Life Insurance Association of Malaysia
Annual Report
2011
CONTENTS
2
PRESIDENT’S
MESSAGE
16
5
PERUTUSAN
PRESIDEN
27
8
MEMBERS OF THE
MANAGEMENT
COMMITTEE
33
2011/2012
9
10
MANAGEMENT
COMMITTEE
2011/2012
39
REPORT OF THE
MANAGEMENT
COMMITTEE
LAPORAN
JAWATANKUASA
PENGURUSAN
PERFORMANCE
OF THE LIFE
INSURANCE
INDUSTRY
MEMBERS OF LIAM
COMMITTEES
AND WORKING
COMMITTEES
2011/2012
Life Insurance Association of Malaysia
No 4, Lorong Medan Tuanku Satu, Medan Tuanku, 50300 Kuala Lumpur
Tel 603 2691 6168 /2691 6628/2691 8068 Fax 603 2691 7978
Website www.liam.org.my E-mail liaminfo@liam.org.my
ANNUAL REPORT 2011
Life Insurance Association of Malaysia
President’s Message
On behalf of the Management Committee, I am pleased to
present the Annual Report of the Life Insurance Association
of Malaysia (LIAM) for year 2011.
Financial Sector Blueprint
One of the major highlights during the year was the release
of the Financial Sector Blueprint (FSBP) 2011-2020 by
Bank Negara Malaysia (BNM) in December 2011. Intended
as a 10-year strategic plan to propel the nation to be more
competitive, dynamic, diversified and integrated, the FSBP
will form the basis for Malaysia to becoming a high valueadded, high income economy.
Retirement planning has been earmarked as a growth
driver for our sector. LIAM would work closely with the
government to ensure that the vision to develop a vibrant
pension industry could be fulfilled in a short period of time.
This is in view that financial solutions for retirement and
healthcare will become more critical as the nation moves
towards an ageing population. Life insurance companies
will be able to provide a supporting infrastructure for the
development of annuity products that mitigate longevity
and inflation risks, as well as play a contributory role to the
long term financing of the nation.
Vincent Kwo Shih Kang
Another area of potential growth is the development of
higher value-added medical and health insurance which
includes the provision of long-term care, assisted living,
hospice care etc. The evolution of medical and health
insurance will become more significant for private insurers
to complement the basic protection to be offered under the
upcoming national healthcare financing package.
In line with the Blueprint, we will continue to execute our
long term strategic plan to further increase the level of
consumer protection and education. It is important that
consumers are able to make well-informed decisions. To
that end, LIAM has continuously liaised with consumer
bodies such as FOMCA to enhance awareness and provide
amicable complaints handling. LIAM also participated in
road shows outside Klang Valley to reach out to consumers
2 |
in different states.
president’s message
ANNUAL REPORT 2011
Life Insurance Association of Malaysia
As frontliners of the industry, we believe in developing a
skilled workforce to support the expansion of the financial
services sector. The life insurance industry is currently
involved in the Financial Sector Talent Enrichment
Programme which trains graduates to provide them with a
solid foundation in financial services. We are also involved
in the AIF-MII Capacity Building Fund, a programme based
on the joint contribution of funds with BNM to develop the
competency framework of the financial services sector.
In tandem with the aspirations of the FSBP, we at
LIAM intend to develop a roadmap to achieve the
recommendations outlined in the Blueprint. The roadmap
would include a review of the current structure of the
Association to strategise and strengthen LIAM’s role as the
voice of the industry.
Competition Act
A major development that will affect the conduct of
businesses is the Competition Act which came into force
on 1 January 2012. As in other industries, the Competition
Act has a wide impact on the business and operations of
the life insurance industry. To ensure that the operations of
life insurance companies are not anti-competitive, we took
affirmative action by engaging an established legal firm to
Treat Customers Fairly (TCF)
In essence, the TCF framework seeks to harmonize
practices within the industry to avoid mis-selling, ensure
fair terms and conditions are given to consumers and not
restrict customers’ freedom of choice. We believe that
having drawn up the minimum standards, it will eventually
serve as the best practice framework for member
companies to adopt.
The minimum standards are set to ensure that consumerrelated issues and implications are incorporated within the
product development and authorization stages; adequate
and effective measures for resolving and monitoring
customer complaints are established and customers are
fully informed through welcome calls, product disclosure
sheet and the Customer Fact-Find process.
The TCF is also aimed at ensuring that products are sold
based on customer’s suitability and risk appetite; agents
and staff are well qualified and properly trained; the
commission structure is not excessively biased towards
high revenue generating products; and that customer
information is adequately safeguarded.
On matters related to claims, member companies have
been urged to monitor claim rejection rates in their
assess the impact of the Act on the industry.
efforts to improve future customers’ understanding about
After several consultations, LIAM submitted an application
independent claims committee to review cases which have
for a decision or block exemption order under the
Competition Act 2010 with the Malaysia Competition
Commission (MyCC). It was a crucial move to appeal on
the grounds that activities of life insurance companies
which are carried out in compliance with the Insurance
product features, benefits and exclusions and to set up an
been referred by the claims manager.
After a series of meetings and discussions with the
members as well as consultations with BNM, the TCF
framework was finalized and introduced in January 2012.
Act, guidelines from Bank Negara Malaysia (BNM) and
the Ministry of Finance are deemed to be a ‘legislative
requirement’ and are permitted under the Competition Act.
president’s message
| 3
ANNUAL REPORT 2011
Life Insurance Association of Malaysia
The Takaful and Insurance
Benefits Protection System (TIPS)
LIAM Disciplinary Proceedings
With effect from 2011, life insurance companies will
of Societies approved the amendments to Article 16 of the
be required to contribute to the Takaful and Insurance
LIAM Constitution in July 2011. Article 16 was amended to
Benefits Protection System (TIPS), managed by the
strengthen the position of the Disciplinary Committee by
Perbadanan Insurans Deposit Malaysia (PIDM). While
empowering the Committee to investigate, hold inquiries and
the industry supports the establishment of a policyholders’
to decide on the disciplinary action in the case of a breach of
protection scheme to compensate policyholders in the
the Association’s guidelines. The aim of this revision was to
event of a failure of an insurer, LIAM would like to see a
expedite the investigation of complaints lodged by member
fair contribution to the fund, taking into consideration the
companies without the need of referring this process to the
strong solvency rules that have been put in place under
Committee of Inquiry and Management Committee.
To strengthen the self-regulatory role of LIAM, the Registrar
the Risk Based Capital (RBC) framework. An actuarial
consulting firm was appointed by LIAM to study the models
of protection schemes in other countries with the view of
having discussions with PIDM on the level of contribution
for future years.
Budget 2012
Acknowledgement
In closing, I wish to record my appreciation to Encik Mohd
Din Merican for his service and dedication in leading the
Association during his tenure as LIAM President from
March to December 2011. It is an honour for me to take over
the reins from him and I would like to thank the Members
In the recent Budget 2012, the Government proposed a
of the Management Committee for this opportunity to lead
new tax relief of up to RM3,000 on contributions to a Private
the Association.
Retirement Scheme (PRS) and insurance annuity for 10
years. This is a good start by the Government to recognize
the need for suitable retirement planning as it will help to
ensure private sector employees and the self-employed
have sufficient savings upon retirement.
I would also like to express my heartfelt appreciation
to the Members of the Management Committee and the
Working Committees for their support and commitment to
LIAM’s activities. The Members’ contribution is certainly
the corner-stone of the Association’s success. Despite our
It was also noted that the tax relief of RM6,000 on life
diverse backgrounds, as each Member is guided by their
insurance premiums paid by individuals is still combined
own business strategies and philosophies, LIAM Members
with the statutory EPF contribution. We hope that the
have consistently presented a united front on many issues
separate RM6,000 tax relief for insurance premium will be
and challenges facing the industry.
realised in the near future.
On behalf of LIAM, I would also like to place on record
Whilst the tax exemption on investment income of
my appreciation to BNM, Ministry of Finance, Treasury,
Private Retirement Fund is given, so as not to erode the
Ministry of Health and other Government agencies for
accumulation of the fund, it is unfortunate that the same is
their support, guidance and assistance in our pursuits to
not accorded to insurance annuity. The current 8% tax on
address the challenges of the industry.
investment income of annuity fund would result in lower
annuity amount and LIAM hopes that the Government will
consider the removal of such taxation.
Lastly, I would like to thank the Secretariat staff for their
diligence and hardwork in carrying out their duties.
Vincent Kwo Shih Kang
President
4 |
president’s message
ANNUAL REPORT 2011
Life Insurance Association of Malaysia
Perutusan Presiden
Bagi pihak Jawatankuasa Pengurusan, saya dengan
Sehubungan itu, LIAM sentiasa bekerjasama dengan
sukacitanya membentangkan Laporan Tahunan Persatuan
badan-badan
Insurans Hayat Malaysia (LIAM) bagi tahun 2011.
meningkatkan kesedaran dan menyediakan pengendalian
pengguna
seperti
FOMCA
untuk
aduan secara saksama. LIAM juga menyertai siri jelajah di
luar Lembah Klang untuk mendekati pengguna di serata
Pelan Sektor Kewangan
Pelancaran Pelan Sektor Kewangan (FSBP) 2011-2020
oleh Bank Negara Malaysia (BNM) pada Disember 2011
merupakan acara kemuncak dalam industri pada tahun ini.
Ia merupakan pelan strategik 10 tahun yang dirangkakan
untuk memacu negara supaya menjadi lebih berdaya saing,
dinamik dan bersepadu. FSBP juga akan membentuk asas
bagi Malaysia menuju ke arah pembentukan ekonomi nilai
ditambah yang tinggi dan berpendapatan tinggi.
Perancangan
persaraan
telah
dikenalpasti
sebagai
pemacu pertumbuhan bagi sektor kami. LIAM akan
bekerjasama rapat dengan kerajaan untuk memastikan visi
untuk membangunkan industri pencen yang rancak dapat
dicapai dalam tempoh yang singkat. Ini memandangkan
penyelesaian kewangan bagi persaraan dan penjagaan
kesihatan akan menjadi lebih kritikal apabila negara
bergerak ke arah penduduk menua. Syarikat insurans
akan dapat menyediakan prasarana sokongan bagi
pembangunan produk anuiti yang mengurangkan risiko
kepanjangan usia dan inflasi. Prasarana ini memainkan
negara.
Sebagai barisan hadapan industri ini, kami menekankan
pembangunan tenaga kerja mahir bagi menyokong
pengembangan
sektor
perkhidmatan
kewangan.
Industri insurans hayat kini terlibat dalam Program
Meningkatkan Tenaga Mahir Dalam Sektor Kewangan
(FSTEP) yang melatih graduan dengan asas yang
kukuh dalam perkhidmatan kewangan. Kami juga terlibat
dalam Dana Pembinaan Kapasiti AIF-MII, satu program
berdasarkan sumbangan bersama dana dengan BNM
untuk membangunkan rangka kerja kecekapan sektor
perkhidmatan kewangan.
Selaras dengan aspirasi FSBP, LIAM berhasrat untuk
menghasilkan pelan tindakan bagi mencapai saranansaranan yang digariskan dalam rangka tindakan baru
tersebut. Pelan tindakan ini akan melibatkan kajian semula
struktur semasa Persatuan supaya dapat menyusun
strategi dan mengukuhkan peranan LIAM sebagai suara
industri ini di masa depan.
peranan dalam pembiayaan jangka panjang negara.
Satu lagi bidang pertumbuhan yang berpotensi ialah
Akta Persaingan
pembangunan insurans perubatan dan kesihatan nilai
Perkembangan
ditambah yang lebih tinggi. Ia juga termasuk penyediaan
pengendalian perniagaan ialah Akta Persaingan yang
penjagaan jangka panjang, hidup dibantu, jagaan hospis
berkuatkuasa pada 1 Januari 2012. Sepertimana dalam
dan sebagainya. Evolusi insurans perubatan dan kesihatan
industri lain, Akta Persaingan mempunyai kesan yang
akan menjadi lebih signifikan bagi penanggung insurans
meluas ke atas perniagaan dan operasi industri insurans
swasta untuk melengkapi perlindungan asas yang akan
hayat. Untuk memastikan operasi syarikat insurans hayat
ditawarkan di bawah pakej pembiayaan penjagaan
tidak antipersaingan, kami telah mengambil tindakan
kesihatan negara yang bakal dilaksanakan.
afirmatif dengan melantik firma guaman yang mantap untuk
Selaras dengan Pelan Sektor Kewangan, kami akan terus
utama
yang
akan
mempengaruhi
menilai kesan Akta tersebut ke atas industri ini.
melaksanakan pelan strategik jangka panjang kami bagi
Selepas
meningkatkan lagi tahap perlindungan dan pendidikan
mengemukakan permohonan penangguhan keputusan
beberapa
perundingan,
LIAM
telah
pengguna. Adalah penting untuk memastikan pengguna
atau perintah pengecualian blok di bawah Akta Persaingan
dapat membuat keputusan yang cukup bermaklumat.
2010 kepada Suruhanjaya Persaingan Malaysia (MyCC).
perutusan presiden
| 5
ANNUAL REPORT 2011
Life Insurance Association of Malaysia
Ia merupakan satu langkah yang amat penting untuk
membuat rayuan atas dasar bahawa aktiviti syarikat
insurans hayat yang dijalankan dengan mematuhi Akta
Insurans, garis panduan daripada BNM dan Kementerian
Kewangan dianggap sebagai ‘keperluan perundangan’ dan
dibenarkan di bawah Akta Persaingan.
Sistem Perlindungan Manfaat
Takaful dan Insurans (TIPS)
Mulai tahun 2011, syarikat insurans hayat dikehendaki
mencarum kepada Sistem Perlindungan Manfaat Takaful
dan Insurans (TIPS) yang diuruskan oleh Perbadanan
Insurans Deposit Malaysia (PIDM). Walaupun penubuhan
skim perlindungan pemegang polisi untuk membayar
pampasan kepada pemegang polisi sekiranya berlaku
Layan Pelanggan Dengan Adil
(TCF)
kegagalan penanggung insurans disokong oleh industri,
Pada dasarnya, rangka kerja Layan Pelanggan Dengan
Adil (TCF) bertujuan untuk mengharmonikan amalan dalam
industri ini bagi mengelakkan salah jualan, memastikan
terma dan syarat yang adil diberi kepada pengguna dan
tidak menyekat kebebasan pengguna untuk memilih. Kami
percaya bahawa piawaian minimum yang telah disediakan
ini akan menjadi rangka kerja amalan terbaik untuk diterima
pakai oleh syarikat-syarikat ahli.
namun LIAM masih mahu melihat caruman yang
adil kepada dana ini dengan mengambil kira peraturan
kemampuan bayar yang ketat yang telah ditetapkan di
bawah rangka kerja Modal Berasaskan Risiko (RBC).
Sebuah firma perunding aktuari telah dilantik oleh LIAM
untuk mengkaji model-model skim perlindungan di
negara-negara lain dengan tujuan untuk mengadakan
perbincangan dengan PIDM tentang tahap caruman untuk
tahun akan datang.
Piawaian minimum ini ditetapkan untuk memastikan isu
dan implikasi berkaitan pengguna dimasukkan dalam
peringkat pembangunan dan kelulusan produk; langkah
yang memadai dan berkesan untuk menyelesaikan dan
memantau aduan pelanggan diwujudkan dan pelanggan
dimaklumkan sepenuhnya melalui panggilan telefon,
lembaran pendedahan produk dan proses Carian Fakta
Dalam
Bajet
2012
baru-baru
ini,
kerajaan
telah
mencadangkan pelepasan cukai baru sehingga RM3,000
ke atas caruman kepada Skim Persaraan Swasta (PRS)
dan anuiti insurans selama 10 tahun. Ini merupakan satu
Pelanggan.
permulaan yang baik oleh kerajaan untuk mengiktiraf
TCF juga bermatlamat untuk memastikan produk dijual
kerana ia akan menolong memastikan pekerja sektor
berdasarkan kesesuaian dan selera risiko pelanggan; ejen
swasta dan mereka yang bekerja sendiri mempunyai
dan kakitangan cukup berkelayakan dan cukup terlatih;
simpanan yang cukup pada persaraan mereka nanti.
keperluan perancangan persaraan yang sesuai. Ini adalah
struktur komisen tidak terlalu condong kepada produk
yang menjanakan perolehan yang tinggi; dan maklumat
Sehingga kini, pelepasan cukai sebanyak RM6,000 ke atas
pelanggan dilindungi dengan secukupnya.
premium insurans hayat yang dibayar oleh individu masih
Mengenai perkara yang berkaitan dengan tuntutan,
berharap pelepasan cukai berasingan sebanyak RM6,000
syarikat-syarikat ahli telah digesa supaya memantau
untuk premium insurans akan direalisasikan dalam tempoh
kadar penolakan tuntutan dalam usaha mereka untuk
terdekat ini.
lagi digabungkan dengan caruman wajib KWSP. Kami
meningkatkan pemahaman pelanggan masa depan tentang
ciri-ciri, manfaat dan pengecualian produk. Syarikatsyarikat ahli disarankan untuk menubuhkan jawatankuasa
tuntutan bebas untuk mengkaji semula kes-kes yang telah
dirujuk oleh pengurus tuntutan.
Setelah
mengadakan
beberapa
Walaupun pengecualian cukai diberi ke atas pendapatan
pelaburan
Dana
Persaraan
Swasta
supaya
tidak
menghakis pengumpulan dana, namun pengecualian yang
sama tidak diberikan kepada anuiti insurans. Cukai 8% ke
atas pendapatan pelaburan dana anuiti sekarang akan
mesyuarat
dan
mengakibatkan jumlah anuiti yang lebih rendah dan LIAM
perbincangan dengan ahli serta perundingan dengan
berharap kerajaan akan memberi pertimbangan untuk
BNM, rangka kerja Layan Pelanggan Dengan Adil telah
menghapuskan cukai tersebut.
dimuktamadkan dan diperkenalkan pada Januari 2012.
6 |
Bajet 2012
perutusan presiden
ANNUAL REPORT 2011
Life Insurance Association of Malaysia
Prosiding Disiplin LIAM
Untuk mengukuhkan peranan kawal selia sendiri LIAM,
Pendaftar Pertubuhan telah meluluskan pindaan Perkara
16 Perlembagaan pada Julai 2011. Perkara 16 telah
dipinda untuk mengukuhkan kedudukan Jawatankuasa
Disiplin dengan memberi kuasa kepada Jawatankuasa
ini untuk menyelidik, membuat siasatan dan membuat
keputusan tentang tindakan disiplin dalam kes pelanggaran
garis panduan Persatuan ini. Tujuan semakan ini ialah
untuk mempercepatkan siasatan ke atas aduan yang telah
dibuat oleh syarikat ahli tanpa perlu merujukkan proses
ini kepada Jawatankuasa Siasatan dan Jawatankuasa
Pengurusan.
Saya juga ingin menyampaikan rasa penghargaan yang
tulus ikhlas kepada ahli-ahli Jawatankuasa Pengurusan
dan Jawatankuasa Kerja di atas sokongan dan komitmen
mereka kepada aktiviti LIAM. Sesungguhnya, sumbangan
ahli-ahli ini merupakan asas kejayaan Persatuan ini.
Meskipun kami mempunyai latar belakang yang berbeza,
kerana setiap ahli dipandu oleh strategi dan falfasah
perniagaan tersendiri, namun ahli LIAM sentiasa bersatu
hati dalam menangani pelbagai isu dan cabaran yang
dihadapi oleh industri ini.
Bagi
pihak
LIAM,
saya
juga
ingin
merakamkan
penghargaan saya kepada BNM, Kementerian Kewangan,
Perbendaharaan, Kementerian Kesihatan dan agensiagensi kerajaan di atas sokongan, dan bantuan yang
Penghargaan
Sebagai penutup, saya ingin merakamkan setinggi-tinggi
diberikan dalam usaha kami untuk menghadapi cabarancabaran dalam industri ini.
penghargaan saya kepada Encik Mohd Din Merican di atas
Akhir kata, saya ingin mengucapkan terima kasih kepada
khidmat dan dedikasinya dalam menerajui Persatuan ini
kakitangan Urus Setia di atas ketekunan dan usaha gigih
sepanjang beliau menjadi Presiden LIAM dari Mac hingga
yang mereka pamerkan dalam menjalankan tugas mereka.
Disember
2011. Adalah satu penghormatan buat saya
untuk mengambil alih tampuk kepimpinan daripada beliau
dan saya ingin mengucapkan terima kasih kepada Ahli-
Vincent Kwo Shih Kang
Presiden
ahli Jawatankuasa Pengurusan kerana memberi peluang
kepada saya untuk memimpin Persatuan ini.
perutusan presiden
| 7
ANNUAL REPORT 2011
Life Insurance Association of Malaysia
Members of the Management
Committee 2011/2012
President
Mr Vincent Kwo Shih Kang
President
Encik Mohd Din Merican
Etiqa Insurance Berhad
American International Assurance Bhd.
(w.e.f 1 January 2012)
(until 31 December 2011)
(w.e.f. 1 January 2012)
Uni.Asia Life Assurance Berhad
Mr Jens Reisch
Allianz Life Insurance
Malaysia Berhad
Mr Ng Lian Lu
AmLife Insurance Berhad
Vice-President
Mr Khor Hock Seng
Mr Loke Kah Meng
(until 29 June 2011)
AXA Affin Life
Insurance Berhad
Encik Muhamad
Umar Swift
Mr Michael
Chan Yui Lung
(w.e.f. 27 July 2011)
YBhg Dato’
Dr Nirmala Menon
ING Insurance Berhad
Malaysian Assurance
Alliance Berhad
YBhg Dato Koh
Yaw Hui
Great Eastern Life Assurance
(Malaysia) Berhad
Ms Nancy Tan
Executive Secretary
Manulife Insurance Berhad
(until 28 September 2011)
8 |
As at 1 January 2012
members of the management committee 2011/2012
ANNUAL REPORT 2011
Life Insurance Association of Malaysia
Management Committee
2011/2012
president
Mr Vincent Kwo Shih Kang
Encik Mohd Din Merican
Uni.Asia Life Assurance Berhad
Etiqa Insurance Berhad
(w.e.f. 1 January 2012)
(until 31 December 2011)
vice-president
Mr Khor Hock Seng
American International Assurance Bhd.
(w.e.f. 1 January 2012)
members
Allianz Life Insurance Malaysia Berhad
Main Representative : Mr Jens Reisch
(w.e.f. 27 July 2011)
Alternate
: Mr Charles Ong
Alternate
: Ms Lim Li Meng
American International Assurance Bhd.
Main Representative : Mr Khor Hock Seng
Alternate
: YBhg Datin Veronica
Selvanayagy
Alternate
: Ms Anusha Thavarajah
(w.e.f. 13 October 2011)
Mr Lee Jiau Jiunn
(until 12 October 2011)
AmLife Insurance Berhad
Main Representative : Mr Ng Lian Lu (until 29 June 2011)
Alternate
: Mr Patrick Cheah Gim Guan
Alternate
: Mr Clement Heng
(until 31 December 2011)
AXA AFFIN Life Insurance Berhad
Main Representative : Mr Loke Kah Meng
Alternate
: Ms Kang Yu Fen
Alternate
: Mr Nicholas Kua
Etiqa Insurance Berhad
Main Representative : Encik Mohd Din Merican
(until 31 December 2011)
Alternate
: Puan Nora Ishak
Great Eastern Life Assurance
(Malaysia) Berhad
Main Representative : YBhg Dato Koh Yaw Hui
Alternate
: Mr Bruce Lee Yee Lam
Alternate
: Mr Alan Teo
(until 31 July 2011)
ING Insurance Berhad
Main Representative : YBhg Dato’ Dr Nirmala Menon
Alternate
: Ms Anusha Thavarajah
(until 30 September 2011)
Malaysian Assurance Alliance Berhad
Main Representative : Encik Muhamad Umar Swift
(until 28 September 2011)
Alternate
: Mr John Leong Choon Wai
Alternate
: Ms Serena Thio Hui Ming
Manulife Insurance Berhad
Main Representative
Alternate
Alternate
: Mr Michael Chan Yui Lung
: Mr Alex Wong
: Ms Susan Ong
Uni.Asia Life Assurance Berhad
Main Representative
Alternate
Alternate
: Mr Vincent Kwo Shih Kang
: Mr Raymond Lai You Kim
: Mr Nikolaos Stampoulis*As at 1
January 2012
As at 1 January 2012
management committee 2011/2012
| 9
ANNUAL REPORT 2011
Life Insurance Association of Malaysia
Committees and
Working Committees 2011/2012
ACCOUNTING STANDARDS &
TAXATION COMMITTEE
ADMINISTRATION &
FINANCE COMMITTEE
Chairman
Chairman
Mr Loke Kah Meng
AXA AFFIN Life Insurance Berhad
Mr Vincent Kwo Shih Kang
Uni.Asia Life Assurance Berhad
Members
Members
Ms Chin Yien Ping
Allianz Life Insurance Malaysia Berhad
YBhg Datin Veronica Selvanayagy
American International Assurance Bhd
Mr Lee Kok Wah (w.e.f. 1 January 2012)
AXA AFFIN Life Insurance Berhad
Mr Melvyn Cheong Chee Mun (w.e.f. 22 November 2011)
AmLife Insurance Berhad
Ms Fiona Kuak
CIMB Aviva Assurance Berhad
Puan Kamariah Zainal (until 21 November 2011)
AmLife Insurance Berhad
Ms Dawn Lem Seow Fong
Etiqa Insurance Berhad
Puan Aziah Abdul Aziz (until 2 August 2011)
AmLife Insurance Berhad
Mr Mah Poon Keong
Great Eastern Life Assurance (Malaysia) Berhad
Ms Sophia Ch’ng (w.e.f. 3 August 2011)
Great Eastern Life Assurance (Malaysia) Berhad
Ms Anusha Thavarajah (until 30 September 2011)
ING Insurance Berhad
Mr Bruce Lee (until 2 August 2011)
Great Eastern Life Assurance (Malaysia) Berhad
Mr Mooi Kin Seng
ING Insurance Berhad
Mr Rohan Kananathan
Hannover Life Re, Malaysian Branch
Ms Sze Yuet Ping
Prudential Assurance Malaysia Berhad
Ms Anusha Thavarajah (until 30 September 2011)
ING Insurance Berhad
Mr Yang Chin Lee
Malaysian Assurance Alliance Berhad
Mr Andrew Sims
Prudential Assurance Malaysia Berhad
Ms Lim Sheng Hui
Tokio Marine Life Insurance Malaysia Bhd.
10 |
committees and working committees 2011/2012
ANNUAL REPORT 2011
Life Insurance Association of Malaysia
DISTRIBUTION SYSTEM COMMITTEE
Chairman
Mr Khor Hock Seng
American International Assurance Bhd
Members
Mr John Leong Choon Wai
Malaysian Assurance Alliance Berhad
Mr Jeffrie Teh Cheng Keat
Manulife Insurance Berhad
Mr C. Kumaran
MCIS ZURICH Insurance Berhad
Ms Hei Kim Yin
Allianz Life Insurance Malaysia Berhad
Ms Khoo Ai Lin
Prudential Assurance Malaysia Berhad
Mr Chuah Chin Seong
American International Assurance Bhd
Mr Heng Zee Wang (w.e.f. 1 February 2012)
Prudential Assurance Malaysia Berhad
Encik Mohd Aszemi Ibrahim
AmLife Insurance Berhad
Mr Lai Leong Pin (until 1 February 2012)
Prudential Assurance Malaysia Berhad
Mr Vincent Ku (w.e.f. 2 November 2011)
AXA AFFIN Life Insurance Berhad
Mr Jacky Chan Pen Lon
Uni.Asia Life Assurance Berhad
Mr Yong Chee Keong (until 1 November 2011)
AXA AFFIN Life Insurance Berhad
Mr Song Hock Wan
Great Eastern Life Assurance (Malaysia) Berhad
EDUCATION &
EXAMINATION COMMITTEE
Chairman
Mr Nicholas Yeo Chee Lek
Hannover Life Re, Malaysian Branch
YBhg Dato Koh Yaw Hui
Great Eastern Life Assurance (Malaysia) Berhad
Ms Loh Guat Lan
Hong Leong Assurance Berhad
Members
Mr Lee Eng Guan
Hong Leong Assurance Berhad
Mr Chai Koh Min
ING Insurance Berhad
Ms Yap Suat Yen
ING Insurance Berhad
Encik Wan Mohd Kamil bin Wan Jaafar
Etiqa Insurance Berhad
Ms Ang Siew Gaik
Allianz Life Insurance Malaysia Berhad
Mr Tan Choon Hock
American International Assurance Bhd
Mr Vincent Ku
AXA AFFIN Life Insurance Berhad
Encik Muhamad Sani b. Ayub
Etiqa Insurance Berhad
committees and working committees 2011/2012
| 11
ANNUAL REPORT 2011
Life Insurance Association of Malaysia
Mr Andy Ng
Great Eastern Life Assurance (Malaysia) Berhad
Ms Yeo I-Peng
Etiqa Insurance Berhad
Ms Chia Chu Yong
Hong Leong Assurance Berhad
Ms Leong Pei Yee
Great Eastern Life Assurance (Malaysia) Berhad
Ms Chan Sok Jing
ING Insurance Berhad
Ms Kathy Lim (w.e.f. 1 October 2011)
Great Eastern Life Assurance (Malaysia) Berhad
Mr Woo Man Loong
Malaysian Assurance Alliance Berhad
Mr Khoo Shang Hui (until 15 July 2011)
Great Eastern Life Assurance (Malaysia) Berhad
Mr Darren Yau
Manulife Insurance Berhad
Ms Choong Poh Wan (until 8 September 2011)
Hong Leong Assurance Berhad
Mr Albert Khor
Tokio Marine Life Insurance Malaysia Bhd.
Mr Eric Tan
Hong Leong Assurance Berhad
Mr Jason Soh (w.e.f. 10 February 2012)
Uni.Asia Life Assurance Berhad
Mr Ravinder Singh
Hannover Life Re, Malaysian Branch
Mr Pakea Nathan a/l Chelliah (until 2 December 2011)
Uni.Asia Life Assurance Berhad
Ms Darshini Mahendranathan
ING Insurance Berhad
INDUSTRY PROMOTION COMMITTEE
Chairman
Mr Jens Reisch (w.e.f. 19 October 2011)
Allianz Life Insurance Malaysia Berhad
Encik Muhamad Umar Swift (until 28 September 2011)
Malaysian Assurance Alliance Berhad
Members
Ms Joannica Dass (w.e.f. 19 October 2011)
Allianz Life Insurance Malaysia Berhad
Ms Mala Patmarajah
American International Assurance Bhd
Ms Juliet Wong
AXA AFFIN Life Insurance Berhad
Ms Michelle Tew (until 25 March 2011)
AXA AFFIN Life Insurance Berhad
Ms Tricia Loh
CIMB Aviva Assurance Berhad
Ms Vivienne Beh
Etiqa Insurance Berhad
12 |
committees and working committees 2011/2012
Ms Maureen Lam
ING Insurance Berhad
Puan Roziana Mohd Yatim
Malaysian Assurance Alliance Berhad
Puan Norliza Alias
Malaysian Life Reinsurance Group Berhad
Ms Susan Ong
Manulife Insurance Berhad
Mr Wilson Tang
Manulife Insurance Berhad
Ms Praleena Gengatharan
MCIS ZURICH Insurance Berhad
Ms Fiona Liao
Prudential Assurance Malaysia Berhad
Ms Michelle Tew (w.e.f. 15 August 2011)
Tokio Marine Life Insurance Malaysia Bhd.
Ms Low Sin Chuan
Tokio Marine Life Insurance Malaysia Bhd.
Encik Abdul Latiff Puteh (w.e.f. 13 May 2011)
Uni.Asia Life Assurance Berhad
ANNUAL REPORT 2011
Life Insurance Association of Malaysia
INVESTMENT COMMITTEE
LIFE OPERATIONS CommiTTEE
Chairman
Chairman
Mr Loke Kah Meng (w.e.f. 30 June 2011)
AXA AFFIN Life Insurance Berhad
YBhg Dato’ Dr Nirmala Menon
ING Insurance Berhad
Mr Ng Lian Lu (until 29 June 2011)
AmLife Insurance Berhad
Members
Members
Ms Pua Geok Tan
Allianz Life Insurance Malaysia Berhad
Ms Esther Ong Chen Woon
Allianz Life Insurance Malaysia Berhad
Ms Anusha Thavarajah (w.e.f. 14 November 2011)
American International Assurance Bhd
Mr Lee Poh Cheong
American International Assurance Bhd
Mr Henry Tham (until 13 November 2011)
American International Assurance Bhd
Ms Philomena Jan
AmLife Insurance Berhad
Ms Lau Pick Kee (w.e.f. 1 July 2011)
AmLife Insurance Berhad
Ms Ho Wai Teng (w.e.f. 1 January 2012)
AXA AFFIN Life Insurance Berhad
Puan Kamariah Zainal (until 30 June 2011)
AmLife Insurance Berhad
Mr Richard Lin
Great Eastern Life Assurance (Malaysia) Berhad
Mr Chan Yuet Wah
AXA AFFIN Life Insurance Berhad
Ms Joanne Marie Lopez
Hong Leong Assurance Berhad
Ms Ow Kin Mai
Etiqa Insurance Berhad
Mr Mark Wang
ING Insurance Berhad
Mr Jeffrey Yem (w.e.f. 1 August 2011)
Great Eastern Life Assurance (Malaysia) Berhad
Ms Jing Li (w.e.f. 1 January 2012)
Malaysian Assurance Alliance Berhad
Mr Alan Teo (until 31 July 2011)
Great Eastern Life Assurance (Malaysia) Berhad
Mr Danny Choong Yick Kheong
Mr Chris Cheong
Hong Leong Assurance Berhad
(until 31 December 2011)
Malaysian Assurance Alliance Berhad
Encik Wan Mohd Fakruddin Razi
MCIS ZURICH Insurance Berhad
Ms Ilene Chong
Prudential Assurance Malaysia Berhad
Mr Teh Chi-Cheun (w.e.f. 1 February 2012)
Prudential Assurance Malaysia Berhad
Mr Tan Sze Teck
Tokio Marine Life Insurance Malaysia Bhd.
Ms Eubee Ong (w.e.f. 10 February 2012)
Uni.Asia Life Assurance Berhad
Mr Geoff Aw (until 12 September 2011)
Uni.Asia Life Assurance Berhad
Mr Jimmy Wong
ING Insurance Berhad
Madam Lee Fooi Ming
Malaysian Assurance Alliance Berhad
Mr William Ng Cheng Chuan
Manulife Insurance Berhad
Ms Tan LiLing
Prudential Assurance Malaysia Berhad
Mr Lee Goon Hong
Tokio Marine Life Insurance Malaysia Bhd.
Mr Lim Poh Yeow
Uni.Asia Life Assurance Berhad
committees and working committees 2011/2012
| 13
ANNUAL REPORT 2011
Life Insurance Association of Malaysia
PRODUCT SERVICES &
TECHNICAL COMMITTEE
Mr Ching Ing Chian
Malaysian Life Reinsurance Group Berhad
Chairman
Ms Gho Han Jaa (w.e.f. 18 February 2012)
Manulife Insurance Berhad
Mr Loke Kah Meng (w.e.f. 30 June 2011)
AXA AFFIN Life Insurance Berhad
Mr Ng Lian Lu (until 29 June 2011)
AmLife Insurance Berhad
Members
Mr Chin Tze How
Allianz Life Insurance Malaysia Berhad
Mr Lee Jiau Jiunn
American International Assurance Bhd
Mr Patrick Cheah
AmLife Insurance Berhad
Mr Gan Tze Lian (w.e.f. 1 July 2011)
AXA AFFIN Life Insurance Berhad
Ms Kang Yu Fen (until 30 June 2011)
AXA AFFIN Life Insurance Berhad
Mr Khoo Han Chuan
MCIS Zurich Insurance Bhd
Mr Ong Kheng Heng
Prudential Assurance Malaysia Berhad
Mr Khoo Poh Beng
Tokio Marine Life Insurance Malaysia Bhd.
Mr Nikolaos Stampoulis
Uni.Asia Life Assurance Berhad
REGULATION / ENFORCEMENT
(DISCIPLINARY) COMMITTEE
Chairman
Ms Kimmy Yean Kim Hua
CIMB Aviva Assurance Berhad
YBhg Dato’ Dr Nirmala Menon
ING Insurance Berhad
Mr Lok Hoe San
Etiqa Insurance Berhad
Members
Mr Yap Chee Keong
Great Eastern Life Assurance (Malaysia) Berhad
Mr Seow Fan Chong
Hong Leong Assurance Berhad
Ms Lim Pei Bin
Hannover Life Re, Malaysian Branch
Mr Loke Chang Yueh (until 30 December 2011)
ING Insurance Berhad
Ms Serena Thio
Malaysian Assurance Alliance Berhad
14 |
Mr Tan Chue Chau (until 18 February 2012)
Manulife Insurance Berhad
committees and working committees 2011/2012
Mr Khor Hock Seng
American International Assurance Bhd
Mr Ng Lian Lu (until 29 June 2011)
AmLife Insurance Berhad
Encik Mohd Din Merican (until 31 December 2011)
Etiqa Insurance Berhad
Encik Muhamad Umar Swift (until 28 September 2011)
Malaysian Assurance Alliance Berhad
ANNUAL REPORT 2011
Life Insurance Association of Malaysia
special projects committee
CLAIMS WORKING GROUP
Chairman
Ms Lynna Ng
ING Insurance Berhad
Encik Zulkifli Samad
Malaysian Assurance Alliance Berhad
Ms Lim Saw Im
Malaysian Life Reinsurance Group Berhad
Ms Jennee Loh
Manulife Insurance Berhad
Members
Ms Patricia Phang
Prudential Assurance Malaysia Berhad
Ms Felicia Leong
Allianz Life Insurance Malaysia Berhad
Ms Agnes Lee
American International Assurance Bhd
Ms Loh Pit Lan
American International Assurance Bhd
Puan Azllynah Bakar
AmLife Insurance Berhad
Puan Normahida Binti Che Mahmood
(w.e.f. 1 February 2012)
AXA AFFIN Life Insurance Berhad
Ms Leong Pooi Fun (until 31 January 2012)
AXA AFFIN Life Insurance Berhad
Puan Zaharatun Noor
Etiqa Insurance Berhad
Ms Tess Tan
Great Eastern Life Assurance (Malaysia) Berhad
Ms Thong Wai Yin
Great Eastern Life Assurance (Malaysia) Berhad
Dr Malini Tharmanason
Hannover Life Re, Malaysian Branch
Ms Tay Hooi Yan
Hong Leong Assurance Berhad
Ms Lena Chow
Tokio Marine Life Insurance Malaysia Bhd.
Encik Jeffry Azmi Mohd Shah
Uni.Asia Life Assurance Berhad
JOINT TECHNICAL MEDICAL COMMITTEE
Chairman
Dr Myralini S. Thesan
American International Assurance Berhad
Members
Dr Neoh Wee Keong
Great Eastern Life Assurance (Malaysia) Berhad
Dr Sharliza Mohd Salleh
Great Eastern Life Assurance (Malaysia) Berhad
Dr Lilli Jacob
ING Insurance Berhad
Dr Ang Tze Yeow
Prudential Assurance Malaysia Berhad
Dr Andrew Tye
Prudential Assurance Malaysia Berhad
Dr V. Shanmugalingam
Prudential BSN Takaful Berhad
As at 1 January 2012
committees and working committees 2011/2012
| 15
ANNUAL REPORT 2011
Life Insurance Association of Malaysia
Report of the
Management Committee
We are pleased to present the highlights of the activities
in rules, regulations and guidelines as well as to harmonise
and key issues dealt with by LIAM in the year of review.
market practices across the three sectors. The JITC will
also preside over inter-sector disputes and complaints and
1Malaysia Micro Protection Plan
The 1Malaysia Micro Protection Plan (1MMPP) was jointly
launched by LIAM, General Insurance Association of
Malaysia (PIAM) and Malaysian Takaful Association (MTA)
seek to resolve the complaints or disputes amicably.
The JITC comprises nine members, two from each
association and three independent members who are
nominated by the respective associations.
in April 2011.
or takaful protection to the public, particularly small
Life Insurance Sales Through
Telemarketing
businesses and micro enterprises. The plan is distributed via
To enhance the selling practices of insurance products
banking institutions and development financial institutions.
sold through telemarketing, BNM had imposed a new
The objective of 1MMPP is to provide affordable insurance
The 1MMPP by life insurance companies provide coverage
of sum assured of up to RM20,000 for Death and Disability
and Hospital Income of RM20 per day. The premium for
this plan is from as low as RM10 per month. At present, six
life insurance companies are offering this plan.
requirement with effect from September 2011 that if a
customer decides to withdraw his earlier decision to
purchase the insurance policy before the policy document
is issued, the insurer must allow for the withdrawal to be
made through telephone. The telemarketing staff must
inform the customer at the point of sale that if he wishes
to cancel the policy after the policy contract has been
Joint Insurance-Takaful Council
delivered, it must be made in writing.
LIAM, PIAM and MTA inked the agreement on the
establishment of the Joint Insurance-Takaful Council (JITC)
on 20 September 2011. The JITC was formed in consultation
with Bank Negara Malaysia (BNM) to promote consistency
International Financial
Reporting Standards
During the year, LIAM continued to participate actively in
the working groups formed by the Malaysian Accounting
Standards Board (MASB) to review and draft accounting
standards impacting the insurance industry. LIAM had
contributed to the consultation process facilitated by MASB
on the following accounting standards, exposure drafts and
discussion papers:
• IFRS 9: Financial Instruments Phase 1 - 3
• IFRS 13: Fair Value Measurement
• IASB ED/2011/1: Offsetting Financial Assets and
Financial Liabilities
• IASB ED/2011/3: Mandatory Effective Date of IFRS 9
Joint Insurance-Takaful Council
The Malaysian authorities are committed towards full
convergence
with
International
Standards (IFRS) by year 2012.
16 |
report of the management committee
Financial
Reporting
ANNUAL REPORT 2011
Life Insurance Association of Malaysia
E-Payment
BNM had formed an industry working group comprising
Rules on Registration of
Intermediaries
representatives from LIAM, PIAM, MTA, Association of
The Rules on the Registration of Intermediaries (RRI) is
Banks in Malaysia and Malaysian Electronic Payment
a comprehensive set of rules covering the registration
System Sdn. Bhd. (MEPS) to drive the adoption of
of agency and other distributing channels. It was first
electronic payment in the financial services sector. Almost
introduced in August 1999. In tandem with the changes
all LIAM members have fully migrated to e-payment for
and developments in the distribution system, the RRI was
payments to agents and staff and are working towards
revised in 2005 and further changes were made in 2011.
e-payment modes for payments to statutory bodies, utility
companies and panel hospitals. Options will also be given
to claimants to receive their benefits via e-payment.
Under the newly revised RRI which was implemented with
effect from 1 January 2012, all Third Party Call Centers/
Telemarketing Companies are required to be registered
E-payments, which offer a more efficient, secure and cost-
with LIAM and the team leaders have to pass the Pre-
effective means of transferring funds over paper-based
Contract Examination for Insurance Agents (PCEIA) and
payments is one of the strategic tools earmarked under
the Certificate Examination in Investment-Linked Life
the Financial Sector Blueprint to support greater economic
Insurance (CEILLI) for those who sell investment-linked
efficiency and productivity.
products.
Inter-Company Guidelines on
Replacement of Policy
Personal Data Protection Act
LIAM had introduced industry guidelines dealing with
way we operate is the Personal Data Protection Act
external replacement of policy (ROP) in January 2011.
(PDPA) which has been gazetted on 10 June 2010 but the
The objectives of this effort are to develop a common
implementation date has yet to be fixed.
understanding and establish a decisive procedure in
dealing with external ROP; to deter unwarranted ROP that
may tarnish the best practices of life insurance companies.
It is also to maintain the trust that policyholders place on
life insurers knowing that the insurers will conduct their
businesses ethically and with integrity.
Under this set of guidelines, a company may lodge a
complaint on ROP when there is a purchase of a life
insurance policy within 12 months before or after an existing
life policy has lapsed, surrendered, partially surrendered
or forfeited. Hence, member companies are required to
adopt stringent measures to deter ROP and put in place
an effective tracking mechanism to detect the number of
Another regulation which could affect or influence the
The
PDPA
regulates
the
collection,
possession,
processing and the use of personal data by any person
or organization and established a set of common rules
and guidelines to provide adequate security and privacy in
handling personal information.
Mindful of the fact that a lot of personal information
is required by the insurance industry and stored in
databases, LIAM formed a task force comprising senior
legal, operations and compliance personnel from member
companies to look into the issues and implications of the
Act and to formulate a best practice guideline to assist
member companies to comply with the Act.
ROP cases. The tracking should be 12 months before and
12 months after the agent leaves the previous company.
report of the management committee
| 17
ANNUAL REPORT 2011
Life Insurance Association of Malaysia
Seminars, Conventions, Talks,
Courtesy Visits and Exhibitions
Courtesy Call from Russian Counterpart
LIAM welcomed the courtesy call from the representatives
of Osnova Insurance Group, Moscow, Russia on 13 January
2011 in conjunction with their study trip on bancassurance
to the South East Asian countries.
effective policies on financial education as well as to
implement more effective financial consumer’s education
programmes for consumers’ benefit.
Talk on Assessing Disabilities –
Functional and Work Evaluation
LIAM organised a half-day Talk on Assessing Disabilities
– Functional and Work Evaluation on 4 May 2011 by
Associate Professor Nathan Vytialingam from the Faculty
of Medicine and Health Sciences, Universiti Putra Malaysia.
The session provided LIAM members who comprised
mainly senior claims and legal personnel, with a closer
look at how the assessment of disabilities and evaluation
of functions are carried out and what are the procedures
and processes involved. Associate Professor Nathan also
presented some actual samples of TPD assessment cases.
Courtesy call from Osnova Insurance Group,
Moscow, Russia
The Osnova Insurance Group has taken the initiative to
embark on study tours to Asian countries as one of their main
objectives was to obtain first-hand information in standards,
procedures, professional development and regulatory
practices of insurance services in the Asian region.
FOMCA Roundtable Discussion:
Enhancing Good Financial Habits in
Malaysian Consumers
LIAM
participated
in
FOMCA’s
Roundtable
Talk on Assessing Disabilities –
Functional and Work Evaluation
series,
Enhancing Good Financial Habits in Malaysian Consumers
on 14 March 2011, in Petaling Jaya.
On 6 July 2011, LIAM participated in the National
The discussion centered on what are the current
programmes in place to improve consumerism and what
would be the desired outcome from financial education
programmes.
Invited speakers included representatives from Bank
Negara
Malaysia
(BNM),
Agensi
Kaunseling
Dan
Pengurusan Kredit (AKPK), Securities Commission (SC)
and other related bodies. It is hoped that the Roundtable
will be the way forward to formulate appropriate and
18 |
report of the management committee
NAMLIFA 33rd Mega Convention –
“Learn, Unlearn, Relearn for Distinction”
Association of Malaysian Life Insurance Fieldforce and
Advisers (NAMLIFA) 33rd Mega Convention held at Genting
Highlands. Presenting a paper entitled Towards Better
Achievement and Success, then LIAM Vice-President,
Mr Vincent Kwo reiterated that the constant drive to
upgrade one’s wealth of knowledge and skills through
continuous training and education will serve best for the
valued customers. He also stated that investing in selfimprovement from time to time will certainly bear fruit in
the long run.
ANNUAL REPORT 2011
Life Insurance Association of Malaysia
NAMLIFA 33rd Mega Convention
Whilst maintaining an open channel of discussion with
the agency force, LIAM believes in working closely on
various matters with its allies such as NAMLIFA. Granting
such unwavering support has always been part of LIAM’s
strategy to develop and propel the industry.
Conference on Financial Services and
the Consumer in conjunction with
FOMCA’s Financial Literacy Month
On 29 September 2011, once again Federation of
Malaysia Consumer Associations (FOMCA) invited LIAM
Conference on Financial Services and the Consumer
to participate in their continuous effort to promote financial
literacy. FOMCA organised a conference on Financial
Services and the Consumer in conjunction with the
launching of their Financial Literacy Month for the month
of October.
LIAM, represented by Encik Mohamad Sani Bin Ayob,
Vice-President, Head of Academy, Etiqa Insurance and
Takaful presented The Initiative of the Insurance Sector for
Consumer Protection in the Financial Sector. It was held
at the National Public Library and was attended by the
various stakeholders and the public.
The conference was aimed at emphasizing the importance
of prudent financial habits in daily life and to educate
Malaysians to adopt and maintain good financial lifestyles
for their future financial well-being.
report of the management committee
| 19
ANNUAL REPORT 2011
Life Insurance Association of Malaysia
Financial Awareness Week
LIAM and PIAM jointly put up an exhibition booth at the
roadshow of the Financial Awareness Week, organized
by BNM with Agensi Kaunseling dan Pengurusan Kredit
(AKPK), Financial Mediation Bureau (FMB), Perbadanan
Insurans Deposit Malaysia (PIDM) and the Securities
Commission from 12 to 18 October 2011. The roadshow
was aimed at enriching consumers’ experience by providing
advice and services that meet their needs.
7th Asian Conference on Pensions
and Retirement Planning
Financial Awareness Week
Presentation Session for Chartered
Insurance Institute of Nigeria and
Mongolia Insurers Association
The Malaysian Insurance Institute (MII) invited LIAM to
LIAM and PIAM held free health checks for the visitors
at their booth and distributed the insuranceinfo booklets.
Representatives from LIAM member companies were
also on hand to provide face-to-face advisory services on
queries from the public.
participate in their presentation session to the Chartered
Insurance Institute of Nigeria and Mongolia Insurers
Association on 27 October 2011 at Lanai Kijang, Bank
Negara Malaysia.
LIAM presented the life insurance industry structure,
operations and the industry performance.
7th Asian Conference on Pensions and
Retirement Planning
On 19 and 20 October 2011, Asia Insurance Review
organised the 7th Asian Conference on Pensions and
Retirement Planning jointly with LIAM. The two-day
conference was held at the Royale Chulan Hotel, Kuala
Lumpur whereby then LIAM Vice-President, Mr Vincent
Kwo delivered the Opening Remarks.
The speech received overwhelming response from the local
insurance companies as well as from the Asian countries
delegates.
Presentation to Chartered Insurance Institute of Nigeria
and Mongolia Insurers Association
20 |
report of the management committee
ANNUAL REPORT 2011
Life Insurance Association of Malaysia
5th Bumiputera Life Insurance Agents Convention
5th Bumiputera Life Insurance Agents
Convention
The annual Bumiputera Life Insurance Agents Convention
was held on 29 October 2011. Jointly organized by MII and
LIAM, the convention provided a platform for Bumiputera
life insurance agents to acquire new knowledge and skills,
to recognize the excellent performance and contribution of
the Bumiputera agency managers’ success and prosperity
in the business as well as to inspire other agents to work
harder towards greater achievements.
The convention featured prominent speakers and attracted
a record number of 924 participants. The highlights of the
convention included presentation of awards to top agency
managers and top personal producers.
Workshop: Consumers and the
Financial Institutions
In concluding FOMCA’s Financial Literacy Month, a dialogue
session was organised by FOMCA at the Auditorium, Sasana
Kijang, Bank Negara Malaysia on 31 October 2011.
The dialogue session was attended by approximately 140
representatives from the banking, insurance and takaful
industry and was chaired by the Assistant Governor of
Workshop: Consumers and the Financial Institutions
BNM, Encik Abu Hassan Alshaari Yahaya.
report of the management committee
| 21
ANNUAL REPORT 2011
Life Insurance Association of Malaysia
Presentation Session for
Insurance Investor’s Trip
by Citi Group
LIAM was approached by one of the biggest
banking corporations serving 200 million
clients in 100 countries worldwide to participate
in their Investor Trip to Kuala Lumpur. On 15
November 2011, LIAM presented an overview
as well as insights of the Malaysian insurance
industry, sharing the climate and possible
upside potential of the industry in Malaysia for
the year 2012.
Presentation Session for Insurance
Investor’s Trip by Citi Group
Oriental Life Insurance Seminar 2011
LIAM, MII and the Oriental Life Insurance Cultural
Development Centre (OLICD) jointly organized the
Oriental Life Insurance Seminar (OLIS) in Kuala Lumpur
on 17 November 2011. With the theme, The Great East
Japan Earthquake – the Impact on Life Insurers and
Measures Taken, the speakers from OLICD and Financial
Services Agency of Japan, shared on the measures taken
by Japanese insurers and Japan’s Financial Services
Agency’s efforts on risk management. The earthquake that
hit the Tohoku Region in northeastern Japan in March 2011
was the largest earthquake ever recorded in Japan and it
had a great impact on the Japanese society and economy.
The seminar was attended by some 100 participants from
member companies.
Oriental Life Insurance Seminar 2011
22 |
report of the management committee
ANNUAL REPORT 2011
Life Insurance Association of Malaysia
Oriental Life Insurance Seminar 2011
Talk on Competition Act 2010
involved in the formulation of Malaysia’s competition law
With the impending enforcement of the Competition Act
2010 in January 2012, LIAM organized a Talk on the Act
on 9 December 2011 to enable members to have a better
understanding of the Act and its impact on the industry.
and policy. The presentation included the pertinent points
of the Competition Act, the regulator’s circulars, directives
or guidelines under the Act, the status of LIAM’s resolutions
and directives as well as the steps that the industry should
take to comply with requirements of the Act. The talk was
The talk was conducted by Puan Faizah Jamaludin,
attended by 60 participants from member companies
Partner, Corporate Division, Skrine, who is well-versed
comprising
in competition law and is among a handful of lawyers
departments including legal and compliance.
mainly
senior
personnel
from
various
Talk on Competition Act 2010
report of the management committee
| 23
ANNUAL REPORT 2011
Life Insurance Association of Malaysia
Other Major Activities
role of companies’ client charter, professionalism of the
Roundtable Discussions Organised
by Media
The Roundtable was also attended by representatives from
LIAM participated in the Nanyang Siang Pau (NSP)
Roundtable Discussion on “Efforts and Ways to Curb
Insurance Fraud” on 12 April 2011. NSP is one of the
leading local mandarin newspapers.
agency force, claims experience and anti-fraud framework.
PIAM, NAMLIFA and Persatuan Wakil-wakil Insurans Am
Malaysia.
LIAM collaborated with NSP again on 28 April 2011 to
hold a roundtable forum on The Shortage of Actuaries in
the Malaysian Life Insurance Industry. The discussions
The representatives from the life insurance industry shared
focused on the pre-requisite qualifications for an Actuary or
their experiences in managing fraudulent claims and gave
Appointed Actuary, the examples of the scope of actuarial
the readers some basic information on the types of fraud
work, career options available to actuaries, the global
and ways to curb the menace. The discussions included
demand on senior and experienced Malaysian actuaries
educational efforts of the industry in tackling this issue, the
resulting in a current shortage etc.
Roundtable Discussion on Efforts and Ways to Curb Insurance Fraud
Roundtable Discussion on The Shortage of Actuaries in the Malaysian Life Insurance Industry
24 |
report of the management committee
ANNUAL REPORT 2011
Life Insurance Association of Malaysia
Visit to Sin Chew Daily
Visit to the Media
Website Enhancement
In stepping up its efforts to build closer ties with the media,
LIAM is in the process of revamping its website to make
LIAM paid a courtesy call to the senior management of
it more current and engaging for the public. Some of the
Sin Chew Daily, a mandarin newspaper, on 30 May 2011.
new features in the new website include a map of branch
The visit was also part of LIAM’s gesture to express its
locations of member companies, a financial protection
appreciation to Sin Chew Daily for the support given to
calculator, frequently asked questions on life insurance,
the Association throughout the years. The entourage,
upcoming events and information on career opportunities.
comprising
The last revamp of the website was done sometime in 2004.
CEOs
and
Corporate
Communications
personnel of LIAM member companies, was led by the
President and Vice-President of LIAM.
Educational Articles on Life Insurance
Insurance and Takaful Industry Annual
Cocktail 2011
LIAM together with PIAM, MTA, Malaysian Insurance
In an effort to promote greater consumer awareness, LIAM
and Takaful Brokers Association (MITBA), Association of
had also collaborated with New Straits Times, an English
Malaysian Loss Adjusters (AMLA) and MII successfully
daily, and two national language dailies, Harian Metro
organised the Insurance and Takaful Industry Annual
and Berita Minggu, to publish educational articles on life
Cocktail (ITIAC) 2011 on 9 December 2011 in Kuala Lumpur.
insurance.
It saw a gathering of more than 300 insurance industry
About 20 articles were published between May and
professionals. Among the guests included senior personnel
September 2011. The topics included Introduction to
from BNM, Chairmen and Presidents of the organizing
Life Insurance, the Purpose of Life Insurance, How to
Associations, CEOs and senior personnel from the industry.
Determine the Proper Sum Assured of the Policy, the
Different Types of Policies, Medical and Health Insurance,
Female Insurance plans etc. Some of these articles were
also published in Ringgit, a magazine produced by FOMCA
and BNM.
The guests were entertained with foyer activities such as
street magic shows, hand-waxing and caricaturists before
the buffet lines were opened. More than 30 types of food
inclusive of appetizers, desserts and beverages were served.
The buffet concept was aimed at creating a conducive
networking atmosphere to encourage the guests to mingle.
report of the management committee
| 25
ANNUAL REPORT 2011
Life Insurance Association of Malaysia
Insurance and Takaful Industry Annual Cocktail 2011
The emcees also surprised the guests with a series of
Beyond while the plenary sessions will centre on Adapting
lucky draw sessions throughout the evening. Overall, the
to Changing Perceptions – Becoming the Preferred Choice,
cocktail received great support and response from the
Enhancing Synergies Between Conventional Insurance and
industry including the various categories of sponsorships.
Takaful Systems and Revisiting the Aftermath of Recent
Natural Disasters – Can We Do Better? The Organising
26 East Asian Insurance Congress
th
Kuala Lumpur will be hosting the 26th East Asian Insurance
Committee has also set up a website, www.eaic2012kl.
com, to publish the latest updates about the congress.
Congress at the Kuala Lumpur Convention Centre from
29 October to 2 November 2012. The congress is jointly
organized by LIAM, PIAM, MTA and Labuan International
Insurance Association. Themed ‘Transforming the East
Asian Insurers’, the congress will present a line-up of
learned and well-known speakers to share their thoughts
and views with the participants.
The keynote presentations will focus on Transforming
the East Asian Insurers and New Horizons in Talent
Development and Retention – Engaging Generation Y and
26 |
report of the management committee
conclusion
The Management Committee would like to record
its appreciation to all LIAM members for the support
and cooperation rendered to the Association. The
accomplishments we have achieved would not have been
possible without the unity and commitment from all the
members. LIAM looks forward to the continuous support
and participation from the industry as it takes on greater
challenges to further promote the industry.
ANNUAL REPORT 2011
Life Insurance Association of Malaysia
Laporan Jawatankuasa
Pengurusan
Kami dengan sukacitanya membentangkan sorotan aktiviti
JITC dianggotai oleh sembilan ahli, iaitu dua ahli daripada
dan isu-isu penting yang ditangani oleh LIAM sepanjang
setiap persatuan dan tiga ahli bebas yang dicalonkan oleh
tahun.
persatuan masing-masing.
Pelan Perlindungan Mikro
1Malaysia
Jualan Insurans Hayat Menerusi
Telepemasaran
Pelan Perlindungan Mikro 1Malaysia (1MMPP) telah
Untuk memperkasakan amalan jualan produk insurans
dilancarkan bersama oleh LIAM, Persatuan Insurans Am
yang
Malaysia (PIAM) dan Persatuan Takaful Malaysia (MTA)
mengenakan syarat baru mulai September 2011, iaitu
pada April 2011.
jika pelanggan membuat keputusan untuk menarik balik
Objektif 1MMPP ialah untuk menyediakan perlindungan
insurans atau takaful yang mampu dibeli oleh orang ramai,
terutamanya perniagaan kecil dan perusahaan mikro.
Pelan ini diedarkan melalui institusi perbankan dan institusi
kewangan pembangunan.
1MMPP yang diselenggarakan oleh syarikat insurans
dijual
menerusi
telepemasaran,
BNM
telah
keputusannya untuk membeli polisi insurans sebelum
dokumen
polisi
dikeluarkan,
penanggung
insurans
mestilah membenarkan penarikan balik itu dibuat melalui
telefon. Kakitangan telepemasaran mestilah memberitahu
pelanggan pada masa jualan bahawa jika pelanggan itu
mahu membatalkan kontrak polisi yang telah diserahkan
kepadanya, pembatalan itu mestilah dibuat secara bertulis.
hayat menyediakan perlindungan jumlah diinsuranskan
sehingga RM20,000 bagi Kematian dan Hilang Upaya dan
Pendapatan Hospital sebanyak RM20 sehari. Premium
bagi pelan ini bermula daripada serendah RM10 sebulan.
Pada masa ini, enam syarikat insurans hayat menawarkan
pelan ini.
Majlis Insurans-Takaful
Bersama
LIAM, PIAM dan MTA telah menandatangani perjanjian
untuk menubuhkan Majllis Insurans-Takaful Bersama
(JITC) pada 20 September 2011. JITC dibentuk setelah
berunding dengan Bank Negara Malaysia (BNM) untuk
memastikan ketekalan dalam peraturan, kawal selia dan
garis panduan serta mengharmonikan amalan pasaran
dalam ketiga-tiga sektor tersebut. JITC juga akan
mempengerusikan pertikaian dan aduan sesama sektor
Piawaian Laporan Kewangan
Antarabangsa
Pada tahun ini, LIAM terus mengambil bahagian secara
aktif dalam kumpulan kerja yang dibentuk oleh Lembaga
Piawaian Perakaunan Malaysia (MASB) untuk mengkaji
semula dan mendraf piawaian perakaunan yang memberi
kesan kepada industri insurans.
LIAM telah menyumbang kepada proses perundingan yang
dimudah cara oleh MASB mengenai piawaian perakaunan,
draf pendedahan dan kertas perbincangan berikut:
• IFRS 9: Instrumen Kewangan Fasa 1 - 3
• IFRS 13: Pengukuran Nilai Saksama
• IASB ED/2011/1: Membalas Timbal Aset Kewangan
dan Liabiliti Kewangan
• IASB ED/2011/3: Tarikh Kuat Kuasa Mandatori IFRS 9
dan berusaha untuk menyelesaikan aduan atau pertikaian
Pihak-pihak berkuasa Malaysia sudah bertekad untuk
secara damai.
mematuhi sepenuhnya Piawaian Laporan Kewangan
Antarabangsa (IFRS) pada tahun tahun 2012.
laporan jawatankuasa pengurusan
| 27
ANNUAL REPORT 2011
Life Insurance Association of Malaysia
E-Bayaran
BNM telah membentuk sebuah kumpulan kerja industri
Peraturan Pendaftaran
Pengantara
yang terdiri daripada wakil-wakil dari LIAM, PIAM, MTA,
Peraturan Pendaftaran Pengantara (RRI) merupakan
Persatuan Bank-Bank dalam Malaysia dan Malaysian
satu
Electronic Payment System Sdn. Bhd. (MEPS) untuk
pendaftaran agensi dan saluran pengedaran lain. Ia mula-
mengalakkan penggunaan bayaran elektronik dalam sektor
mula diperkenalkan pada Ogos 1999. Selaras dengan
perkhidmatan kewangan. Hampir kesemua ahli LIAM telah
perubahan dan perkembangan dalam sistem pengedaran,
bertukar sepenuhnya kepada e-bayaran untuk bayaran
RRI telah disemak semula pada tahun 2005 dan perubahan
kepada ejen dan kakitangan dan sedang berusaha ke arah
selanjutnya dibuat pada tahun 2011.
mod e-bayaran untuk bayaran kepada badan berkanun,
syarikat utiliti dan hospital panel. Pilihan juga akan diberi
kepada pihak menuntut untuk menerima manfaat mereka
melalui e-bayaran.
set
peraturan
komprehensif
yang
mencakupi
Di bawah RRI yang baru disemak semula ini yang
dilaksanakan berkuat kuasa dari 1 Januari 2012, semua
Pusat Panggilan Pihak Ketiga/Syarikat Telepemasaran
dikehendaki berdaftar dengan LIAM dan ketua pasukan
E-bayaran yang menawarkan cara yang lebih efisien,
perlu lulus Peperiksaaan Prakontrak untuk Ejen Insurans
selamat dan berkesan kos untuk memindahkan wang
(PCEIA) dan Peperiksaan Sijil Insurans Hayat Berkaitan
berbanding dengan bayaran berasaskan kertas, merupakan
Pelaburan (CEILLI) bagi mereka yang menjual produk
salah satu alat strategik yang dikenal pasti di bawah Pelan
berkaitan pelaburan.
Sektor Kewangan untuk menyokong kecekapan ekonomi
dan produktiviti yang lebih tinggi.
Garis Panduan Antara Syarikat
mengenai Penggantian Polisi
Satu lagi kawal selia yang boleh memberi kesan
atau mempengaruhi cara kami beroperasi ialah Akta
Perlindungan Data Peribadi (PDPA) yang telah diwartakan
LIAM telah memperkenalkan garis panduan industri
pada 10 Jun 2010 tetapi tarikh pelaksanaannya belum lagi
dalam menangani penggantian polisi (ROP) luaran pada
ditetapkan.
Januari 2011. Objektif usaha ini ialah untuk mewujudkan
persefahaman bersama dan membentuk prosedur yang
tegas dalam menangani ROP luaran. Ia juga bertujuan
untuk menghalang ROP yang tidak wajar yang boleh
menjejaskan amalan terbaik syarikat insurans hayat
serta memelihara kepercayaan yang telah diletakkan
oleh pemegang polisi kepada penanggung insurans
hayat bahawa penanggung insurans akan menjalankan
perniagaan mereka secara beretika dan berintegriti.
Di bawah set garis panduan ini, sesebuah syarikat itu boleh
membuat aduan tentang ROP apabila terdapat pembelian
polisi insurans hayat dalam masa 12 bulan sebelum atau
selepas polisi hayat yang sedia ada luput, diserahkan,
mahupun diserahkan sebahagian atau dilucut hak.
Justeru itu, syarikat-syarikat ahli dikehendaki menerima
pakai langkah yang ketat untuk menghalang ROP serta
mewujudkan mekanisme penjejakan yang berkesan untuk
mengesan bilangan kes ROP. Penjejakan ini hendaklah
12 bulan sebelum dan 12 bulan selepas ejen berhenti dari
syarikat sebelumnya.
28 |
Akta Perlindungan Data Peribadi
laporan jawatankuasa pengurusan
PDPA
mengawal
selia
pengumpulan,
pemilikan,
pemprosesan dan penggunaan data peribadi oleh manamana orang atau organisasi serta mewujudkan satu set
peraturan dan garis panduan bersama bagi menyediakan
keselamatan
dan
privasi
yang
secukupnya
dalam
mengendalikan maklumat peribadi.
Menyedari hakikat bahawa banyak maklumat peribadi
diperlukan oleh industri insurans dan disimpan dalam
pangkalan data, LIAM telah menubuhkan sebuah pasukan
petugas yang terdiri daripada kakitangan kanan undangundang, operasi dan pematuhan dari syarikat-syarikat ahli.
Pasukan petugas ini ditugaskan untuk mengkaji isu dan
implikasi Akta ini serta merumuskan garis panduan amalan
terbaik bagi membantu syarikat-syarikat ahli mematuhi
Akta ini.
ANNUAL REPORT 2011
Life Insurance Association of Malaysia
Seminar, Konvensyen, Ceramah,
Kunjungan Hormat dan Pameran
Kunjungan Hormat dari Rakan
Sejawat Rusia
Sesi ini memberikan ahli-ahli LIAM, yang kebanyakannya
terdiri daripada kakitangan kanan tuntutan dan undangundang, pemahaman yang lebih mendalam tentang
bagaimana taksiran hilang upaya dan penilaian fungsi
dijalankan dan apakah prosedur dan proses yang terlibat.
LIAM mengalu-alukan kunjungan hormat dari perwakilan
Profesor Madya Nathan juga membentangkan beberapa
Osnova Insurance Group, Moscow, Rusia pada 13 Januari
sampel sebenar kes taksiran Hilang Upaya Menyeluruh
2011 sempena lawatan sambil belajar mereka mengenai
Kekal (TPD).
bankasurans ke negara-negara Asia Tenggara.
Osnova Insurance Group telah mengambil inisiatif untuk
memulakan lawatan sambil belajar ke negara-negara
Asia kerana salah satu objektif utama mereka ialah untuk
mendapatkan maklumat langsung mengenai piawaian,
prosedur, perkembangan profesional dan amalan kawal
Konvensyen Mega NAMLIFA Ke-33 –
“Learn, Unlearn, Relearn for Distinction”
Pada 6 Julai 2011, LIAM menyertai Konvensyen Mega
Persatuan Ejen-Ejen Insurans Hayat Kebangsaan dan
Penasihat Profesional Malaysia (NAMLIFA) yang Ke-33
selia perkhidmatan insurans di rantau Asia.
yang diadakan di Genting Highlands. Membentangkan
Perbincangan Meja Bulat FOMCA:
Meningkatkan Tabiat Kewangan yang
Baik Di Kalangan Pengguna Malaysia
Naib Presiden LIAM ketika itu, Encik Vincent Kwo
LIAM
telah
menyertai
siri
Meja
Bulat
kertas bertajuk Towards Better Achievement and Success,
menegaskan bahawa dorongan yang tidak putus-putus
untuk meningkatkan kekayaan ilmu pengetahuan dan
FOMCA,
Meningkatkan Tabiat Kewangan yang Baik Di Kalangan
Pengguna Malaysia pada 14 Mac 2011 di Petaling Jaya.
Perbincangan tertumpu kepada apakah program semasa
yang tersedia ada untuk meningkatkan kepenggunaan dan
apakah hasil yang diingini daripada program pendidikan
kewangan.
Kaunseling Dan Pengurusan Kredit (AKPK), Suruhanjaya
Sekuriti (SC) dan badan-badan lain yang berkaitan. Adalah
diharapkan semoga Perbincangan Meja Bulat ini akan
menjadi hala tuju ke hadapan untuk merumuskan dasar
yang sesuai dan berkesan mengenai pendidikan kewangan
melaksanakan
program
pendidikan
kewangan
pengguna yang lebih berkesan demi manfaat pengguna.
Ceramah tentang Menaksir Hilang Upaya
– Penilaian Fungsian dan Kerja
LIAM
telah
yang berterusan akan memberi manfaat terbaik kepada
para pelanggan yang dihargai. Beliau juga menyatakan
bahawa melabur dalam program kemajuan diri dari semasa
ke semasa pastinya akan membuahkan hasil dalam jangka
panjang.
Di samping mengekalkan saluran perbincangan yang
terbuka berhubung dengan pasukan agensi, LIAM percaya
Penceramah jemputan termasuklah wakil dari BNM, Agensi
serta
kemahiran seseorang itu melalui latihan dan pendidikan
menganjurkan
ceramah
setengah
hari
mengenai Menaksir Hilang Upaya – Penilaian Fungsian
dan Kerja pada 4 Mei 2011 oleh Profesor Madya Nathan
Vytialingam dari Fakulti Perubatan dan Sains Kesihatan,
kepada bekerjasama rapat dalam pelbagai perkara
dengan sekutunya seperti NAMLIFA. Memberi sokongan
yang tidak berbelah bahagi sedemikian sentiasa menjadi
sebahagian daripada strategi LIAM untuk membangunkan
dan melonjakkan industri ini.
Persidangan mengenai Perkhidmatan
Kewangan dan Pengguna Sempena
Bulan Celik Kewangan FOMCA
Pada 29 September 2011, sekali lagi Gabungan Persatuan
Pengguna Malaysia (FOMCA) menjemput LIAM menyertai
usaha
berterusannya
untuk
mempromosikan
celik
kewangan. FOMCA menganjurkan persidangan mengenai
Perkhidmatan
Kewangan
dan
Pengguna
sempena
pelancaran Bulan Celik Kewangannya bagi bulan Oktober.
Universiti Putra Malaysia.
laporan jawatankuasa pengurusan
| 29
ANNUAL REPORT 2011
Life Insurance Association of Malaysia
LIAM, yang diwakili oleh Encik Mohamad Sani Bin Ayob,
untuk mengambil bahagian dalam sesi pembentangan
Naib Presiden, Ketua Akademi, Etiqa Insurance & Takaful
mereka kepada Institut Insurans Bertauliah Nigeria dan
membentangkan kertas bertajuk “The Initiative of the
Persatuan Penanggung Insurans Mongolia pada 27
Insurance Sector for Consumer Protection in the Financial
Oktober 2011 di Lanai Kijang, Bank Negara Malaysia.
Sector”. Persidangan ini telah diadakan di Perpustakaan
Awam Negara dan telah dihadiri oleh pelbagai pemegang
kepentingan dan juga orang ramai.
Persidangan
ini
bermatlamat
untuk
menekankan
kepentingan tabiat kewangan berhemat dalam kehidupan
seharian dan mendidik rakyat Malaysia untuk mengamalkan
dan mengekalkan gaya hidup kewangan yang baik demi
kesejahteraan kewangan mereka pada masa depan.
Minggu Kesedaran Kewangan
LIAM membuat pembentangan mengenai struktur industri
insurans hayat, operasi dan prestasi industri.
Konvensyen Ejen Insurans Hayat
Bumiputera Ke-5
Konvensyen Ejen Insurans Hayat Bumiputera tahunan
telah
diadakan
pada
29
Oktober
2011. Dianjurkan
bersama oleh MII dan LIAM, konvensyen ini menyediakan
landasan untuk ejen-ejen insurans hayat Bumiputera
menimba
ilmu
pengetahuan
dan
kemahiran
baru,
LIAM dan PIAM secara bersama telah berkongsi satu gerai
mengiktiraf prestasi cemerlang dan sumbangan para
pameran pada siri jelajah Minggu Kesedaran Kewangan
pengurus agensi Bumiputera kepada kejayaan dan
yang dianjurkan oleh BNM dengan Agensi Kaunseling dan
kemakmuran dalam perniagaan ini memberi inspirasi
Pengurusan Kredit (AKPK), Biro Pengantara Kewangan
kepada ejen-ejen lain untuk bekerja lebih keras ke arah
(FMB), Perbadanan Insurans Deposit Malaysia (PIDM)
pencapaian yang lebih cemerlang.
dan SC dari 12 hingga 18 Oktober 2011. Siri jelajah ini
bertujuan untuk memperkayakan pengalaman pengguna
dengan memberikan nasihat dan perkhidmatan yang
memenuhi keperluan mereka.
LIAM dan PIAM telah mengadakan pemeriksaan kesihatan
Konvensyen ini menampilkan penceramah-penceramah
terkenal dan menarik penyertaan tertinggi seramai 924
peserta. Kemuncak konvensyen ini ialah penyampaian
anugerah kepada pengurus agensi terbaik dan penghasil
perseorangan terbaik.
percuma kepada para pengunjung di gerai mereka dan
mengedarkan buku kecil insuranceinfo. Wakil dari syarikatsyarikat ahli LIAM juga turut sama membantu memberikan
khidmat nasihat bersemuka kepada orang ramai.
Persidangan Asia Ke-7 mengenai
Perancangan Pencen dan Persaraan
Pada 19 dan 20 Oktober 2011, Asia Insurance Review
telah menganjurkan Persidangan Asia Ke-7 mengenai
Perancangan Pencen dan Persaraan bersama LIAM.
Persidangan dua hari tersebut diadakan di Hotel Royale
Chulan, Kuala Lumpur di mana Naib Presiden LIAM ketika
itu, Encik Vincent Kwo menyampaikan Ucapan Pembukaan.
Ucapan beliau mendapat sambutan hangat daripada syarikat
insurans tempatan serta perwakilan negara-negara Asia.
Sesi Pembentangan bagi Institut
Insurans Bertauliah Nigeria dan
Persatuan Penanggung Insurans
Mongolia
Institut Insurans Malaysia (MII) telah menjemput LIAM
30 |
laporan jawatankuasa pengurusan
Bengkel: Pengguna dan Institusi Kewangan
Sebagai penutup Bulan Celik Kewangan anjuran FOMCA,
satu sesi dialog telah dianjurkan oleh FOMCA di Auditorium,
Sasana Kijang, Bank Negara Malaysia pada 31 Oktober 2011.
Sesi dialog tersebut telah dihadiri oleh seramai kira-kira
140 wakil dari industri perbankan, insurans dan takaful dan
telah dipengerusikan oleh Penolong Gabenor BNM, Encik
Abu Hassan Alshaari Yahaya.
Sesi Pembentangan untuk Lawatan
Pelabur Insurans oleh Citi Group
LIAM telah dipelawa oleh salah sebuah perbadanan
perbankan terbesar yang memberi perkhidmatan kepada
200 juta pelanggan di 100 buah negara di seluruh dunia
untuk mengambil bahagian dalam Lawatan Pelaburnya
ke Kuala Lumpur. Pada 15 November 2011, LIAM
membentangkan pandangan keseluruhan dan pemahaman
mengenai industri insurans Malaysia serta berkongsi
potensi peningkatan yang mungkin dicapai oleh industri ini
di Malaysia bagi tahun 2012.
ANNUAL REPORT 2011
Life Insurance Association of Malaysia
Seminar Oriental Life Insurance 2011
LIAM, MII dan Pusat Perkembangan Kebudayaan Oriental
Life Insurance (OLICD) bersama menganjurkan Seminar
Oriental Life Insurance (OLIS) di Kuala Lumpur pada 17
November 2011. Dengan tema, The Great East Japan
Earthquake – the Impact on Life Insurers and Measures
Taken, para penceramah dari OLICD dan Agensi
Perkhidmatan Kewangan Jepun membicarakan tentang
langkah-langkah yang diambil oleh para penanggung
insurans
Jepun
dan
usaha
Agensi
Perkhidmatan
Kewangan Jepun dalam pengurusan risiko. Gempa bumi
yang melanda Wilayah Tohoku di timur laut Jepun pada
Mac 2011 merupakan gempa bumi terbesar pernah
direkodkan di Jepun dan ia mendatangkan kesan yang
besar kepada masyarakat dan ekonomi Jepun.
Seminar tersebut telah dihadiri oleh seramai kira-kira 100
peserta dari syarikat ahli.
dari
pengalaman
penipuan
industri
mereka
serta
insurans
dalam
memberi
hayat
menguruskan
maklumat
asas
berkongsi
tuntutan
kepada
pembaca mengenai jenis penipuan dan cara untuk
membendung ancaman ini. Perbincangan ini mencakupi
usaha pendidikan industri ini dalam menangani isu ini,
peranan piagam pelanggan syarikat, profesionalisme
pasukan agensi, pengalaman tuntutan dan rangka kerja
antipenipuan. Meja Bulat ini juga dihadiri oleh wakil-wakil
dari PIAM, NAMLIFA dan Persatuan Wakil-wakil Insurans
Am Malaysia.
LIAM bekerjasama dengan NSP sekali lagi pada 28 April
2011 untuk mengadakan forum meja bulat mengenai
“The Shortage of Actuaries in the Malaysian Life
Insurance Industry”. Perbincangan tersebut tertumpu
kepada kelayakan prasyarat bagi Aktuari atau Aktuari
Dilantik, contoh skop kerja aktuari, pilihan kerjaya yang
ada untuk aktuari, permintaan global untuk aktuari kanan
Ceramah mengenai Akta Persaingan 2010
Dengan penguatkuasaan Akta Persaingan 2010 yang
bakal dilaksanakan pada Januari
Wakil-wakil
2012, LIAM telah
menganjurkan Ceramah mengenai Akta tersebut pada
9 Disember 2011 bagi membolehkan ahli mendapat
pemahaman yang lebih mendalam tentang Akta tersebut
dan kesannya kepada industri ini.
dan berpengalaman dari Malaysia yang mengakibatkan
masalah kekurangan aktuari yang dialami ketika ini, dan
sebagainya.
Kunjungan ke Media
Dalam meningkatkan usahanya untuk menjalin hubungan
yang lebih erat dengan pihak media, LIAM telah
mengadakan kunjungan hormat ke atas pengurusan
Ceramah tersebut telah dikendalikan oleh Puan Faizah
kanan Sin Chew Daily, akhbar bahasa Mandarin, pada
Jamaludin, Rakan Kongsi Firma, Bahagian Korporat,
30 Mei 2011. Kunjungan ini juga merupakan sebahagian
Skrine, yang pakar dalam undang-undang persaingan dan
daripada usaha LIAM untuk menyatakan penghargaannya
merupakan antara segelintir peguam yang terlibat dalam
kepada Sin Chew Daily di atas sokongan yang diberikan
merumuskan undang-undang dan dasar persaingan di
kepada LIAM selama ini. Rombongan kunjungan ini yang
Malaysia. Pembentangan ini merangkumi perkara-perkara
terdiri daripada Ketua Pegawai Eksekutif dan kakitangan
penting Akta Persaingan, surat pekeliling pengawal selia,
Komunikasi Korporat dari syarikat-syarikat ahli LIAM, telah
arahan atau garis panduan di bawah Akta tersebut, status
diketuai oleh Presiden dan Naib Presiden LIAM.
ketetapan dan arahan LIAM serta langkah-langkah yang
patut diambil oleh industri untuk mematuhi keperluan Akta ini.
Ceramah ini telah dihadiri oleh 60 peserta dari syarikat ahli
yang kebanyakannya terdiri daripada kakitangan kanan dari
pelbagai jabatan termasuk undang-undang dan pematuhan.
Rencana Pendidikan mengenai
Insurans Hayat
Dalam usaha untuk meningkatkan kesedaran pengguna,
LIAM juga telah bekerjasama dengan New Straits Times,
akhbar harian bahasa Inggeris dan dua akhbar harian bahasa
Aktiviti Utama Lain
Perbincangan Meja Bulat Anjuran Media
LIAM menyertai Perbincangan Meja Bulat Nanyang Siang
Pau (NSP) mengenai Efforts and Ways to Curb Insurance
Fraud pada 12 April 2011. NSP merupakan salah sebuah
akhbar bahasa Mandarin utama tempatan.
kebangsaan, iaitu Harian Metro dan Berita Minggu, untuk
menerbitkan rencana pendidikan mengenai insurans hayat.
Kira-kira 20 rencana telah diterbitkan di antara Mei hingga
September 2011. Topik yang dibincangkan termasuklah
Pengenalan Insurans Hayat, Tujuan Insurans Hayat,
Bagaimana Menentukan Jumlah Diinsuranskan yang
laporan jawatankuasa pengurusan
| 31
ANNUAL REPORT 2011
Life Insurance Association of Malaysia
Wajar bagi Polisi, Jenis-jenis Polisi yang Berlainan,
Pengacara majlis juga mengejutkan para tetamu dengan
Insurans Perubatan dan Kesihatan, pelan Insurans Wanita
beberapa sesi cabutan bertuah sepanjang malam itu.
dan lain-lain. Beberapa rencana ini juga telah diterbitkan
Pada keseluruhannya, majlis koktel tersebut mendapat
dalam majalah Ringgit, iaitu majalah yang diterbitkan oleh
sokongan dan sambutan yang hebat daripada industri ini
FOMCA dan BNM.
termasuk pelbagai kategori penajaan.
Peningkatan Laman Sesawang
Kongres Insurans Asia Timur Ke-26
LIAM sedang dalam proses merombak laman sesawangnya
Kuala Lumpur akan menjadi tuan rumah kepada Kongres
untuk menjadikannya lebih terkini dan menarik untuk
Insurans Asia Timur Ke-26 di Pusat Konvensyen Kuala
orang ramai. Antara ciri-ciri baru dalam laman sesawang
Lumpur dari 29 Oktober hingga 2 November 2012.
baru ini ialah peta lokasi cawangan syarikat-syarikat ahli,
Kongres ini dianjurkan bersama oleh LIAM, PIAM, MTA dan
kalkulator perlindungan kewangan, soalan lazim tentang
Persatuan Insurans Antarabangsa Labuan. Bertemakan
insurans hayat, acara akan datang dan maklumat tentang
‘Transforming the East Asian Insurers’, kongres ini akan
peluang kerjaya. Rombakan terakhir laman sesawang ini
menampilkan barisan penceramah yang bijak pandai dan
telah dibuat pada tahun 2004.
terkenal untuk berkongsi buah fikiran dan pandangan
mereka dengan para peserta.
Majlis Koktel Tahunan Industri Insurans
dan Takaful 2011
Pembentangan dasar akan memberi tumpuan kepada
LIAM, dengan usahasama PIAM, MTA, Persatuan Broker-
in Talent Development and Retention – Engaging
Broker Insurans dan Takaful Malaysia (MITBA), Persatuan
Penyelaras Kerugian Malaysia (AMLA) dan MII telah
berjaya menganjurkan Majlis Koktel Tahunan Industri
Insurans dan Takaful (ITIAC) 2011 pada 9 Disember 2011
di Kuala Lumpur.
Majlis ini menyaksikan perhimpunan lebih 300 profesional
industri insurans. Antara tetamu-tetamu yang hadir ialah
kakitangan kanan dari BNM, Pengerusi dan Presiden
dari Persatuan penganjur, ketua pegawai eksekutif dan
kakitangan kanan dari industri ini.
Tetamu dihiburkan dengan aktiviti foyer seperti pertunjukan
silap mata jalanan, membuat lilin tangan (hand-waxing)
dan ahli karikatur sebelum jamuan bufet bermula. Lebih
daripada 30 jenis makanan termasuk pembuka selera,
pencuci mulut dan minuman dihidangkan. Konsep bufet ini
bertujuan untuk mewujudkan suasana perangkaian yang
kondusif bagi menggalakkan tetamu beramah mesra.
Transforming the East Asian Insurers dan New Horizons
Generation Y and Beyond, manakala sesi pleno akan
tertumpu kepada Adapting to Changing Perceptions –
Becoming the Preferred Choice, Enhancing Synergies
Between Conventional Insurance and Takaful Systems
dan Revisiting the Aftermath of Recent Natural Disasters
– Can We Do Better? Jawatankuasa Penganjur juga telah
menyediakan laman sesawang, www.eaic2012kl.com,
untuk menyiarkan maklumat terkini tentang kongres itu.
Kesimpulan
Jawatankuasa
Pengurusan
ingin
penghargaannya kepada semua ahli LIAM di atas
sokongan
dan
kerjasama
yang
laporan jawatankuasa pengurusan
diberikan
kepada
Persatuan ini. Kejayaan yang telah kita capai selama
ini tidak mungkin dapat dinikmati tanpa perpaduan dan
komitmen daripada semua ahli. LIAM berharap untuk terus
mendapat sokongan dan penyertaan dari industri ini ketika
ia berhadapan dengan cabaran yang lebih besar untuk
mempromosikan lagi industri ini.
32 |
merakamkan
ANNUAL REPORT 2011
Life Insurance Association of Malaysia
Performance of the
Life Insurance Industry
malaysian economy
The Malaysian economy grew 5.1% in the year of 2011.
The quarterly GDP growth rates were 5.2%, 4.3%, 5.8%
and 5.2%. The corresponding quarterly growth rates in
2010 were 10.1%, 9.0%, 5.3% and 4.8%. Activity in the
services sector moderated in the fourth quarter albeit
still outperforming the overall economy and grew 6.4%
(Q3: 7.0%). The growth in the sector was supported by
government services (Q4: 9.6%), communication (Q4:
8.8%), wholesale and retail trade (Q4: 7.2%) as well as
finance and insurance (Q4: 6.4%) sub-sectors. The
finance and insurance sub-sector growth was supported
by expansion in bank lending as well as higher growth in
insurance premiums.
Domestic demand remained strong, expanding 10.5% in Q4
(Q3: 9.0%), underpinned by strong household and business
spending as well as public sector expenditure. Private
The International Monetary Fund has sharply cut its
projection on world GDP growth for 2012 to 3.3% due to
intensifying strains in the euro area weighing on the global
economy. Despite a substantial downward revision of ¾
percentage point, developing Asia is still projected by IMF
to grow at 7.5% on average in 2012 - 2013. The Malaysian
economy is expected to grow at 5 - 6% in 2012 with the
services and manufacturing sectors spearheading the
expansion. With these developments and the low insurance
penetration rate in the country, the life insurance industry is
forecasted to achieve a growth of 7 - 10% in 2012.
References:
1. Economic and Financial Developments in the Malaysian Economy
in the Fourth Quarter of 2011, BNM
2. Economic Report 2011/2012, Ministry of Finance Malaysia
3. Malaysian Economy Third Quarter 2011, Ministry of Finance
Malaysia
4. World Economic Outlook, International Monetary Fund
consumption increased 7.1% in Q4 2011, compared with
7.3% in Q3 2011, supported by favourable income growth
and robust labour market conditions. Public consumption
grew by 23.6% in Q4 (21.7% in Q3) due mainly to higher
expenditure on emoluments and supplies and services.
The inflation rate as measured by annual change in the
Consumer Price Index (CPI) rose 3.2% in the fourth quarter
of 2011 (Q3 2011: 3.4%). The increase was contributed
by food and non-alcoholic beverages which rose 5.3%
in Q4 (Q3: 4.8%) mainly due to higher prices in the fish
and seafood category. Meanwhile the Producer Price
Index (PPI) rose 7.5% on an annual basis in Q4 (Q3 2011:
10.9%). Prices of the local components of the PPI had a
slower increase of 9.7% (Q3: 14.9%) while prices of the
imported components of the PPI rose by 2.4% (Q3: 2.3%).
The overnight policy rate (OPR) remains unchanged
at 3.00% in the fourth quarter of 2011 given the higher
downside risks to growth and lower upside risks to inflation.
The ringgit appreciated by 0.4% against the greenback in
the fourth quarter. Due to the uncertainty surrounding the
European sovereign debt crisis, the ringgit strengthened
life insurance business
New Business January – December 2011
Based on the data as at February 2012, the life insurance
industry in Malaysia declined 6.0% in 2011, as measured
by new business total premium. The new business total
premium in 2011 was RM7.92 billion, as compared to
RM8.42 billion in 2010.
Total Premium
RM billion
January to December
2010
2011
Growth
Individual
- Traditional
- Investment-linked
Group
3.44
2.62
2.36
2.81
2.68
2.43
-18.5%
2.1%
3.3%
TOTAL
8.42
7.92
-6.0%
The decline was mainly due to the heavy scaling back of
sale of single premium individual traditional products by one
insurer. The annual premium individual business achieved
a growth rate of 8.9% during the year with investmentlinked business outperforming traditional business.
against the euro by 5.0%.
performance of the life insurance industry
| 33
ANNUAL REPORT 2011
Life Insurance Association of Malaysia
Annualised Premium
RM million
January to December
Mix (January to December)
2010
2011
Growth
2010
2011
Individual
- Traditional
- Investment-linked
2,069
1,654
2,226
1,828
7.6%
10.5%
55.6%
44.4%
54.9%
45.1%
TOTAL
3,724
4,054
8.9%
100.0%
100.0%
Group insurance business enjoyed a small growth rate of
In-Force Policies
3.3% in 2011.
RM million
In absolute terms, the size of individual traditional business
2010
2011
Individual – Traditional
- Annualised Premiums
- Single Premiums
12,889
679
13,981
758
8.5%
11.6%
TOTAL
13,569
14,739
8.6%
investment-linked business mix as at 31 December 2011
Individual – Investment-linked
- Annualised Premiums
- Single Premiums
6,177
547
6,948
382
12.5%
-30.2%
was 54.9%:45.1% as compared with 55.6%:44.4% a year
TOTAL
6,724
7,330
9.0%
earlier.
Group
- Annualised Premiums
- Single Premiums (YRT)
- Single Premiums (Others)
73
51
605
74
48
798
1.4%
-4.6%
31.9%
TOTAL
729
921
26.3%
21,021
22,989
9.4%
with annualised premium of RM2.2 billion is still larger
than the size of individual investment-linked business
with annualised premium of RM1.8 billion although the
gap has been narrowing in recent years. Traditional to
in-force policies
In line with the growth in new business, the total premium
for in-force policies also grew at 9.4% for individual and
group policies combined. For individual policies, the growth
TOTAL (Individual + Group)
Growth
came mainly from annual premium policies while single
claims payment
premium investment-linked business saw a decline in in-
The life insurance industry paid out a total net benefit of
force premiums.
RM9.93 billion in year 2011. This is 9.6% higher than the
Annual premium investment-linked business with a smaller
base enjoyed a stronger growth of 12.5% against the
traditional annual premium business which grew at 8.5%.
In absolute terms, traditional annual premium business
added more than RM1 billion in-force premiums during
the year. The corresponding addition in investment-linked
annual premium business was RM771 million.
figure of RM9.06 billion in the corresponding period in
2010. The increase in benefit payout was mainly due to
higher benefit payments in bonuses, medical claims and
maturity.
The following pie charts show the breakdown of benefit
payments by type:
Group insurance also recorded a strong growth in in-force
premiums in year 2011 especially in the Single Premiums
(Others) category.
Claims Payment
2010
6.85%
6.44%
2011
0.94%
6.87%
Death
11.34%
30.29%
12.34%
31.81%
performance of the life insurance industry
31.33%
12.82%
Disability
Maturity
Surrenders
28.20%
Medical
Bonuses
Bonuses
Others
Others
(Source: Life Insurance Association of Malaysia [LIAM])
34 |
Death
Surrenders
Medical
0.94%
13.45%
Disability
Maturity
6.39%
ANNUAL REPORT 2011
Life Insurance Association of Malaysia
life insurance business (2006 - 2010)
Number of Policies
Number of Policies
Units
8,000,000
12,121,159
11,809,112
10,534,525
10,000,000
11,522,202
10,909,842
12,000,000
6,000,000
1,426,280
1,387,724
1,337,514
1,303,727
2,000,000
1,585,846
4,000,000
New Business
Total Business in Force
0
2006
2007
2008
2009
2010
Year
Sums Insured
Sums Insured
600,000.0
791,360.8
771,274.8
722,679.4
700,000.0
672,901.7
500,000.0
400,000.0
0
274,776.8
185,066.0
100,000.0
186,919.9
200,000.0
239,605.9
300,000.0
219,066.9
Sums Insured (RM million)
800,000.0
852,254.1
900,000.0
New Business
Total Business in Force
2006
2007
2008
2009
2010
Year
Source: Bank Negara Malaysia (Annual Statistics 2010)
performance of the life insurance industry
| 35
ANNUAL REPORT 2011
Life Insurance Association of Malaysia
New Business: Total Premium
New Business: Total Premiums
8,600.0
6,600.0
8,327.1
7,234.7
7,000.0
7,587.0
7,400.0
7,544.4
7,800.0
7,161.7
RM million
8,200.0
6,200.0
0
New Business
2006
2007
2008
2009
2010
Year
Total Business In Force: Annual Premiums
Total Business In Force: Annual Premiums
RM million
12,000.0
13,325.8
15,446.4
14,000.0
14,538.8
16,000.0
17,347.4
18,000.0
19,275.4
20,000.0
10,000.0
8,000.0
6,000.0
4,000.0
2,000.0
0
Total Business In Force
2006
2007
2008
Year
Source: Bank Negara Malaysia (Annual Statistics 2010)
36 |
performance of the life insurance industry
2009
2010
ANNUAL REPORT 2011
Life Insurance Association of Malaysia
Benefit Payments
2009 (RM million)
Medical
1,458.2 (12.3%)
Others
971.2 (8.2%)
2010 (RM million)
Death and Disability
977.2 (8.3%)
Maturity/Vesting
4,368.4 (36.9%)
Cash Bonuses
1,357.6 (11.5%)
Medical
1,596.1 (12.3%)
Others
900.2 (6.9%)
Death and Disability
1,026.6 (7.9%)
Maturity/Vesting
3,907.7 (30.0%)
Cash Bonuses
1,462.5 (11.2%)
Surrender
2,706.0 (22.9%)
Surrender
4,127.8 (31.7%)
Total: RM 11,838.5 million
Total: RM 13,020.9 million
Income
2009 (RM million)
2010 (RM million)
Profit on sale of
assets and miscellaneous income
4,910.2 (16.6%)
Net investment
income
4,926.5 (16.6%)
Profit on sale of
assets and miscellaneous income
5,166.2 (15.9%)
Premium Income
19,831.3 (66.8%)
Total: RM 29,667.9 million
Net investment
income
5,435.0 (16.8%)
Premium Income
21,812.1 (67.3%)
Total: RM 32,413.3 million
Source: Bank Negara Malaysia (Annual Statistics 2010)
performance of the life insurance industry
| 37
ANNUAL REPORT 2011
Life Insurance Association of Malaysia
Outgo (Expenditure)
2009 (RM million)
2010 (RM million)
Loss on disposal of
assets and other outgo
1,914.1 (10.4%)
Management
expenses
1,645.6 (9.0%)
Agency
Remuneration
2,933.6 (16.0%)
Loss on disposal of
assets and other outgo
1,093.2 (3.4%)
Management
expenses
1,849.9 (5.7%)
Net policy benefits
11,838.5 (64.6%)
Agency
Remuneration
3,231.3 (10.0%)
Total: RM 18,331.7 million
Net policy benefits
13,020.9 (40.2%)
Total: RM 19,195.3 million
Assets of Life Insurance Funds
2009 (RM million)
2010 (RM million)
Foreign assets 4,739.1
Foreign assets 3,386.2
Other assets 2,097.3
Cash and deposits
11,528.0
Property, plant and equipment 1,630.3
Loans 11,588.1
Other assets 2,566.7
Cash and deposits
9,168.2
Investment
properties
2,555.5
Property, plant and equipment 1,616.5
Loans 10,881.9
Investment
properties
2,539.1
Investments
109,944.8
Investments
93,039.5
Total: RM 125,824.8 million
Loans (RM 11,588.1 million) comprised:
• Mortgages
• Policy
• Others
INVESTMENTS (RM 93,039.5 million) comprised:
• Malaysia Government papers/guaranteed loans
• Corporate/debt securities
• Others
Source: Bank Negara Malaysia (Annual Statistics 2010)
38 |
performance of the life insurance industry
Total: RM 141,456.3 million
Loans (RM 10,881.9 million) comprised:
• Mortgages
• Policy
• Others
INVESTMENTS (RM 109,944.8 million) comprised:
• Malaysia Government papers/guaranteed loans
• Corporate/debt securities
• Others
ANNUAL REPORT 2011
Life Insurance Association of Malaysia
Members of LIAM
Allianz Life Insurance
Malaysia Berhad
Suite 3A-15, Level 15
Block 3A, Plaza Sentral
Jalan Stesen Sentral 5
Kuala Lumpur Sentral
50470 Kuala Lumpur
Telephone No: +603 2264 1188/2264 0688
Fax No: +603 2264 1199
E-mail: partner@allianz.com.my
http://www.allianz.com.my
American International
Assurance Bhd.
Menara AIA
99 Jalan Ampang
50450 Kuala Lumpur
Telephone No: +603 2056 1111
Fax No: +603 2056 2992
E-mail: corporate-ops.my@aia.com
http://www.aia.com.my
CIMB Aviva Assurance Berhad
Level 11
No. 338, Jalan Tuanku Abdul Rahman
50100 Kuala Lumpur
Telephone No: +603 2612 3600
Fax No: +603 2698 7035
Customer Careline: 1300 88 5055
E-mail: wecare@cimbaviva.com
http://www.cimbaviva.com
Etiqa Insurance Berhad
Level 19, Tower C
Dataran Maybank
No. 1, Jalan Maarof
59000 Kuala Lumpur
Telephone No: +603 2297 1888
Fax No: +603 2297 1800
Oneline Contact Centre: 1300 13 8888
E-mail: info@etiqa.com.my
http://www.etiqa.com.my
AmLife Insurance Berhad
Great Eastern Life Assurance
(Malaysia) Berhad
Level 9, Bangunan AmAssurance
No. 1 Jalan Lumut
50400 Kuala Lumpur
Telephone No: 1300 88 8800
Fax No: +603 2171 3000
E-mail: amassurance-life@ambankgroup.com
https://www.amassurance.com.my
Menara Great Eastern
303, Jalan Ampang
50450 Kuala Lumpur
Telephone No: +603 4259 8888
Fax No: +603 4259 8000
E-mail: wecare-my@greateasternlife.com
http://www.greateasternlife.com
AXA AFFIN
Life Insurance Berhad
Hannover Life Re,
Malaysian Branch
8th Floor Chulan Tower
3 Jalan Conlay
50450 Kuala Lumpur
Telephone No: 1300 88 1616
Fax No: +603 2117 6768
E-mail: customer.care@axa-life.com.my
http://www.axa.com.my
Suite 31-1, 31st Floor
Wisma UOA II
No. 21, Jalan Pinang
50450 Kuala Lumpur
Telephone No: +603 2687 3600
Fax No: +603 2687 3760/2687 3762
http://www.hannoverlifere.com
members of LIAM
| 39
ANNUAL REPORT 2011
Life Insurance Association of Malaysia
Hong Leong Assurance Berhad
Manulife Insurance Berhad
Level 3, Tower B,
PJ City Development
No. 15A Jalan 219
Seksyen 51A
46100 Petaling Jaya
Telephone No: +603 7650 1818
Fax No: +603 7650 1991
Customer Service Hotline: +603 7650 1288
Customer Service Hotfax: +603 7650 1299
http://www.hla.com.my
12th Floor, Menara Manulife
6, Jalan Gelenggang
Damansara Heights
50490 Kuala Lumpur
Telephone No: +603 2719 9228
Fax No: +603 2094 0972
http://www.manulife.com.my
ING Insurance Berhad
Menara ING
84 Jalan Raja Chulan
P.O. Box 10846
50927 Kuala Lumpur
Telephone No: +603 2058 4838
Fax No: +603 2161 0549
Toll Free: 1 800 88 0303
http://www.ing.com.my
Malaysian Assurance
Alliance Berhad
11th Floor, Menara MAA
No. 12, Jalan Dewan Bahasa
50460 Kuala Lumpur
Telephone No: +603 2146 8000
Fax No: +603 2142 5863
Call Centre: 1300 88 622/ +603 2146 9999
E-mail: info@maa.com.my
http://www.maa.com.my
Malaysian Life Reinsurance
Group Berhad
3B/21-3 Block 3B
Level 21, Plaza Sentral
Jalan Stesen Sentral 5
Kuala Lumpur Sentral
50470 Kuala Lumpur
Telephone No: +603 2780 6611
Fax No: +603 2780 6622
E-mail: info@mlre.rgare.com
40 |
members of LIAM
MCIS ZURICH Insurance Berhad
Wisma MCIS ZURICH, Jalan Barat
46200 Petaling Jaya, Selangor
Telephone No: +603 7955 2577
Fax No: +603 7957 5964
Customer Contact Centre: +603 7652 3388
E-mail: info@mciszurich.com.my
http://www.mciszurich.com.my
Prudential Assurance
Malaysia Berhad
Level 17, Menara Prudential
10, Jalan Sultan Ismail
50250 Kuala Lumpur
Telephone No: +603 2031 8228
Fax No: +603 2032 3939
Customer Service: +603 2116 0228
E-mail: customer.mys@prudential.com.my
http://www.prudential.com.my
Tokio Marine Life Insurance
Malaysia Bhd.
Ground Floor,
Menara Tokio Marine Life
189, Jalan Tun Razak
50400 Kuala Lumpur
Telephone No: +603 2059 6188
Fax No: +603 2162 8068
E-mail: customercare@tokiomarinelife.com.my
http://corporate.tokiomarinelife.com.my
Uni.Asia Life Assurance Berhad
8th Floor, Bangunan Uni.Asia
16 Jalan Tun Tan Siew Sin
50050 Kuala Lumpur
Telephone No: +603 2687 2000
Fax No: +603 2031 4689
Customer Service Hotline: +603 2687 2020
E-mail: customerservice@uniasialife.com.my
http://www.uniasialife.com.my
Life Insurance Association of Malaysia
Annual Report
2011