been continued improvements in corporate governance practices and further strengthening of the capital positions of individual institutions.
November 4, 2010

Insurance News Allianz wants to expand distribution channel by tapping the internet or social media networks and conducting worksite marketing with non-financial based companies, in addition to the current agency force and bancassurance channel. The new channels would bring in close to 10% of revenue over the next 3 to 5 years.
Jens Reisch KUALA LUMPUR: Allianz Malaysia Bhd will focus on two main fronts which it is confident will generate new revenue streams for the company and put it on a stronger footing in the competitive insurance landscape.
November 4, 2010

Insurance News Insurance companies may be required to appoint dedicated risk heads. The role of signing actuaries is under review. BNM will issue regulatory framework for takaful by end of this year.
Malaysia’s central bank is considering whether to require insurance companies to appoint dedicated heads of risk, according to a speech by Governor Tan Sri Dr Zeti Akhtar Aziz sent to the media today.
November 3, 2010

Insurance News FIMM opines that the no. of scheme managers for the proposed private pension fund should not be limited to 5 or 6. It should be opened to unit trust companies, insurance companies and takaful operators that have got the economies of scale in managing such scheme.
MALAYSIA'S unit trust fund managers are still in the dark about the proposed private pension scheme (PPS) but they stressed that it should be run by existing companies and not by brand new start-ups.
November 3, 2010

Insurance News Zakri Mohd Khir will take over the role of CEO for Allianz General from Ng Hang Ming. Zakri was previously the non-independent and non-executive director of the parent company - Allianz Malaysia Bhd. There is no immediate news on where Ng Hang Ming is heading.
PETALING JAYA: Zakri Mohd Khir is now the new chief executive officer of Allianz General Insurance Company (M) Bhd (AGIC) pending approval from Bank Negara.
November 2, 2010

Insurance News The number of life insurance companies in Malaysia will officially reduce from 16 to 15 soon as Etiqa is reaching the final stage of merging Mayban Life to Etiqa Insurance. The number of Takaful operators will also reduce by 1 accordingly.
ETIQA says it has reached the final stage of its merger process as it transfers the businesses, assets and liabilities of Mayban Life Assurance Bhd to Etiqa Insurance Bhd from today.
November 1, 2010

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