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Sunday, 15 January 2012

News Posts 20111218-20111224


Insurance News  -  23 Dec 2011  -  Public
The 10-year (2011-2020) Financial Sector Blueprint (FSBP) was unveiled by BNM yesterday. Under FSBP, the insurance products that will play significant role include: a) private pension products; b) higher value-added medical and health insurance; c) microinsurance and microtakaful products; d) political risk insurance; e) credit guarantee insurance.
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Insurance News  -  23 Dec 2011  -  Public
Licensing: New insurance and takaful licences are possible under FSBP, especially to financial institutions that can bring in specialised expertise. Similarly, there are hints that foreign equity higher than 70% could be allowed to those parties with specialised expertise. The dual licensing regime for financial advisers and financial planners will also be streamlined.
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Insurance News  -  23 Dec 2011  -  Public
Most, if not all newspapers seem to fail to report that under FSBP, the composite insurer/takaful operator concept will be history. The life and general businesses, and family and general takaful businesses will need to be carried out under separate entities.
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Insurance News  -  23 Dec 2011  -  Public
Distribution channel: insurers and takaful operators are encouraged under FSBP to offer their products through alternative distribution channels to enhance the reach.
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Insurance News  -  23 Dec 2011  -  Public
Risk management: under FSBP, risk management will play a more important role in insurance companies. Insurers and takaful operators will need to have independent and dedicated heads of risk.
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Insurance News  -  23 Dec 2011  -  Public
MIFC: in extending the MIFC initiatives, Malaysia will be positioned to become the international retakaful centre under FSBP.
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Insurance News  -  21 Dec 2011  -  Public
Actuaries will play a more prominent role in general insurers and general takaful operators under the Financial Sector Blueprint. Their role and interactions with key control functions in insurance companies will also be reviewed. There will also be further clarification on the actuaries' responsibilities in life insurers and family takaful operators. http://bit.ly/unhFJZ

The corporate governance of financial institutions and market discipline is expected to be enhanced when the recommendations under the Financial Sector Blueprint are implemented.
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Insurance News  -  21 Dec 2011  -  Public
Allianz is looking at Malaysia very closely and would be ready to include takaful in their portfolio when the opportunity arises. Allianz will use its experience gained in Indonesia as a base for future expansion. It started the takaful business in Indonesia in April 2006. http://bit.ly/rCBb67

Insurance News - Allianz Seeks to Expand Takaful Effort From Its Indonesia Base
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Insurance News  -  21 Dec 2011  -  Public
Acquiring Kurnia would make AmG the largest general insurer in Malaysia. However, pricing is key to the success of the acquisition. Speculation has it that the deal would be struck at 2.5 to 3 times book value. http://bit.ly/uDgJ3g
 
PETALING JAYA: Pricing would be a key consideration in the proposed sale of Kurnia Asia Bhd’s general insurance arm Kurnia Insurans (M) Bhd (KIMB) to AmG Insurance Bhd, analysts said.
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Insurance News  -  21 Dec 2011  -  Public
Prudential's Chairman Harvey McGrath will step down in 2012 once a successor is found. His early departure is seen by some as "an overhang from the failed AIA deal" which costed Prudential £377 mil in bills. McGrath suggested that he had been surprised by the time taken by the job as Chairman and he intended to devote more time to his other interests. http://bit.ly/vLM9Za
 
Shareholders blamed Harvey McGrath for the failure of the AIA bid – which left the company with a bill for £377m
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Insurance News  -  20 Dec 2011  -  Public
From 1 Jan 2012, if you want to buy an investment-linked product in Singapore, your agent will need to conduct a "Customer Knowledge Assessment" to assess whether you have the relevant knowledge or experience to understand the risks and features of ILP. Agents will look at your educational qualifications, investment and work experiences in the assessment. If the conclusion is that you do not have the relevant knowledge or experience, you will need to undergo learning modules before you are allowed to buy ILP! http://bit.ly/sCSa8B http://bit.ly/vGOWgY
SINGAPORE: Buying a mutual fund in Singapore may not be a cakewalk anymore.        
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Insurance News  -  20 Dec 2011  -  Public
The Kurnia deal as reported in Australia: IAG owns 49% of AmG. IAG would fund its purchase of Kurnia from internal resources. http://bit.ly/uN44TE

IAG seeks approval for Malaysian insurance deal
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Insurance News  -  19 Dec 2011  -  Public
It is confirmed: Kurnia is to be sold to AmG. http://bit.ly/t4tWJx

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Insurance News  -  18 Dec 2011  -  Public
PruBSN will open more branches and launch more products next year although the CEO did not reveal the details. http://bit.ly/v0Wuu3

KUALA LUMPUR: Prudential BSN Takaful Bhd (PruBSN) plans to add new branches and launch more products next year.

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