Concept Paper: Life Insurance and Family Takaful Framework Source: bnm.gov.my/index.php?ch=en_announcement&pg=en_announcement_all&ac=260&lang=en Effective date The consultation period for this concept paper ends on 9 December 2013 Applicability 1. Life insurers licensed under the FSA; 2. Family takaful operators licensed under the IFSA; and 3. Financial advisers and Islamic financial advisers approved under the FSA and IFSA. Summary Bank Negara Malaysia is issuing a concept paper on the Life Insurance and Family Takaful Framework (the Framework) for public consultation. The concept paper aims to seek feedback from members of the public, industry players, intermediaries and related stakeholders on the proposed enhancements to the life insurance and family takaful industry. The Framework encapsulates initiatives aimed to support a higher level of insurance and takaful penetration in line with Malaysia’s transition to become a high-income economy. Highlights The concept paper highlights several key initiatives that would transition the life insurance and takaful industry towards achieving a penetration rate of 75% while at the same time ensuring consumers continue to receive proper advice. These initiatives are broadly categorised as follows: i. Allow greater operational flexibility to promote product innovation while preserving policy/certificate value; ii. Diversified distribution channels to widen in the delivery of insurance and takaful products; and iii. Strengthening market conduct to enhance consumers’ protection through instilling greater professionalism in the industry and enhancing product disclosure standards with greater transparency. The feedback should be addressed to [email protected] Attachment • Concept Paper on Life Insurance & Family Takaful Framework
Posted on: Sun, 10 Nov 2013 14:13:37 +0000
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