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Sunday, 24 April 2011

News Posts 20110418-20110424

Insurance News "PIDM is building risk assessment and monitoring activities for TIPs" implies that insurance & takaful cos are not currently charged different rates based on risk assessment on them. "There is no charge to takaful certificate & insurance policy owners". This is misleading, while there is no direct charge, surely the costs incurred by insurance companies will be passed indirectly to consumers!
KUALA LUMPUR, April 21 (Bernama) -- Perbadanan Insurans Deposit Malaysia (PIDM) or the Malaysia Deposit Insurance Corporation (PIDM) will continue to focus on putting in place the required infrastructure, systems, policies and resources to effectively administer the Takaful and Insurance Benefits Protection
April 22, 2011

Insurance News According to this newspaper article, PIDM charges higher premiums for financial institutions with higher risk. Banks and insurers are rated on qualitative and quantitative criteria. Those in the industry can tell us how accurate this article is.
PIDM KUALA LUMPUR: Malaysia Deposit Insurance Corp (PIDM) says its practice of charging higher premiums for financial institutions with higher risk has a role to play in ensuring that they have a sound risk management system in place.
April 22, 2011

Insurance News Due to stretched resources, FSA will first focus on larger insurers in approving their internal models for Solvency II. Smaller firms will however have their models reviewed and approved before the Jan 2013 deadline.
The Financial Services Authority (FSA) will be adopting a two-tier approach to assessing insurers’ new capital models under Solvency II, The Financial Times has reported.
April 19, 2011

Insurance News 1MMPP - a micro-insurance product developed by the industry with the support of BNM, is now available with a starting monthly premium of less than RM20. The product covers death, illnesses, accidents, fires and loss of property.
KUALA LUMPUR: 1Malaysia Micro Protection Plan (1MMPP) has been developed to enhance accessibility and affordability of insurance and takaful protection for Malaysians.
April 19, 2011

Insurance News Focus of crisis preparedness is not on insurance industry given that it is not seen as a source of systemic risk. However financially healthy insurance entities can be affected by the failure of non-insurance part of the group. Supervisory authorities can better manage the financial sector by combination of macro & micro surveillance, monitoring accumulation of risks & cooperate among themselves.
PETALING JAYA: Bank Negara assistance governor Donald Joshua Jaganathan said a well-designed supervisory framework for the insurance industry and effective surveillance will help to minimise the likelihood and impact of a financial crisis.
April 19, 2011

Insurance News Publicity stunt by an insurance company may backfire. She is 47, he is 23. Their families objected to their relationship and they went to FB to seek blessings. With >3500 followers, their wedding ceremony was supposed to be telecast live on internet. But it was a publicity stunt by one insurance company trying to convey the message on the importance of insurance!
THE love story of a “forbidden couple” on Facebook may have had the insurance firm laughing for the free publicity it garnered, but netizens aren’t.
April 18, 2011

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