Management Committee 2012/ 2013

Transcription

Life Insurance Association of Malaysia
annual report
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 Email: liaminfo@liam.org.my
Contents Page
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17
PRESIDENT’S MESSAGE
REPORT OF THE
MANAGEMENT COMMITTEE
6
23
PERUTUSAN PRESIDEN
LAPORAN JAWATANKUASA
PENGURUSAN
10
28
MEMBERS OF THE
2012/ 2013
PERFORMANCE OF THE LIFE
INSURANCE INDUSTRY
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35
2012/ 2013
MEMBERS OF LIAM
12
COMMITTEES AND WORKING
COMMITTEES 2012/ 2013
Tel: 603 2691 6168/ 2691 6628/ 2691 8068 Fax: 603 2691 7978
ANNUAL REPORT 2012
President’s Message
On behalf of the Management Committee, it is my privilege
to present the Life Insurance Association of Malaysia
(LIAM) Annual Report for 2012 and highlight several
milestones of significance.
Financial Services Bill
The Financial Services Bill 2012, passed in the Parliament
in 2012, is set to replace several existing Acts, including the
Insurance Act 1996, the Banking and Financial Institutions
Act 1989, the Payment Systems Act 2003 and Exchange
Control Act 1953.
The financing needs of the economy is expected to rise
further and become increasingly more complex and
diversified with greater regionalization and globalization of
the Malaysian financial system. A stronger and integrated
framework for the finance and banking sector is needed to
counter future risks to ensure financial stability. With the
Bill’s introduction, it is expected to provide a uniformed
framework in regulating all the sectors in the financial
services industry.
Under the Financial Services Bill, composite insurers
excluding professional reinsurers would be required to
convert to single insurance business which means insurers
Vincent Kwo Shih Kang
can only focus on either life or general insurance business.
Significant change is also expected with regard to
insurable interest for a life insurance policy whereby
insurable interest would only be required at the time the
insurance policy is effected and it is no longer a criterion at
the time of payment of policy monies. The free look period
is also extended to persons under a group policy where
the premium is paid by the person insured and privity of
contract in certain circumstances is extended to persons
insured under a group policy.
As for payment of policy monies, delay in payment will
be subject to interest on the claim amount based on the
average 12 months fixed deposit rate for licensed banks
published by Bank Negara Malaysia (BNM) plus one per
cent.
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president’s message
ANNUAL REPORT 2012
Under the Financial Services Bill, the existing duty for
Guidelines on Deferred Annuity Business specifying the
consumers to volunteer all relevant information will no
minimum standards for the management and administration
longer be applicable. Instead, insurers would be required
of annuity products.
to ask specific questions to solicit information relevant to
their decision making as to whether they should accept
the risk or otherwise. Consumers, however, need to
take reasonable care not to make misrepresentation in
26th East Asian Insurance
Congress
answering the insurer’s questions.
The last East Asian Insurance Congress (EAIC) in Kuala
Under the Bill, it is expected that stricter penalties will be
anticipated and was held successfully in Kuala Lumpur
meted out for financial crimes.
On LIAM’s part, a task force comprising industry senior
personnel is being formed to study the impact of the Bill
on the industry.
Retirement Planning
The industry hailed the removal of the 8% investment
income tax on Deferred Annuity in the 2013 Budget as a
major boost in retirement planning for the public.
This tax incentive in addition to the RM3,000 personal
tax relief granted for contribution to a Private Retirement
Scheme (PRS) and deferred annuity as announced in the
2012 Budget, will encourage more individuals to invest in
annuity schemes to provide savings for retirement.
It is estimated that by 2030, 15% of the Malaysian
population would be aged 60 and above. Thus, as the
country moves towards a high-income nation with an
ageing society, there is a dire need for suitable tax efficient
Lumpur was in 1988, thus the 26th EAIC was much
from 29 October to 2 November 2012. The EAIC has come
a long way as the 2012 edition marked its fifth decade
in propagating the development and consolidation of the
insurance industry in East Asia. It also marked the 50th
Anniversary of EAIC since its formation in 1962.
The Congress was jointly organized by LIAM, General
Insurance Association of Malaysia (PIAM), Malaysian
Takaful Association (MTA) and Labuan International
Insurance Association.
A cake cutting ceremony with all the EAIC Board Members
was held during the opening ceremony of the Congress.
The event was witnessed by the Governor of BNM Yang
Berbahagia Tan Sri Dr Zeti Akhtar Aziz who also officiated
the Opening Ceremony.
With the theme ‘Transforming the East Asian Insurers –
Time for Action Now’, the congress presented a line-up of
learned and well-known speakers to share their thoughts
and views on various topics.
retirement products to enable the people to maintain a
The keynote presentations focused on Transforming
comfortable lifestyle in their golden years.
the East Asian Insurers
The launch of the Private Retirement Scheme (PRS)
in Malaysia on 18 July 2012 also marked a significant
milestone towards retirement planning for the people. The
PRS is a voluntary retirement scheme structured by private
sector fund providers. Individuals who invest in PRS or
deferred annuity are eligible for a tax relief of RM3,000 and
the PRS and deferred annuity fund is also free of tax.
To boost the orderly expansion of annuity, LIAM in
consultation with BNM has drawn up the
and New Horizons in Talent
Development and Retention – Engaging Generation
Y and Beyond while the plenary sessions featured
presentations on Adapting to Changing Perceptions –
Becoming the Preferred Choice, Enhancing Synergies
Between Conventional Insurance and Takaful Systems
and Revisiting the Aftermath of Recent Natural Disasters
– Can We Do Better?
LIAM also had the opportunity to coordinate the EAIC
Executive Board Meetings which were usually held in
26th EAIC
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ANNUAL REPORT 2012
conjunction with the congress. As per the practice of
be from Malaysian-owned companies has been removed.
previous congress, the Executive Board of EAIC had
At present, the number of Malaysian owned companies
drawn up a city declaration in closing the 26th Congress
has reduced to seven, out of the total 17 companies while
as follows:
the number of expatriate Chief Executive Officers has
• The EAIC reaffirmed its commitment to enhance
increased.
regional co-operation within the insurance industry.
• The EAIC noted that Japan and Thailand had
responded to the major disasters namely ‘The Great
East Japan Earthquake and ‘The Thai Floods in 2011’
with resilience and distinction. The EAIC called on the
industry to be more proactive in meeting the needs of
the marketplace through innovative means to promote
the value of insurance to society in an inclusive manner.
• The EAIC agreed to give top priority to act now to make
insurance a ‘pull’ industry.
• In conjunction with the golden jubilee of the EAIC, an
essay and EAIC logo design competition would be
launched on re-energizing the insurance industry of the
East Asian Market for the next 50 years.
The declaration would be a rough guide for the selection of
A new system of electing the Management Committee
members would be introduced with effect from the Annual
General Meeting in March 2013. The new system which
combines election and appointment would be adopted
to provide greater opportunities for all Chief Executive
Officers to participate on the Management Committee of
LIAM.
In addition, the monthly Management Committee meetings
have been changed to at least six times a year, similar with
the practices of a number of associations.
The revised Constitution was approved by the Registrar of
Societies in June 2012.
the theme and presentation topics in the organisation of the
Engagement with Consumers
next EAIC in 2014 to be hosted by Taipei.
To provide even further confidence to the market and
It is an honour for me to be appointed as the new President
of EAIC for the next two years during the Incoming and
the Outgoing EAIC Executive Board Member meeting.
This is certainly a challenging task, taking over from Mr
Teddy Hailamsah who had done a wonderful job as head
of the EAIC Executive Board for the last two years. During
establish a stronger base for consumer protection, the
industry and BNM established the Treat Customers Fairly
(TCF) framework which was introduced in 2011 whereby
all member companies are required to fully comply by 1
January 2012. It is in the interest of the industry to promote
healthy market conduct and consumer protection.
the two-year tenure as EAIC President, on behalf of the
LIAM’s members are committed to putting this principle
Malaysian industry, I pledge to give my best and look
into practice and the Association has urged its members
forward to working with the team from Taipei to ensure
to show their dedication to uphold the essence of the
another successful congress in 2014.
guidelines in its operations. It is important to note how the
TCF is being implemented and to gauge the commitment
LIAM Constitution
Arising from the liberalization of the financial services sector,
there have been gradual changes in the equity structure
and management of insurance companies whereby the
number of foreign companies and non-Malaysian Chief
philosophy. LIAM has put in place a monitoring framework,
whereby CEOs annually sign a declaration of compliance
with the industry guidelines.
Efforts to raise consumer awareness on the benefits of life
Executive Officers have increased.
insurance are also high on the Association’s agenda. In fact,
In response to these changes, LIAM had reviewed its
is constantly seeking collaborations with local newspapers
Constitution to ensure that the Association continues
to have a pool of dedicated leaders in the Management
Committee. The criteria imposed on the appointment of
President and composition of Management Committee
it is an infinite objective. Therefore towards this end, LIAM
to publish educational articles on life insurance.
For the 2012 Consumer Education Series, LIAM started
collaborating with the Malay Mail amongst others. LIAM’s
members was relaxed.
collaboration with the national daily has provided the
Under the revised Constitution, the requirement that the
urban and suburban, English speaking market.
President and Management Committee members have to
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level of insurance companies to develop TCF as a company
industry an opportunity to reach the young, middle income,
ANNUAL REPORT 2012
The articles which were published in the Malay Mail
In the meeting with the Deputy Finance Minister, Y.B.
include Confusion on Medical Insurance Coverage, Critical
Senator Datuk Ir. Donald Lim Siang Chai, LIAM presented
Illness Adds Cover to Medical Insurance, Understanding
its views and proposals on several issues namely Tax on Life
Critical
Policy
Fund, Annuity Tax Relief, Annuity and Private Retirement
Key Consideration, 1Malaysia Micro Protection Plan,
Schemes, Goods and Services Tax on Life Insurance, ETP
Insurance for Children and Choosing the Right Policy.
and life insurance for the Ministry’s consideration.
Illness
Claims
Rejections,
Medical
All these articles are available on LIAM’s website at
www.liam.org.my.
LIAM also continued to share educational articles on
insurance with the Federation of Malaysian Consumers
Association (FOMCA) for their magazine entitled RINGGIT.
This is a monthly bulletin published in the national
language by FOMCA and BNM to raise awareness among
consumers on the importance of financial management.
RINGGIT is circulated to various organizations including
universities, government and private agencies, libraries
Acknowledgement
To conclude, I would like to record my thanks and
appreciation
to
all
my
fellow
colleagues
on
the
Management Committee, the various Committees and
Working Committees as well as all LIAM members for
their unwavering support and commitment. The industry’s
concerted efforts and collaboration has certainly been the
cornerstone to the success of the Association’s activities.
and other public places for the benefit of all communities.
I would also like to take this opportunity to accord my
For the year 2012, RINGGIT published three LIAM articles
the Vice President for 2012 and not forgetting his many
namely Insurans Wanita: Sekadar Gimik Pemasaran atau
Melindungi, Kekeliruan Mengenai Perlindungan Insurans
Perubatan and Pelan Insurans Penyakit Kritikal Tambahan
appreciation to Mr Khor Hock Seng who had served as
years of contribution as a member of the Management
Committee of LIAM.
Perlindungan Kepada Insurans Perubatan.
On behalf of LIAM, I wish to express my heartfelt
In addition to the above, LIAM was also involved in a series
Ministry of Finance, Treasury, Ministry of Health and related
of BNM road shows to reach out to the consumers in many
underserved areas across the nation. The details are
reported in the Management Committee report.
LIAM Courtesy Visit to Ministry
of Finance
As part of our effort to engage with the Government in
the pursuit to achieve targets outlined in the Economic
appreciation to the offices of Bank Negara Malaysia,
Government agencies as well as the regulatory authorities
for the guidance and cooperation extended to LIAM.
Last but not least, my appreciation to the Secretariat staff
for their dedication and efforts in ensuring the smooth
operation of LIAM.
President
Transformation Programme (ETP) and Financial Sector
Blueprint, LIAM made a courtesy visit to the Ministry of
Finance on 6 April 2012. LIAM’s entourage comprised
of members of the Management Committee and senior
representatives from member companies.
LIAM Courtesy visit to Ministry of Finance
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ANNUAL REPORT 2012
Perutusan Presiden
Bagi pihak Jawatankuasa Pengurusan, saya dengan
dibayar oleh orang yang diinsuranskan dan priviti kontrak
berbesar
dalam keadaan tertentu diperluaskan kepada orang yang
hati
membentangkan
Laporan
Tahunan
Persatuan Insurans Hayat Malaysia (LIAM) bagi tahun
2012 dengan beberapa sorotan dan pencapaian penting.
Berkenaan dengan bayaran wang polisi, kelewatan
pembayaran akan tertakluk kepada faedah atas amaun
Rang Undang-Undang
Perkhidmatan Kewangan
tuntutan berdasarkan kadar purata deposit tetap 12 bulan
bagi bank-bank berlesen yang disiarkan oleh Bank Negara
Rang Undang-Undang Perkhidmatan Kewangan 2012,
yang telah diluluskan di Parlimen pada tahun 2012, akan
menggantikan beberapa Akta yang sedia ada, termasuk
Akta Insurans 1996, Akta Bank dan Institusi-Institusi
Kewangan 1989, Akta Sistem Pembayaran 2003 dan Akta
Kawalan Pertukaran Wang 1953.
Malaysia (BNM) dengan penambahan satu peratus.
Di
bawah
Rang
Undang-Undang
Perkhidmatan
Kewangan, kewajipan pengguna untuk secara sukarela
memberikan semua maklumat yang berkaitan tidak lagi
terpakai. Sebaliknya, penanggung insurans dikehendaki
bertanyakan soalan-soalan tertentu bagi mendapatkan
Keperluan pembiayaan ekonomi dijangka meningkat serta
menjadi semakin kompleks dan terpelbagai menyebabkan
sistem kewangan Malaysia lebih bersifat keserantauan
dan lebih global. Rangka kerja yang bertambah kukuh
dan bersepadu bagi sektor kewangan dan perbankan
diperlukan bagi mengatasi risiko masa depan demi
memastikan kestabilan kewangan. Dengan pengenalan
Rang Undang-Undang tersebut, ia dijangka menyediakan
maklumat yang berkaitan dalam pembuatan keputusan
mereka sama ada mereka patut menerima risiko atau tidak.
Pengguna, bagaimanapun, perlu mengambil langkah yang
sewajarnya untuk tidak membuat salah nyataan dalam
menjawab soalan penanggung insurans.
Di bawah Rang Undang-Undang ini, denda yang lebih
tegas dijangka akan dikenakan untuk jenayah kewangan.
rangka kerja yang seragam dalam mengawal selia semua
Di pihak LIAM, sebuah jawatankuasa khas yang terdiri
sektor dalam industri perkhidmatan kewangan.
daripada tenaga kerja kanan industri telah dibentuk bagi
Di
bawah
Kewangan,
Rang
Undang-Undang
penanggung
insurans
Perkhidmatan
komposit,
tidak
termasuk penanggung insurans semula professional,
mengkaji kesan Rang Undang-Undang ini terhadap industri
ini.
dikehendaki menukar kepada perniagaan insurans tunggal.
Perancangan Persaraan
Ini bermakna penanggung insurans hanya boleh memberi
Pihak industri telah menyambut baik pemansuhan cukai
tumpuan kepada sama ada perniagaan insurans hayat
atau insurans am sahaja.
Perubahan ketara juga dijangka berlaku berhubungan
dengan kepentingan yang boleh diinsuranskan dengan
polisi insurans hayat di mana kepentingan yang boleh
diinsuranskan akan hanya diperlukan pada masa polisi
insurans diambil dan tidak lagi menjadi satu kriteria semasa
pembayaran wang polisi. Di bawah polisi kumpulan,
tempoh tengok percuma diperluaskan di mana premium
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diinsuranskan.
perutusan presiden
pendapatan pelaburan 8% ke atas Anuiti Tertunda dalam
Bajet 2013 dan menganggapnya sebagai rangsangan
utama dalam perancangan persaraan untuk orang ramai.
Insentif cukai ini di samping pelepasan cukai perseorangan
sebanyak RM3,000 diberikan untuk caruman kepada
Skim Persaraan Swasta (PRS) dan anuiti tertunda seperti
yang diumumkan dalam Bajet 2012, akan menggalakkan
lebih ramai individu melabur dalam skim anuiti sebagai
simpanan untuk persaraan.
ANNUAL REPORT 2012
Menjelang tahun 2030, sebanyak 15% daripada penduduk
Development and Retention – Engaging Generation
Malaysia dianggarkan akan mencapai umur 60 tahun ke
Y and Beyond, sementara sesi pleno menampilkan
atas. Oleh itu, ketika negara bergerak ke arah menjadi
pembentangan tentang topik Adapting to Changing
negara berpendapatan tinggi dengan masyarakat menua,
Perceptions – Becoming the Preferred Choice, Enhancing
maka produk persaraan yang sesuai dan cekap cukai
Synergies Between Conventional Insurance and Takaful
amatlah diperlukan bagi mengekalkan gaya hidup yang
Systems dan Revisiting the Aftermath of Recent Natural
selesa di usia emas mereka.
Disasters – Can We Do Better?
Pelancaran Skim Persaraan Swasta (PRS) di Malaysia
LIAM
pada 18 Julai 2012 juga menandakan pencapaian penting
Lembaga
ke arah perancangan persaraan untuk rakyat. PRS adalah
sempena kongres tersebut. Sepertimana amalan kongres
skim persaraan sukarela yang distrukturkan oleh penyedia
terdahulu, Lembaga Eksekutif EAIC telah membuat
dana sektor swasta. Individu yang melabur dalam PRS atau
perisytiharan Kuala Lumpur dalam upacara penutup
anuiti tertunda layak mendapat pelepasan cukai sebanyak
Kongres Ke-26 seperti berikut:
RM3,000 dan PRS dan anuiti tertunda juga bebas cukai.
• EAIC
Untuk meningkatkan pengembangan anuiti yang teratur,
LIAM
menerusi
rundingannya
dengan
BNM
telah
menyediakan Garis Panduan Perniagaan Anuiti Tertunda
yang menetapkan piawaian minimum bagi pengurusan
dan pentadbiran produk anuiti.
juga
berpeluang
Eksekutif
mengkoordinasi
EAIC
yang
menegaskan
biasanya
Mesyuarat
diadakan
komitmennya
untuk
mempertingkatkan kerjasama serantau dalam industri
insurans.
• EAIC akui bagaimana Jepun dan Thailand telah
bertindak dengan penuh daya tahan dan cemerlang
terhadap bencana alam yang dahsyat, iaitu ‘Gempa
Bumi Dahsyat Di Jepun Timur’ dan ‘Banjir Di Thailand
pada Tahun 2011’. EAIC menyeru industri ini supaya
Kongres Insurans Asia
Timur Ke-26
Kongres Insurans Asia Timur (EAIC) yang terakhir di Kuala
Lumpur ialah pada tahun 1988. Oleh itu, EAIC ke-26 amat
dinanti-nantikan dan telah berlangsung dengan jayanya di
Kuala Lumpur dari 29 Oktober hingga 2 November 2012.
EAIC telah mencapai kejayaan besar kerana edisi 2012
menandakan dekad kelimanya dalam menyebarluaskan
pembangunan dan penyatuan industri insurans di Asia
Timur. Ia juga menandakan Ulang Tahun EAIC yang ke-50
sejak penubuhannya pada tahun 1962.
Kongres ini adalah anjuran bersama LIAM, Persatuan
Insurans Am Malaysia (PIAM), Persatuan Takaful Malaysia
(MTA) dan Persatuan Insurans Antarabangsa Labuan
(LIIA).
Upacara memotong kek bersama kesemua Ahli Lembaga
EAIC telah diadakan semasa upacara pembukaan Kongres
tersebut. Upacara tersebut telah disaksikan oleh Gabenor
BNM Yang Berbahagia Tan Sri Dr Zeti Akhtar Aziz yang
turut juga merasmikan Upacara Pembukaan.
lebih proaktif dalam memenuhi keperluan pasaran
melalui cara-cara yang inovatif bagi mempromosikan
nilai insurans kepada masyarakat dengan cara yang
inklusif.
• EAIC bersetuju memberi keutamaan untuk bertindak
sekarang bagi menjadikan insurans sebuah industri
‘tarikan’.
• Sempena jubli emas EAIC,
peraduan menulis esei
dan merekabentuk logo EAIC akan dianjurkan.
Ianya berkonsep untuk mencergaskan semula industri
insurans Pasaran Asia Timur bagi tempoh 50 tahun
akan datang.
Perisytiharan ini akan menjadi panduan kasar bagi
pemilihan
tema
dan
topik
pembentangan
dalam
penganjuran EAIC yang berikutnya pada tahun 2014 yang
akan diadakan di Taipei.
Perlantikan sebagai Presiden baru EAIC untuk dua tahun
akan datang pada mesyuarat Ahli Lembaga Eksekutif
EAIC yang lalu merupakan satu penghormatan bagi
saya. Ini pastinya suatu tugas yang amat mencabar untuk
mengambil alih daripada Encik Teddy Hailamsah yang
Dengan tema ‘Transforming the East Asian Insurers –Time
telah menjalankan tugasnya dengan begitu baik sebagai
for Action Now’, kongres tersebut menampilkan barisan
Ketua Lembaga Eksekutif EAIC sepanjang dua tahun
penceramah yang terkemuka untuk berkongsi buah fikiran
lepas. Dalam tempoh dua tahun menjadi Presiden
dan pandangan mereka mengenai pelbagai topik.
EAIC, bagi pihak industri Malaysia, saya berikrar
Pembentangan dasar tertumpu kepada topik Transforming
the East Asian Insurers dan New Horizons in Talent
untuk memberikan yang terbaik dan saya teruja untuk
bekerjasama dengan pasukan dari Taipei bagi memastikan
kejayaan kongres seterusnya pada tahun 2014.
perutusan presiden
7
ANNUAL REPORT 2012
Perlembagaan LIAM
Ekoran
liberalisasi
sektor
menunjukkan dedikasi mereka bagi mendukung intipati
perkhidmatan
kewangan,
terdapat perubahan beransur-ansur dalam struktur ekuiti
dan pengurusan syarikat insurans di mana bilangan
syarikat asing dan Ketua Pegawai Eksekutif bukan warga
Malaysia telah dipertingkatkan.
semula Perlembagaannya bagi memastikan Persatuan
terus mempunyai barisan ketua yang berdedikasi dalam
Jawatankuasa Pengurusan. Kriteria yang ditetapkan bagi
perlantikan Presiden dan komposisi ahli Jawatankuasa
Pengurusan telah dilonggarkan.
ukuran terhadap tahap komitmen syarikat insurans
dalam mengembangkan TCF sebagai falsafah syarikat.
LIAM telah menyediakan rangka kerja pemantauan di mana
pematuhan garis panduan industri setiap tahun.
Usaha
untuk
meningkatkan
kesedaran
pengguna
mengenai manfaat insurans hayat juga menjadi agenda
utama Persatuan. Bahkan, ia merupakan objektif yang tidak
terbatas. Justeru itu, ke arah matlamat ini, LIAM sentiasa
mendapatkan kerjasama akhbar-akhbar tempatan untuk
Di bawah semakan Perlembagaan ini, syarat bahawa
Presiden dan ahli Jawatankuasa Pengurusan mestilah
daripada syarikat milik Malaysia telah dimansuhkan.
Pada masa ini, bilangan syarikat milik Malaysia telah
berkurangan kepada tujuh daripada jumlah 17 syarikat,
manakala bilangan Ketua Pegawai Eksekutif ekspatriat
telah meningkat.
menerbitkan artikel - artikel mengenai insurans hayat.
Untuk Siri Pendidikan Pengguna 2012, LIAM mula
bekerjasama dengan akhbar Malay Mail antara lainnya.
Kerjasama LIAM dengan akhbar nasional ini telah memberi
peluang kepada industri ini untuk menembusi pasaran
pembaca muda, berpendapatan sederhana, di bandar dan
pinggir bandar, yang boleh bertutur bahasa Inggeris.
Sistem baru pemilihan ahli-ahli Jawatankuasa Pengurusan
akan diperkenalkan bermula dari Mesyuarat Agung
pada
diberikan kepada bagaimana TCF dilaksanakan sebagai
Ketua Pegawai Eksekutif menandatangani pengakuan
Sebagai reaksi kepada perubahan ini, LIAM telah mengkaji
Tahunan
garis panduan ini dalam operasinya. Perhatian harus
Mac
2013.
Sistem
baru
yang
menggabungkan pemilihan dan perlantikan ini akan
diterima pakai untuk membuka peluang kepada semua
Ketua Pegawai Eksekutif untuk menyertai Jawatankuasa
Pengurusan LIAM.
Mail ialah Confusion on Medical Insurance Coverage,
Critical
Illness Adds
Cover
to
Medical
Insurance,
Understanding Critical Illness Claims Rejections, Medical
Policy Key Consideration, 1Malaysia Micro Protection
Plan, Insurance for Children dan Choosing the Right Policy.
Kesemua artikel ini boleh didapati di laman web LIAM di
Selain itu, mesyuarat Jawatankuasa Pengurusan bulanan
telah diubah kepada sekurang-kurangnya enam kali
setahun, sejajar dengan amalan sebilangan
Artikel-artikel yang telah disiarkan dalam akhbar Malay
Persatuan
yang lain.
www.liam.org.my.
LIAM juga sentiasa berkongsi artikel pendidikan tentang
insurans
dengan
Gabungan
Persatuan
Pengguna
Malaysia (FOMCA) untuk majalah mereka yang berjudul
Semakan perlembagaan ini telah diluluskan oleh Jabatan
RINGGIT. Ini merupakan buletin bulanan yang diterbitkan
Pendaftaran Pertubuhan Malaysia (ROS) pada Jun 2012.
dalam bahasa kebangsaan oleh FOMCA dan BNM untuk
meningkatkan kesedaran di kalangan pengguna mengenai
Penglibatan dengan Pengguna
Untuk mempertingkatkan keyakinan kepada pasaran dan
mewujudkan asas yang lebih kukuh bagi perlindungan
pengguna, industri insurans dan BNM telah membentuk
rangka kerja Layan Pelanggan Dengan Adil (TCF).
TCF
telah diperkenalkan pada tahun 2011 di mana
semua syarikat ahli dikehendaki mematuhi rangka kerja
itu sepenuhnya selewat-lewatnya pada 1 Januari 2012.
Menggalakkan tatalaku pasaran yang sihat dan melindungi
pengguna memang dititikberatkan oleh industri ini.
Ahli-ahli LIAM komited untuk mengamalkan prinsip ini
dan Persatuan telah menggesa ahli-ahlinya supaya
8
perutusan presiden
kepentingan pengurusan kewangan. RINGGIT diedarkan
ke pelbagai organisasi termasuk universiti, agensi kerajaan
dan swasta, perpustakaan dan tempat-tempat awam lain
bagi manfaat semua komuniti.
Bagi tahun 2012, RINGGIT telah menerbitkan tiga artikel
LIAM, iaitu Insurans Wanita: Sekadar Gimik Pemasaran
atau Melindungi, Kekeliruan mengenai Perlindungan
Insurans Perubatan dan Pelan Insurans Penyakit Kritikal
Tambahan Perlindungan Kepada Insurans Perubatan.
Selain itu, LIAM juga terlibat dalam siri jelajah BNM untuk
mendekati pengguna di kawasan yang kurang mendapat
perkhidmatan di seluruh negara. Butir-butir lanjut dilaporkan
dalam laporan Jawatankuasa Pengurusan.
ANNUAL REPORT 2012
Kunjungan Hormat LIAM ke
Kementerian Kewangan
Sebagai
sebahagian
daripada
usaha
kami
Penghargaan
Akhir kata, saya ingin merakamkan rasa terima kasih
untuk
dan sekalung penghargaan kepada semua rakan sekerja
melibatkan diri dengan Kerajaan dalam mencapai sasaran
saya
yang digariskan dalam ETP dan Pelan Tindakan Sektor
Jawatankuasa dan Jawatankuasa Kerja serta semua ahli
Kewangan, LIAM telah mengadakan kunjungan hormat ke
LIAM atas sokongan dan komitmen mereka yang tidak
Kementerian Kewangan pada 6 April 2012. Rombongan
berbelah bahagi. Usaha bersepadu dan kerjasama industri
LIAM terdiri daripada ahli-ahli Jawatankuasa Pengurusan
sesungguhnya menjadi asas kepada kejayaan aktiviti
dan wakil kanan dari syarikat-syarikat ahli.
Persatuan.
Dalam mesyuarat dengan Timbalan Menteri Kewangan,
Saya juga ingin mengambil kesempatan ini untuk
Y.B. Senator Datuk Ir. Donald Lim Siang Chai, LIAM
menyampaikan penghargaan LIAM kepada Encik Khor
mengemukakan pandangan dan cadangan berhubung
Hock Seng yang telah berkhidmat sebagai Naib Presiden
beberapa isu, termasuklah Cukai ke atas Dana Hayat,
bagi tahun 2012 dan sumbangan beliau sebagai ahli
Pelepasan Cukai Anuiti, Skim Anuiti dan Persaraan Swasta,
Jawatankuasa Pengurusan LIAM selama ini.
Cukai Barang dan Perkhidmatan ke atas Insurans Hayat
serta peranan insurans hayat dalam Program Transformasi
Ekonomi (ETP) untuk pertimbangan Kementerian.
dalam
Jawatankuasa
Pengurusan,
pelbagai
Bagi pihak LIAM, saya ingin menyampaikan rasa
penghargaan yang tulus ikhlas kepada Bank Negara
Malaysia,
Kementerian
Kewangan,
Perbendaharaan,
Kementerian Kesihatan dan agensi-agensi berkaitan
Kerajaan serta pihak-pihak berkuasa kawal selia di atas
panduan dan kerjasama yang diberikan kepada LIAM.
Akhir sekali, saya ingin merakamkan rasa penghargaan
saya kepada kakitangan Sekretariat di atas dedikasi dan
usaha mereka dalam memastikan kelancaran operasi
LIAM.
Presiden
perutusan presiden
9
ANNUAL REPORT 2012
Members of the Management
Committee 2012/ 2013
Seated (from left): YBhg Dato Koh Yaw Hui, Mr Vincent Kwo Shih Kang and Mr Jens Reisch.
Standing (from left): Ms Nancy Tan, Mr Toi See Jong, Mr Paul Low Hong Ceong, Encik Kamaludin Ahmad and
Mr Loke Kah Meng.
Not in the photograph: Mr Cheong Chee Meng.
10
members of the management committee 2012/ 2013
ANNUAL REPORT 2012
Management Committee
2012/ 2013
PRESIDENT
Mr Vincent Kwo Shih Kang
Uni.Asia Life Assurance Berhad
VICE-PRESIDENT
Mr Khor Hock Seng
American International Assurance Bhd.
(until 30 November 2012)
MEMBERS
Allianz Life Insurance Malaysia Berhad Main Representative
Alternate
Alternate
: Mr Jens Reisch
: Mr Charles Ong
Eng Chow
: Ms Lim Li Meng
AmLife Insurance Berhad
Main Representative
Alternate
Alternate
: Mr Paul Low Hong Ceong : Mr Patrick Cheah
Gim Guan
: Mr Alex Lee Foo Yuen
AXA AFFIN Life Insurance Berhad
Main Representative Alternate
: Mr Loke Kah Meng
: Mr Lee Kok Wah
Etiqa Insurance Berhad
Alternate : Encik Kamaludin Ahmad
: Mr Barend Van Dam
: Puan Siti Nita Zuhra
Mohd Nazri
Great Eastern Life Assurance (Malaysia)
Berhad
Main Representative
Alternate
: YBhg Dato Koh Yaw Hui
: Mr Bruce Lee Yee Lam
Tokio Marine Life Insurance
Malaysia Bhd.
Alternate
: Mr Toi See Jong
: Ms Kang Yu Fen
: Mr Wong Kang Yuan
Main Representative : Mr Vincent Kwo Shih Kang
Alternate : Mr Raymond Lai You Kim
Alternate : Mr Nikolaos Stampoulis
Zurich Insurance Malaysia Berhad
Main Representative : Mr Cheong Chee Meng
Alternate : Mr John Leong
As at 31 December 2012
management committee 2012/2013
11
ANNUAL REPORT 2012
Committees and Working
Committees 2012/ 2013
ADMINISTRATION & FINANCE COMMITTEE
DISTRIBUTION SYSTEM COMMITTEE
Chairman
Chairman
Mr Khor Hock Seng (until 30 November 2012)
Mr Cheong Chee Meng
Members
Members
YBhg Datin Veronica Selvanayagy
Mr Tan Kun Hung
Allianz Life Insurance Malaysia Berhad
Mr Melvyn Cheong Chee Mun
Mr Chuah Chin Seong
Mr Raymond Cheah Beng Chye
Encik Roslan Ahmad
Mr Mah Poon Keong
Great Eastern Life Assurance (Malaysia) Berhad
Mr Vincent Ku
Mr Rohan Kananathan
Hannover Life Re, Malaysian Branch
Encik Wan Mohd Kamil bin Wan Jaafar
Mr Arun Sivaramakrishnan
ING Insurance Berhad
Mr Leong Chee Soong
Mr Andrew Sims
Prudential Assurance Malaysia Berhad
Mr Song Hock Wan
Mr Yang Chin Lee
Mr Lee Eng Guan
Hong Leong Assurance Berhad
Mr Tan Kheng Seng
Mr Jeffrie Teh Cheng Keat
Manulife Insurance Berhad
Mr Tuen Poh Mang
Mr C. Kumaran
MCIS ZURICH Insurance Berhad
Ms Khoo Ai Lin
12
committees and working committees 2012/ 2013
ANNUAL REPORT 2012
Mr Ng Ah Bah
Tokio Marine Life Insurance Malaysia Bhd.
Mr Liew Kim Wah
Mr Jacky Chan Pen Lon
Mr John Leong Choon Wai
EDUCATION & EXAMINATION COMMITTEE
Chairman
YBhg Dato Koh Yaw Hui
Members
INDUSTRY PROMOTION COMMITTEE
Chairman
Mr Jens Reisch
Members
Ms Joannica Dass
Ms Mala Patmarajah
Ms Kok Pui Kuan
Ms Tricia Loh
CIMB Aviva Assurance Berhad
Ms Ang Siew Gaik
Ms Wong Shuk Mei
Mr Tan Choon Hock
Ms Vivienne Beh
Mr Vincent Ku
Ms Yeo I-Peng
Encik Mohd Jafni Abdul Jalil
Ms Leong Pei Yee
Mr Andy Ng
Ms Kathy Lim
Ms Chia Chu Yong
Mr Eric Tan
Ms Chan Sok Jing
Mr Ravinder Singh
Mr Darren Yau
Ms Darshini Mahendranathan
Mr Magenteran Sinnasamy
Ms Maureen Lam
Ms Kang Poh Lee
Puan Norliza Alias
Malaysian Life Reinsurance Group Berhad
Ms Hooi Wai Sum
Ms Susan Ong
Mr Jason Soh
Ms Amy Loke
Mr Woo Man Loong
Ms Praleena Gengatharan
13
ANNUAL REPORT 2012
Ms Fiona Liao
Mr Mark Wang
Ms Michelle Tew
Mr Mooi Kin Seng
Encik Abdul Latiff Puteh
Encik Wan Mohd Fakruddin Razi
Puan Roziana Mohd Yatim
Ms Sze Yuet Ping
INVESTMENT, ACCOUNTING STANDARDS &
TAXATION COMMITTEE
Ms Ilene Chong
Chairman
Mr Teh Chi-Cheun
Mr Toi See Jong
Members
Ms Chin Yien Ping
Ms Esther Ong Chen Woon
14
Mr Tan Sze Teck
Ms Eubee Ong
Ms Jing Li
Mr Lee Poh Cheong
LIFE OPERATIONS
Ms Philomena Jan
Ms Pua Geok Tan
Mr Lee Kok Wah
Ms Anusha Thavarajah
Mr Chew Chin Lim
Mr Chan Yuet Wah
Ms Jacklyn Ngim
Encik Ghazali Mohdi
Ms Dawn Lem Seow Fong
Mr Jeffrey Yem
Mr Raymond Ong
Mr Chris Cheong
Mr Richard Lin
Mr Christopher Woon
Mr Tang Loon Khoon
Mr William Ng Cheng Chuan
Ms Joanne Marie Lopez
Mr K. Edward
Members
ANNUAL REPORT 2012
Ms Tan LiLing
Mr Khoo Han Chuan
MCIS Zurich Insurance Berhad
Mr Kuan Jia Shyang
Mr Ong Kheng Heng
Mr Lim Poh Yeow
Mr Wong Kang Yuan
Mr Kenny Tai
Mr Nikolaos Stampoulis
PRODUCT SERVICES & TECHNICAL
COMMITTEE
SPECIAL PROJECTS COMMITTEE
CLAIMS WORKING GROUP
Chairman
Chairman
Mr Loke Kah Meng
Ms Lim Saw Im
Members
Members
Mr Chin Tze How
Ms Felicia Leong
Mr Chai Tze Siang
Ms Agnes Lee
Mr Patrick Cheah
Ms Loh Pit Lan
Mr Gan Tze Lian
Puan Azllynah Bakar
Mr Anthony Martin Davies
Cik Nur Shahirah Ng
Mr Lok Hoe San
Ms Christine Michael
CIMB AVIVA Assurance Berhad
Mr Yap Chee Keong
Puan Zaharatun Noor
Mr Seow Fan Chong
Ms Lau Pick Kee
Ms Lim Pei Bin
Ms Thong Wai Yin
Mr Tan Kok How
Dr Malini Tharmanason
Mr Ching Ing Chian
Ms Tay Hooi Yan
Ms Gho Han Jaa
Ms Goh Chet Kee
15
ANNUAL REPORT 2012
Ms Jennee Loh
Ms Regina Lee Chooi Wan
Ms Lynna Ng
JOINT TECHNICAL MEDICAL COMMITTEE
Chairman
Dr Myralini S. Thesan
Members
Ms Yap Yen Hoong
Ms Lau Pick Kee
Encik Jeffry Azmi Mohd Shah
Dr Neoh Wee Keong
Encik Zulkifli Samad
Dr Sharliza Mohd Salleh
Ms Loo Soo Yin
Dr Andrew Tye
Dr V. Shanmugalingam
Prudential BSN Takaful Berhad
Ms Yap Yen Hoong
As at 31 December 2012
16
ANNUAL REPORT 2012
Report of the
Management Committee
During the year under review, a number of projects and
(PIAM) and LIAM was set up to facilitate the transition to
assignments were undertaken and this has been made
e-payments by insurance companies and other financial
possible with the support and contribution of the various
sectors.
Committees. Following are the highlights of the key
activities and issues handled by LIAM.
Personal Data Protection Act
The Personal Data Protection Act (PDPA) will have
important ramifications for the insurance industry. Although
the Act has been gazetted on 10 June 2010, the Personal
Data Protection Department, under the Ministry of
Information, Communications and Culture, which oversees
the enforcement of the Act, has yet to announce the official
implementation date of the Act.
Under the PDPA, the collection, possession, processing
and the use of personal data by any person or organization
will be regulated and a set of common rules and guidelines
will be introduced to provide adequate security and privacy
in handling personal information. Non-conformance with
The objective of this Working Group is to identify issues
which are of concern to the industry and to establish
solutions to resolve the concerns jointly with BNM and the
commercial banks. The implementation was undertaken in
two stages. Stage 1 was for payments made to agents,
employees of insurance companies, statutory bodies, utility
companies and panel hospitals. Stage 2 of this project
would be for insurance companies to provide an option for
e-payment to their policyholders and beneficiaries.
The life insurance sector has made encouraging progress
in the adoption of e-payment. To date, life insurance
companies have attained over 90% in the utilisation of
e-payment for agency commission, staff salaries, hospital
bills and statutory bodies/government agencies. The life
insurers have proceeded with the next stage of offering
e-payment option to policyholders and beneficiaries.
the Act may result in penalties from financial to legal
liabilities.
In preparation for the implementation of the Act, a task
The Takaful and Insurance
Benefits Protection System
force comprising senior legal, operations and compliance
In 2011, life insurance companies began contributing to the
personnel from member companies has been formed to
Takaful and Insurance Benefits Protection System (TIPS),
review the impact of the Act on the industry. A Code of
which is a consumer protection scheme, managed by
Practice for the life insurance industry has been drafted
Perbadanan Insurans Deposit Malaysia (PIDM).
and will be submitted to the Commissioner to self-regulate
the processing of personal data in the industry.
E-Payment Implementation in the
Insurance Industry
As envisioned in the Financial Sector Blueprint 2011-2020,
the migration to electronic payments was an area that has
been given emphasis. A Working Group on E-Payment
comprising Bank Negara Malaysia (BNM), Malaysian
PIDM had introduced a differential levy system for
assessment of Year 2013 onwards. Unlike the previous
method of a flat-rate premium, the new assessment system
differentiates members into different levy categories based
on the individual company risk profiles and consists of
quantitative and qualitative methods.
LIAM has continuously engaged with PIDM to discuss on
the industry’s contribution to TIPS.
Electronic Payment System (MEPS), Association of Banks
in Malaysia, General Insurance Association of Malaysia
report of the management committee
17
ANNUAL REPORT 2012
Revised Guidelines to Control
Operating Costs of Life
Insurance/ Family Takaful
Business and Guidelines on
Investment-Linked Insurance/
Takaful Business
The agency financing scheme is an interest free/non-profit
The Guidelines to Control Operating Costs of Life Insurance
Plain Language Policies
(OCC Guidelines) was introduced in 1996 to instill financial
discipline, public accountability and increased operational
efficiency in the life insurance business.
loan/financing on monthly basis to help new agents to
stabilize their income during the early stages of their career
and to encourage part-time agents to become full-time
agents.
The Guidelines on Product Transparency and Disclosure
which came into effect on January 2010 require insurers
to use plain language in contracts, agreements and policy
BNM recently issued the revised OCC Guidelines which
documents. The Joint Technical Committee comprising
took effect on 1 January 2013. The Agency Related
representatives from LIAM, PIAM and Malaysian Takaful
Expenses was revised to allow life insurers to set up
Association (MTA) is handling the simplification of the
benefit schemes for their agency force, subject to a limit of
Hospital and Surgical Insurance policy contract. The
3% of annual premiums for both traditional and investment-
project is in the final stage of completion.
linked policies. For investment-linked policies, the agency
related expenses must be sourced from the non-unit fund
for insurers.
The limit of RM60,000 for agency office maintenance has
been removed.
A task force comprising medical practitioners and claims
personnel was formed to review and simplify the common
wordings of the definitions of the Critical Illness (CI).
The final draft of the revised wordings has been completed.
The common wordings for CI were introduced by LIAM in
The Guidelines on Investment-Linked Insurance/ Takaful
2002 to promote greater transparency and uniformity of CI
Business was first implemented in July 2011 setting
coverage and to reduce the disparities in claims assessment
minimum standards for the management and administration
due to different interpretations used. The wordings were
of investment-linked insurance/takaful business. Under the
last revised and updated in November 2009 to take into
revised guidelines which took effect on 1 January 2013, the
consideration the changes emerging from advancement in
agency related expenses must be sourced from the non-
medical science and new diagnostics methods.
unit fund for insurers and the shareholders’ fund for takaful
operators.
Grant of Credit Facilities by
Licensed Insurers and Takaful
Operators
BNM has relaxed the limits under the Agency Financing
Scheme allowing life insurers and takaful operators
to provide higher and more flexible financing limits of
RM5,000 per month or 80% of last drawn salary whichever
is higher. Academic qualification has also been removed
as a criterion for the eligibility of loans because based on
Conventions
• Bumiputera Life
Convention 2012
Insurance
Agents
On 22 September 2012, LIAM jointly organised the
annual Bumiputera Life Insurance Agents Convention
with the Malaysian Insurance Institute (MII) at Putra World
Trade Center with the theme ‘Profesionalisme Tunggak
Kejayaan’. The convention was graced by Yang Berbahagia
Dato’ Muhammad Ibrahim, Deputy Governor, Bank Negara
Malaysia, who also delivered the Opening Speech,
the experience of life insurance companies, the education
qualification has no direct link with the productivity and
competency of agents.
A new category of financing for newly appointed leaders
has been introduced. Under this item, life insurers can
provide newly appointed leaders with a maximum financing
of RM10,000 or 80% of last drawn salary, whichever is
higher.
Bumiputera Life Insurance Agents Convention 2012
18
ANNUAL REPORT 2012
In conjunction with the convention, MII acknowledged top
and types of insurance in the market, the operations and
Bumiputera agency managers and producers through the
technology used within the industry as well as to gain
Bumiputera Agency Managers Award which recognises
exposure to some knowledge on basic statistical concepts
the top Bumiputera agency managers of the life insurance
relating to the insurance environment.
industry and the Top Personal Producer Award which
recognises the top personal producer from each member
company.
• Malaysian Department of Insolvency
LIAM co-organised a Talk with the Malaysian Department
of Insolvency (MDI) on ‘Insurance and the Administration
of Bankruptcy Cases in Malaysia’ for the MDI officers. It
Talks
• Briefing
Session
Insurance Authority
was held on 18 June 2012. LIAM was represented by Encik
for
Afghanistan
Badrillan Abdullah, Head of Legal from Etiqa Insurance
and Takaful Berhad at the talk.
LIAM was invited to deliver a presentation to the
The two-hour presentation covered a wide scope including
Afghanistan Insurance Authority at a briefing session
types of insurance policy, status of insurance policy towards
held at BNM on 26 December 2012. LIAM was invited
an individual who has been declared bankrupt and other
by MII to share information about the Association’s roles
relevant information on insurance.
and functions as well as the activities carried out during
the year. The delegation from the Afghanistan Insurance
Authority which was on a study tour to Kuala Lumpur was
also briefed by BNM and MTA.
Talk on ‘Insurance and the Administration of Bankruptcy Cases in
Malaysia’ with the Malaysian Department of Insolvency
• FSTEP: Prominent Leaders Session
Briefing Session for Afghanistan Insurance Authority
Encik Md Adnan Md Zain, former LIAM President,
represented LIAM to speak at the ‘Session with Industry
• Universiti
Teknologi
MARA (UiTM)
Dungun, Educational Visits to Uni.Asia
Life Assurance Berhad and Allianz Life
Insurance Malaysia Berhad
Prominent Speakers’ organized by the Financial Sector
On 10 February 2012, LIAM coordinated an Educational
experience and insight on the life insurance industry with
Visit for students from the Diploma in Banking and
some 119 FSTEP participants.
Talent Enrichment Programme (FSTEP) on 18 July 2012.
Encik Md Adnan who was the Chief Executive Officer of
MCIS ZURICH Insurance Berhad at that time shared his
Insurance Faculty, Universiti Teknologi MARA, Dungun
Branch. The students were brought to Uni.Asia Life and
Allianz Life Insurance to get exposure on the functions
Session with Industry Prominent Speakers organized by FSTEP
UiTM students’ visit to Allianz Life Insurance Malaysia Berhad
19
ANNUAL REPORT 2012
FSTEP is an initiative of BNM and the financial services
sector to develop dynamic talent for the financial services
industry. It is an intensive one-year training programme
covering conventional banking, investment banking,
Islamic banking and insurance and takaful. The programme
encompasses
classroom
training,
which
includes
simulations, workshops and case studies, and internship
programmes with financial institutions.
Courtesy Visits
• LIAM’s Courtesy Visit
Publications (M) Bhd
BNM MobileLINK Road show
to
the
Star
As part of the on-going efforts to engage with the media,
LIAM had arranged a visit to The Star, the nation’s leading
English language newspaper, on 7 June 2012. LIAM’s
entourage which included key personnel from member
companies were led by the President, Mr Vincent Kwo,
while The Star was represented by the Executive Deputy
Chairman of Star Publications Yang Berbahagia Datuk
Vincent Lee Fook Long as well as Mr Ho Kay Tat, the
to provide information on life insurance products and
on-ground advice and briefing on the need to have life
insurance.
The first engagement was held in Tanah Merah, Kelantan
on 30 June 2012 to 1 July 2012 whereby LIAM cooperated
with Tokio Marine Life Insurance Malaysia Bhd. In Kedah
and Perlis, LIAM collaborated with MCIS Zurich Insurance
Berhad and it was held over three days from 14 July to 16
July 2012 in several selected communities.
Group Managing Director and Chief Executive Officer of
In Alor Gajah, Melaka, LIAM cooperated with Prudential
Star Publications.
Assurance Malaysia Berhad to set up a booth. The event
LIAM’s entourage had the opportunity to meet and establish
contact with the senior Editors of The Star newspaper as
well as being briefed on the various facets of the media
group at the Star Gallery.
was held during the fasting month on 8 August 2012 at
Kompleks Japerun Machap, Pusat Khidmat Masyarakat,
Majlis Jaksa Pengaman Negeri Melaka, Dun Machap, Alor
Gajah, Melaka.
LIAM collaborated with Etiqa Insurance Berhad for the
sessions that were held in Pahang on 30 and 31 January
2013 at the MES Brigade Tenggara Kuantan and Dewan
Orang Ramai FELDA Kemasul, Bentong respectively.
• FOMCA: Hari Pengguna Malaysia
LIAM also took part in the Consumers’ Day organized
by the Federation of Malaysian Consumers Associations
(FOMCA) in Johor on 14 July 2012. LIAM collaborated
with American International Assurance Bhd to set up a
LIAM’s Courtesy Visit to the Star Publications (M) Bhd
booth at the Universiti Teknologi Malaysia, Skudai, Johor
Road shows
• BNM MobileLINK Road shows
LIAM was invited to participate in the BNM MobileLINK
Engagement, a series of road shows to raise financial
understanding to the communities in the underserved
areas.
During the road shows, LIAM collaborated with different
member companies at different locations to set up a booth
20
Consumers’ Day in Johor organized by FOMCA
ANNUAL REPORT 2012
in conjunction with the Prize Giving Ceremony of Hari
The
event
was
Pengguna Malaysia. The event was officiated by Secretary-
Persatuan
General, Ministry of Domestic Trade, Cooperatives and
Malaysian Takaful Association (MTA), Malaysian Insurance
Consumerism.
and Takaful Brokers Association (MITBA), Association of
Insurans
jointly
Am
organized
Malaysia
with
(PIAM),
Malaysian Loss Adjusters (AMLA) and MII. Themed as
Other Activities
• Media Interviews
‘Your Friend for Life’, the Insurance and Takaful Day aimed
to bring the financial association and its members closer to
the community.
During the year, LIAM participated in radio and television
interviews in its continuous efforts to raise insurance
awareness.
On 12 April 2012, LIAM was invited to participate in a
programme called ‘Money Talks’ from Capital TV. The
Chairman of the Industry Promotion Committee of LIAM
Mr Jens Reisch appeared as one of the guest speakers on
this programme, which was broadcasted on IPTV, Telekom
Malaysia’s broadband channel.
Mr Jens Reisch also represented LIAM in an interview
on BFM 89.9, a business radio station, on 21 June 2012
speaking about ‘Life Insurance and Insuring Your Children’
Insurance and Takaful Day 2012
• LIAM’s Blood Donation Drive
As part of the LIAM Corporate Social Responsibility (CSR)
and he was also interviewed on Bernama Biz Talk
programme, a Blood Donation Campaign was organized
Programme on 27 November 2012 on ‘The Importance of
on 4 October 2012 at Maju Junction Mall to support
Human Capital Development for the Malaysian Insurance
Pusat Darah Negara to replenish their blood stock. The
Industry Pool’.
event drew encouraging support not only from member
• Website Enhancement
companies’ staff and agents but also from the public. The
With more and more people having easy access to the
internet, be it through their personal computers or mobile
National Blood Bank managed to collect about 91 blood
packs during this event.
phones, the need to provide timely and accurate information
became more crucial. The enhancement exercise on the
LIAM website, which started in 2011, was completed and
went live on 28 March 2012. New features include branch
location maps, frequently asked questions, gallery, an
event page and a career page.
• Insurance and Takaful Day 2012
LIAM organised the first Insurance and Takaful Day by
celebrating with two children’s homes at McDonald’s,
M2 Mall in Kuala Lumpur on 5 July 2012. The two homes,
Shelter Home for Children and Asrama Darul Falah
Blood Donation Campaign
PERKIM, received donation-in-kind to improve their daily
lives. The donation is part of the industry’s effort to create
better relations with the community whilst helping the
needy.
21
ANNUAL REPORT 2012
Insurance and Takaful Industry Annual Cocktail 2012
• Insurance and Takaful Industry Annual
Cocktail 2012
Following last year’s theme, the industry annual gathering
was held on 7 December 2012 at the Prince Hotel &
Residence. The essence of having an industry cocktail
was to encourage all guests to meet and greet as well
22
Conclusion
The past year was indeed another busy year for LIAM.
The Management Committee would like to thank all LIAM
member companies for their unwavering support towards
the Association’s initiatives and activities.
as to provide a platform for them to network among
LIAM will continue to be responsive to the issues and
fellow industry professionals. The organization of this
challenges faced by member companies and will seek to
year’s Annual Cocktail was led by MTA with strong
enhance the good working rapport with its key stakeholders
support from LIAM, PIAM, MII, MITBA and AMLA.
ranging from the regulators, consumer bodies and the
Lucky draws were held and there were many prizes up
media in our strive to meet the needs of the consumers
for grabs including mobile phones, cameras, shopping
and to promote further development and progress in the
vouchers and hampers.
life insurance industry.
ANNUAL REPORT 2012
Laporan Jawatankuasa
Pengurusan
Laporan Jawatankuasa
Pengurusan
elektronik merupakan satu aspek yang telah diberi
penekanan. Kumpulan Kerja E-Bayaran yang terdiri
Dalam tahun tinjauan, beberapa projek dan tugasan
telah dilaksanakan dan berjalan lancar dengan sokongan
dan
sumbangan
daripada
pelbagai
Jawatankuasa.
Berikut adalah sorotan aktiviti utama dan isu-isu yang
dikendalikan oleh LIAM.
Akta Perlindungan Data Peribadi
Akta Perlindungan Data Peribadi (PDPA) dijangka memberi
kesan penting kepada industri insurans. Walaupun Akta
tersebut telah diwartakan pada 10 Jun 2010, Jabatan
Perlindungan Data Peribadi di bawah Kementerian
Penerangan, Komunikasi dan Kebudayaan yang menyelia
penguatkuasaan Akta tersebut belum lagi mengumumkan
tarikh pelaksanaan rasmi Akta itu.
Di bawah PDPA, pengumpulan, pemilikan, pemprosesan
dan penggunaan data peribadi oleh mana-mana orang
atau organisasi akan dikawal selia dan satu set peraturan
dan garis panduan umum akan diperkenalkan bagi
menyediakan keselamatan dan privasi yang secukupnya
dalam mengendalikan maklumat peribadi. Ketidakpatuhan
kepada Akta ni akan dikenakan pelbagai denda dari segi
liabiliti kewangan mahupun liabiliti undang-undang.
Dalam proses persediaan bagi pelaksanaan Akta ini,
sebuah Jawantankuasa yang terdiri daripada tenaga
daripada Bank Negara Malaysia (BNM), Malaysian
Electronic Payment System (MEPS), Persatuan BankBank Di
Malaysia, Persatuan Insurans Am Malaysia
(PIAM) dan LIAM telah ditubuhkan untuk memudah cara
peralihan kepada e-bayaran oleh syarikat insurans dan
sektor kewangan lain.
Objektif Kumpulan Kerja ini ialah untuk mengenalpasti isuisu yang menjadi kebimbangan industri ini serta mencari
penyelesaian bagi kebimbangan tersebut bersama dengan
BNM dan bank-bank perdagangan. Pelaksanaan dijalankan
dalam dua peringkat. Peringkat 1 ialah untuk bayaran yang
dibuat kepada ejen, para pekerja syarikat insurans, badan
berkanun, syarikat utiliti dan hospital panel. Peringkat 2
projek ini memerlukan syarikat insurans menyediakan
pilihan bagi e-bayaran kepada para pemegang polisi dan
waris mereka.
Sektor insurans hayat telah mencatatkan kemajuan
yang memberangsangkan dalam penerapan e-bayaran.
Sehingga kini, syarikat insurans hayat telah mencapai
lebih daripada 90% dalam penggunaan e-bayaran untuk
komisen agensi, gaji kakitangan, bil hospital dan agensi
berkanun. Penanggung insurans hayat telah meneruskan
usaha mereka ke peringkat seterusnya, iaitu menawarkan
pilihan e-bayaran kepada pemegang polisi dan waris
mereka.
kerja kanan undang-undang, operasi dan pematuhan dari
syarikat-syarikat ahli telah ditubuhkan untuk mengkaji
semula kesan Akta ini kepada industri insurans. Tata
amalan untuk industri insurans hayat telah digubal dan
akan dikemukakan kepada Pesuruhjaya bagi mengawal
selia sendiri pemprosesan data peribadi dalam industri ini.
Pelaksanaan E-Bayaran dalam
Industri Insurans
Seperti yang dibayangkan dalam Pelan Tindakan Sektor
Kewangan 2011-2020, penghijrahan kepada pembayaran
Sistem Perlindungan Manfaat
Takaful dan Insurans
Pada tahun 2011, syarikat insurans hayat mula mencarum
kepada Sistem Perlindungan Manfaat Takaful dan Insurans
(TIPS), yang merupakan skim perlindungan pengguna,
yang diuruskan oleh Perbadanan Insurans Deposit
Malaysia (PIDM).
PIDM telah memperkenalkan sistem levi berbeza untuk
taksiran Tahun 2013 dan seterusnya. Tidak seperti kaedah
laporan jawatankuasa pengurusan
23
ANNUAL REPORT 2012
kadar premium sama rata sebelumnya, sistem taksiran
dan pengendali takaful menyediakan had pembiayaan
baru ini membezakan ahli ke dalam kategori levi yang
yang lebih tinggi dan lebih fleksibel sebanyak RM5,000
berbeza berdasarkan profil risiko syarikat individu dan
sebulan atau 80% daripada gaji terakhir, mana-mana yang
terdiri daripada kaedah kuantitatif dan kualitatif.
lebih tinggi. Kelayakan akademik juga telah dimansuhkan
LIAM masih meneruskan perbincangan dengan pihak
PIDM tentang caruman industri insurans kepada TIPS.
sebagai satu kriteria untuk kelayakan pinjaman kerana
berdasarkan
pengalaman
syarikat
insurans
hayat,
kelayakan pendidikan tidak mempunyai kaitan langsung
dengan produktiviti dan kecekapan ejen.
Semakan Garis Panduan Kawalan
Kos Operasi Perniagaan
Insurans Hayat/ Takaful
Keluarga dan Garis Panduan
Perniagaan Insurans/Takaful
Berkaitan Pelaburan
Garis Panduan Kawalan Kos Operasi Insurans Hayat (Garis
Panduan OCC) telah diperkenalkan pada tahun 1996 untuk
memupuk
disiplin
kewangan,
kebertanggungjawaban
awam dan meningkatkan kecekapan operasi dalam
perniagaan insurans hayat.
BNM baru-baru ini telah mengeluarkan semakan Garis
Panduan OCC yang berkuatkuasa pada 1 Januari 2013.
Kategori baru pembiayaan untuk ketua yang baru dilantik
telah diperkenalkan. Di bawah butiran ini, penanggung
insurans hayat boleh menyediakan pembiayaan maksimum
sebanyak RM10,000 atau 80% daripada gaji terakhir,
mana-mana yang lebih tinggi, kepada ketua yang baru
dilantik itu.
Skim
pembiayaan
agensi
merupakan
pinjaman/
pembiayaan tanpa faedah/tanpa untung secara bulanan
untuk membantu ejen baru menstabilkan pendapatan pada
peringkat awal kerjaya serta menggalakkan ejen sambilan
menjadi ejen sepenuh masa.
Perbelanjaan Berkaitan Agensi telah disemak untuk
Polisi dalam Bahasa yang Mudah
membolehkan penanggung insurans hayat menubuhkan
Garis
skim manfaat untuk pasukan agensi mereka, tertakluk
yang berkuatkuasa pada Januari 2010 menghendaki
kepada had 3% daripada premium tahunan untuk polisi
penanggung
tradisional dan juga polisi berkaitan pelaburan. Bagi
mudah dalam kontrak, perjanjian dan dokumen polisi.
polisi
berkaitan
Jawatankuasa Teknikal Bersama yang terdiri daripada
agensi mestilah diperoleh daripada dana bukan unit bagi
wakil-wakil dari LIAM, PIAM dan Persatuan Takaful
penanggung insurans.
Malaysia (MTA) mengendalikan pemudahan kontrak polisi
berkaitan
pelaburan,
perbelanjaan
Had sebanyak RM60,000 bagi penyelenggaraan pejabat
agensi telah dimansuhkan.
Garis Panduan Perniagaan Insurans/Takaful Berkaitan
Pelaburan mula-mula dilaksanakan pada Julai 2011,
menetapkan
piawaian
minimum
untuk
pengurusan
dan pentadbiran perniagaan insurans/takaful berkaitan
pelaburan. Di bawah semakan garis panduan yang
Panduan
Ketelusan
insurans
dan
Penzahiran
menggunakan
Produk
bahasa
yang
Insurans Hospital dan Pembedahan. Projek tersebut kini
dalam peringkat akhir penyiapan.
Sebuah Jawatankuasa yang terdiri daripada pengamal
perubatan dan pegawai–pegawai tuntutan telah dibentuk
untuk mengkaji semula dan mempermudahkan definisi
biasa Penyakit Kritikal (CI). Draf terakhir semakan definisi
ini telah pun lengkap.
berkuatkuasa pada 1 Januari 2013, perbelanjaan berkaitan
Definisi umum bagi CI telah diperkenalkan oleh LIAM
agensi mestilah diperoleh daripada dana bukan unit bagi
pada tahun 2002 bagi menggalakkan
penanggung insurans dan dana pemegang saham bagi
keseragaman untuk perlindungan CI serta mengurangkan
pengendali takaful.
ketaksamaan
dalam
taksiran
ketelusan dan
tuntutan
disebabkan
tafsiran berbeza yang digunakan. Kali terakhir definisi ini
Pemberian Kemudahan Kredit
oleh Penanggung Insurans dan
Pengendali Takaful Berlesen
BNM telah melonggarkan had di bawah Skim Pembiayaan
Agensi, lantas membolehkan penanggung insurans hayat
24
disemak dan dikemaskini ialah pada November 2009 dan
mengambil kira perubahan yang timbul daripada kemajuan
dalam sains perubatan dan kaedah diagnostik baru.
ANNUAL REPORT 2012
Konvensyen
Jabatan Insolvensi Malaysia (MDI) mengenai ‘Insurans
• Konvensyen
Ejen
Bumiputera 2012
Insurans
Hayat
Pada 22 September 2012, LIAM dan Institut Insurans
Malaysia (MII)
telah menganjurkan Konvensyen Ejen
Insurans Hayat Bumiputera di Pusat Dagangan Dunia
Putra dengan tema ‘Profesionalisme Tunggak Kejayaan’.
Konvensyen ini telah diserikan dengan kehadiran Yang
Berbahagia Dato’ Muhammad Ibrahim, Timbalan Gabenor
dan Pentadbiran Kes Muflis di Malaysia’ untuk pegawaipegawai MDI. Ceramah ini telah diadakan pada 18 Jun
2012. LIAM telah diwakili oleh Encik Badrillan Abdullah,
Ketua Undang-Undang dari Etiqa Insurans dan Takaful
Berhad.
Pembentangan selama dua jam itu meliputi skop yang
luas termasuk jenis polisi insurans, status polisi insurans
terhadap individu yang telah diisytiharkan muflis dan
Bank Negara Malaysia, yang turut menyampaikan Ucapan
maklumat berkaitan tentang insurans.
Pembukaan.
• FSTEP: Sesi bersama penceramahpenceramah terkemuka Industri
Sempena konvensyen tersebut, pihak pengurus agensi
dan
penghasil
penganugerahan
Bumiputera
terbaik
telah
menerima
daripada MII, menerusi Anugerah
Pengurus Agensi Bumiputera yang mengiktiraf pengurus
agensi terbaik dalam industri insurans hayat dan Anugerah
Penghasil
Perseorangan
Terbaik
yang
mengiktiraf
penghasil perseorangan terbaik dari setiap syarikat ahli.
Encik Md Adnan Md Zain, bekas Presiden LIAM, mewakili
LIAM untuk memberi ceramah pada ‘Session with Industry
Prominent Speakers’ yang dianjurkan oleh Program
Meningkatkan Tenaga Mahir dalam Sektor Kewangan
(FSTEP) pada 18 Julai 2012. Encik Md Adnan yang
merupakan Ketua Pegawai Eksekutif MCIS ZURICH
Insurance Berhad pada masa itu berkongsi pengalaman
dan pemahamannya tentang industri insurans hayat
Ceramah
bersama 119 peserta FSTEP.
• Sesi Taklimat untuk Pihak Berkuasa
Insurans Afghanistan
FSTEP adalah inisiatif BNM dan sektor perkhidmatan
LIAM telah dijemput untuk menyampaikan pembentangan
industri perkhidmatan kewangan. Ia merupakan program
kepada Pihak Berkuasa Insurans Afghanistan pada
latihan intensif satu tahun yang meliputi perbankan
sesi taklimat yang diadakan di BNM pada 26 Disember
konvensional, perbankan pelaburan, perbankan Islam
2012. LIAM berkongsi maklumat tentang peranan dan
serta insurans dan takaful. Program ini merangkumi latihan
fungsi Persatuan serta aktiviti yang dijalankan sepanjang
bilik darjah termasuk simulasi, bengkel dan kajian kes,
tahun tersebut. Delegasi dari Pihak Berkuasa Insurans
serta program internship dengan institusi kewangan.
kewangan untuk mengembangkan bakat dinamik bagi
Afghanistan yang mengadakan lawatan sambil belajar ke
Kuala Lumpur juga diberi taklimat oleh BNM dan MTA.
• Lawatan Pendidikan ke Uni.Asia Life
Assurance Berhad dan Allianz Life
Insurance Malaysia Berhad oleh Universiti
Teknologi MARA (UiTM) Dungun
Kunjungan Hormat
• Kunjungan Hormat
Publications (M) Bhd
LIAM
Ke
Star
Sebagai sebahagian daripada usaha berterusan untuk
Pada 10 Februari 2012, LIAM telah mengkoordinasikan
bekerjasama dengan media, LIAM telah mengaturkan
Lawatan Pendidikan untuk para penuntut Diploma dari
lawatan ke The Star, iaitu akhbar berbahasa Inggeris
Fakulti Perbankan dan Insurans, Universiti Teknologi
utama negara, pada 7 Jun 2012. Rombongan LIAM yang
MARA, Cawangan Dungun. Para penuntut tersebut
terdiri daripada tenaga kerja utama syarikat-syarikat ahli
dibawa ke Uni.Asia Life dan Allianz Life Insurance untuk
diketuai oleh Presiden, Encik Vincent Kwo, manakala
mendapatkan pendedahan tentang fungsi dan jenis
The Star diwakili oleh Timbalan Pengerusi Eksekutif Star
insurans dalam pasaran, operasi dan teknologi yang
Publications Yang Berbahagia Datuk Vincent Lee Fook
digunakan dalam industri ini serta pendedahan tentang
Long serta Encik Ho Kay Tat, Pengarah Urusan Kumpulan
konsep statistik asas yang berkaitan dengan persekitaran
dan Ketua Pegawai Eksekutif Star Publications.
insurans.
• Ceramah untuk
Malaysia (MDI)
Jabatan
Insolvensi
LIAM telah menganjurkan ceramah bersama dengan
Rombongan LIAM berpeluang bertemu dan berbincang
dengan pengarang-pengarang kanan akhbar The Star
serta diberi taklimat mengenai pelbagai aspek kumpulan
media ini di Star Gallery.
25
ANNUAL REPORT 2012
Siri Jelajah
Pada 12 April 2012, LIAM telah dijemput untuk menyertai
• Siri Jelajah BNM MobileLINK
Pengerusi Jawatankuasa Promosi Industri LIAM, Encik
program yang dinamakan ‘Money Talks’ dari Capital TV.
LIAM telah dijemput untuk mengambil bahagian dalam
Jens Reisch tampil sebagai salah seorang panel undangan
BNM MobileLINK Engagement, iaitu siri jelajah bagi
dalam program yang telah disiarkan di IPTV, saluran jalur
meningkatkan pemahaman tentang kewangan kepada
lebar Telekom Malaysia.
komuniti di kawasan-kawasan yang kurang mendapat
perkhidmatan.
Encik Jens Reisch juga mewakili LIAM dalam temu bual
Semasa siri jelajah tersebut, LIAM bekerjasama dengan
Jun 2012 dan membicarakan tentang ‘Insurans Hayat dan
syarikat ahli yang berlainan di setiap lokasi untuk
Menginsuranskan Anak Anda’. Beliau juga telah ditemu bual
menyampaikan maklumat tentang produk insurans hayat
dalam Program Anjuran Bernama bertajuk Biz Talk pada
dan nasihat langsung serta taklimat tentang perlunya
27 November 2012 mengenai ‘Kepentingan Pembangunan
mempunyai insurans hayat.
Modal Insan bagi Kumpulan Industri Insurans Malaysia”.
Siri jelajah yang pertama telah diadakan di Tanah Merah,
• Peningkatan Laman Web
Kelantan pada 30 Jun 2012 hingga 1 Julai 2012 di
Dengan
mana LIAM telah bekerjasama dengan Tokio Marine Life
semakin ramai yang mempunyai akses yang mudah
Insurance Malaysia Bhd, sementara di Kedah dan Perlis,
kepada internet, sama ada menerusi komputer peribadi
LIAM bekerjasama dengan MCIS Zurich Insurance Berhad
atau
dari 14 Julai hingga 16 Julai 2012 di beberapa komuniti
maklumat yang tepat dan terkini diberi keutamaan. Usaha
terpilih.
mempertingkatkan laman web LIAM, bermula pada tahun
di BFM 89.9, sebuah stesen radio perniagaan, pada 21
Di Alor Gajah, Melaka, LIAM bekerjasama dengan
Prudential Assurance Malaysia Berhad. Acara ini diadakan
pada bulan puasa iaitu pada 8 Ogos 2012 di Kompleks
Japerun Machap, Pusat Khidmat Masyarakat, Majlis Jaksa
peningkatan
telefon
bimbit,
2011 telah lengkap
teknologi
keperluan
dan
memandangkan
untuk
menyediakan
dan disiarkan pada 28 Mac 2012.
Ciri-ciri baru termasuklah peta lokasi cawangan syarikatsyarikat ahli, soalan lazim, galeri, halaman acara dan
halaman kerjaya.
Pengaman Negeri Melaka, Dun Machap, Alor Gajah,
• Hari Insurans dan Takaful 2012
Melaka.
LIAM telah menganjurkan Hari Insurans dan Takaful yang
Di Pahang, LIAM telah bekerjasama dengan Etiqa Insurans
Berhad pada 30 dan 31 Januari 2013. Sesi tersebut telah
dijalankan di MES Brigade Tenggara Kuantan dan Dewan
Orang Ramai FELDA Kemasul, Bentong.
dianjurkan oleh Gabungan Persatuan Pengguna Malaysia
(FOMCA) di Johor pada 14 Julai 2012. LIAM bekerjasama
International
Assurance
2012. Shelter Home for Children dan Asrama Darul Falah
PERKIM, telah menerima sumbangan berupa barangan
ini merupakan sebahagian daripada usaha industri ini untuk
LIAM juga mengambil bahagian dalam Hari Pengguna yang
American
kanak di McDonald’s M2 Mall di Kuala Lumpur pada 5 Julai
bagi memperbaiki kehidupan harian mereka. Sumbangan
• FOMCA: Hari Pengguna Malaysia
dengan
pertama dengan meraikannya bersama dua rumah kanak-
Bhd.
di
Universiti Teknologi Malaysia, Skudai, Johor sempena
Upacara Penyampaian Hadiah Hari Pengguna Malaysia.
Acara ini telah dirasmikan oleh Ketua Setiausaha,
Kementerian Perdagangan Dalam Negeri, Koperasi dan
Kepenggunaan.
menjalinkan hubungan yang lebih baik dengan komuniti di
samping membantu golongan yang memerlukan.
Acara
ini
Insurans
dianjurkan
Am
Malaysia
bersama
(PIAM),
dengan
Persatuan
Persatuan
Takaful
Malaysia (MTA), Persatuan Broker-Broker Insurans dan
Takaful Malaysia (MITBA), Persatuan Penyelaras Kerugian
Malaysia (AMLA) dan MII. Bertemakan ‘Teman Anda
Sepanjang Hayat’, Hari Insurans dan Takaful bermatlamat
mendekatkan
ahli-ahli
persatuan
kewangan
kepada
komuniti.
Aktiviti Lain
• Temu Bual Media
LIAM juga telah menyertai beberapa temubual radio dan
televisyen dalam usaha berterusannya untuk meningkatkan
kesedaran mengenai insurans.
26
• Kempen Derma Darah LIAM
Sebagai sebahagian daripada program Tanggungjawab
Sosial Korporat (CSR), LIAM telah menganjurkan Kempen
Derma Darah pada 4 Oktober 2012 di Maju Junction Mall
demi
membantu Pusat Darah Negara menambah stok
ANNUAL REPORT 2012
darah. Acara ini mendapat sambutan yang menggalakkan
bukan sahaja daripada kakitangan dan ejen syarikat ahli
tetapi juga daripada masyarakat
ramai. Pusat Darah
Negara berjaya mengumpul lebih 91 pek darah dalam
acara ini.
Seperti tahun-tahun yang lalu, perjumpaan tahunan
industri pada tahun ini telah diadakan pada 7 Disember
2012 di Prince Hotel & Residence. Majlis tahunan industri
ini menggalakkan semua tetamu berjumpa dan beramah
serta
Tahun 2012 merupakan satu lagi tahun yang bermakna
bagi LIAM. Jawatankuasa Pengurusan ingin mengucapkan
terima kasih kepada semua syarikat ahli LIAM di atas
sokongan mereka yang tidak berbelah bahagi kepada
• Majlis Koktel Tahunan Industri Insurans
dan Takaful 2012
mesra
Kesimpulan
menyediakan
landasan
untuk
mereka
mengeratkan hubungan sesama rakan profesional industri.
Penganjuran Majlis Koktel Tahunan tahun ini diterajui oleh
MTA dengan penuh kerjasama daripada LIAM, PIAM, MII,
inisiatif dan aktiviti Persatuan.
LIAM akan terus responsif kepada isu dan cabaran yang
dihadapi oleh syarikat ahli dan akan berusaha untuk
meningkatkan hubungan kerja yang baik dengan pihak
berkepentingan yang terdiri daripada pengawal selia,
badan pengguna dan media dalam usaha kami untuk
memenuhi keperluan pengguna serta menggalakkan lagi
pembangunan dan kemajuan dalam industri insurans
hayat.
MITBA dan AMLA. Cabutan bertuah telah diadakan dengan
hadiah dimenangi termasuk telefon bimbit, kamera, baucer
beli-belah dan hamper.
27
ANNUAL REPORT 2012
Performance of the
Life Insurance Industry
malaysian economy
The Malaysian economy grew 5.6% in the year of 2012
despite the challenging global economic environment. The
quarterly GDP growth rates were 5.1%, 5.6%, 5.3% and
6.4% respectively. The corresponding quarterly growth
rates in 2011 were 5.0%, 4.3%, 5.7% and 5.2%. Activity in
the services sector moderated in the fourth quarter albeit
still outperforming the overall economy and grew 6.3%
(Q3: 7.0%). The growth in the sector was supported by
government services (Q4: 11.4%), finance and insurance
(Q4: 10.9%) and communication (Q4: 8.5%) sub-sectors.
The International Monetary Fund has moderately adjusted
upward its projection on world GDP growth for 2013 to
3.5% as policy actions have lowered acute crisis risks in
the Euro area and the United States. The economies in
Developing Asia are expected to continue to outgrow the
world economy and are projected by IMF to grow at 7.1%
on average in 2013. The Malaysian economy is expected
to grow at 5 – 6% in 2013 driven by the strong domestic
demand. With these developments and the low sum
insured per capita in the country, the life insurance industry
is forecast to achieve a growth in the region of 10% in 2013.
The finance and insurance sub-sector growth was driven
by expansion in bank lending activity as well as higher
growth in insurance premiums.
Domestic demand continued to expand at the pace of 7.5%
References:
1. Economic and Financial Developments in the Malaysian Economy
in the Fourth Quarter of 2012, BNM
2. World Economic Outlook Update, International Monetary Fund
in Q4 (Q3: 11.4%). Private consumption registered a growth
of 6.1% in Q4 (Q3: 8.5%), supported by stable labour
market conditions and improved consumer sentiments.
Public consumption grew by 1.1% in Q4 (2.3% in Q3)
attributable to continued spending on emoluments amidst
Based on the data as at February 2013, the life insurance
lower spending on supplies and services.
industry in Malaysia grew 3.6% in 2012, as measured
The inflation rate, as measured by annual change in
premium in 2012 was RM8.20 billion, as compared to
the Consumer Price Index (CPI), continued to moderate
to 1.3% in the fourth quarter of 2012 (Q3: 2012: 1.4%),
reflecting lower inflation in the food and non-alcoholic
by new business total premium. The new business total
RM7.92 billion in 2011.
Table 1
Total Premium
RM billion
2011
2012
Growth
-1.1%) while prices of the imported components remained
Individual
- Traditional
- Investment-linked
Group
2.81
2.68
2.43
2.48
3.24
2.49
-11.7%
20.9%
2.1%
unchanged (Q3: 0.7%).
TOTAL
7.92
8.20
3.6%
beverages category. Meanwhile the Producer Price
Index (PPI) continued to decline, contracting by 3.7% on
an annual basis in Q4 (Q3: 2012: -0.7%). Prices of the
local components of the PPI declined by 5.2% in Q4 (Q3:
The overnight policy rate (OPR) remains unchanged
at 3.00% during the fourth quarter of 2012, which is
at a level that is supportive of economic activity. The
ringgit appreciated against the US dollar by 0.3% in
the fourth quarter supported by investor optimism over
growth prospects for the region, including Malaysia. The
performance of ringgit against regional currencies was
mixed.
28
Life Insurance Business
New Business January – December 2012
performance of the life insurance industry
January to December
The growth was mainly due to the strong performance of
investment-linked business which grew 20.9%. Traditional
business saw a decline with more insurers switching to
investment-linked business which is less capital intensive.
Investment-linked products are also more flexible and
provide better transparency and are increasingly becoming
the consumers’ preferred choice.
ANNUAL REPORT 2012
Table 2
Annualised Premium
RM million
January to December
Mix (January to December)
2011
2012
Growth
2011
2012
Individual
- Traditional
- Investment-linked
2,226
1,828
2,133
1,998
-4.2%
9.3%
54.9%
45.1%
51.6%
48.4%
TOTAL
4,054
4,130
1.9%
100.0%
100.0%
Group insurance business enjoyed a small growth rate of
Table 3
2.1% in 2012.
RM million
2011
2012
In absolute terms, the size of individual traditional business
with annualised premium of RM2.1 billion is slightly higher
Individual – Traditional
- Annualised Premiums
- Single Premiums
13,981
758
14,896
777
6.5%
2.5%
than the size of individual investment-linked business
TOTAL
14,739
15,674
6.3%
with annualised premium of RM2.0 billion. Traditional to
Individual – Investment-linked
- Single Premiums
6,948
382
7,973
348
14.8%
-9.0%
TOTAL
7,330
8,321
13.5%
74
48
798
75
46
921
0.6%
-4.9%
15.3%
921
1,041
13.1%
22,989
25,035
8.9%
investment-linked business mix as at 31 December 2012
was 51.6%:48.4% as compared with 54.9%:45.1% a year
earlier.
Group
- Single Premiums (YRT)
- Single Premiums (Others)
In-Force Policies
In line with the growth in new business, the total premium
TOTAL
for in-force policies also grew by 8.9% for individual and
TOTAL (Individual + Group)
group policies combined. For individual policies, the growth
came mainly from annual premium policies while single
premium investment-linked business saw a decline in inforce premiums.
Annual premium investment-linked business enjoyed a
stronger growth of 14.8% against the traditional annual
premium business which grew at 6.5%. In absolute terms,
traditional annual premium business added slightly less
than RM1 billion in-force premiums during the year. The
investment-linked annual premium business outpaced
traditional business with addition of slightly more than RM1
billion premiums in 2012.
Growth
Group insurance also recorded a strong growth in in-force
premiums in year 2012 especially in Single Premiums
(Others) category (Table 3).
In aggregate, the life insurance industry provided cover
amounting to RM1.02 trillion in sum assured for all policies
combined in 2012. The amount was 8.0% higher than the
corresponding figure of RM946 billion in 2011 (Table 4).
The sum assured per capita in 2012 increased slightly to
RM34,711 from RM32,553 in 2011 (Table 5).
Table 4
Type
2011
2012
Difference
Growth
Traditional
390,791,153,089
369,580,838,848
(21,210,314,241)
-5.4%
Investment-Linked
214,803,833,364
248,305,252,495
33,501,419,131
15.6%
Group
340,311,431,317
403,691,907,905
63,380,476,588
18.6%
TOTAL
945,906,417,770
1,021,577,999,248
75,671,581,478
8.0%
Table 5
Total Sum Insured
Population
Sum Insured per Capita
2011
2012
945,906,417,770
1,021,577,999,248
29,057,000
29,431,000
32,553
34,711
(Source: Life Insurance Association of Malaysia [LIAM], Department of Statistics, Malaysia – for population)
29
ANNUAL REPORT 2012
Life Insurance Business (2007 – 2011)
12,145,520
12,000,000
11,809,112
10,909,842
11,522,202
15,000,000
12,452,946
Number of Policies
Units
9,000,000
New Business
1,502,110
1,426,280
3,000,000
1,387,724
1,337,514
1,585,846
6,000,000
Total Business
in Force
0
2007
2008
2009
2010
2011
Year
881,935.9
771,274.8
722,679.4
200,000
287,097.5
274,776.8
239,605.9
400,000
219,066.9
600,000
185,066.0
Sums Insured (RM million)
800,000
791,360.8
1,000,000
948,666.3
Sums Insured
New Business
Total Business
in Force
0
2007
2008
2009
Year
Source: Bank Negara Malaysia (Annual Insurance Statistics 2011)
30
2010
2011
ANNUAL REPORT 2012
New Business: Total Premiums
10,000
8,397.1
Total Premiums (RM million)
8,000
7,587.0
7,234.7
7,544.4
7,913.7
6,000
4,000
2,000
New Business
0
2007
2008
2009
2010
2011
Year
Total Business in Force: Annual Premiums
25,000
Annual Premiums (RM million)
21,130.4
19,295.7
20,000
17,347.4
15,000
14,538.8
15,446.4
10,000
5,000
Total Business
in Force
0
2007
2008
2009
2010
2011
Year
31
ANNUAL REPORT 2012
Benefit Payments
2010 (RM million)
Others
900.2
(6.9%)
Medical
1,596.1
(12.3%)
2011 (RM million)
Others
977.7
(7.0%)
Death and
Disability
1,027.9 (7.9%)
Death and
Disability
1,092.3 (7.8%)
Medical
1,788.4
(12.8%)
Cash
Bonuses
1,871.1
(13.4%)
Cash
Bonuses
1,462.5
(11.2%)
Maturity/Vesting
4,224.1 (32.4%)
Maturity/Vesting
4,359.6 (31.2%)
Surrender
3,889.9 (27.8%)
Surrender
3,812.5 (29.3%)
Total: RM13,023.3 million
2010 (RM million)
2011 (RM million)
Income
Profit on Sale of Assets and
Miscellaneous Income
5,165.0 (15.9%)
Premium Income
21,804.7 (67.3%)
Net
Investment
Income
5,448.6 (16.8%)
Premium Income
22,794.1 (68.8%)
Net
Investment
Income
6,034.3 (18.2%)
32
Profit on Sale of Assets and
Miscellaneous Income
4,288.3 (13.0%)
ANNUAL REPORT 2012
Outgo (Expenditure)
2010 (RM million)
Loss on Disposal of
Assets and Other Outgo
1,133.3 (5.9%)
Management
Expenses
1,849.2 (9.6%)
Agency
Remuneration
3,229.3 (16.8%)
Net Policy Benefits
13,023.4 (67.7%)
2011 (RM million)
Loss on Disposal of
Assets and Other Outgo
2,154.9 (10.0%)
Management
Expenses
2,085.4 (9.7%)
Agency
Remuneration
3,360.4 (15.6%)
Net Policy Benefits
13,978.9 (64.7%)
33
ANNUAL REPORT 2012
Assets of Life Insurance Funds
2010 (RM million)
Cash and
Deposits
9,167.8
Other Assets
2,593.7
Foreign Assets
Property, Plant and Equipment
4,741.6
1,660.5
Loans
10,870.2
LOANS
(RM10,870.2 million) comprised:
• Mortgages
• Policy
• Others
INVESTMENTS
Investment
Properties
2,479.9
• Malaysia Government Papers/
Guaranteed Loans
• Corporate/Debt Securities
Investments
109,944.5
• Others
2011 (RM million)
Cash and
Deposits
15,343.8
Foreign Assets
Property, Plant and Equipment
4,768.3
1,645.4
Other Assets
Loans
2,678.7
10,900.1
LOANS
• Mortgages
• Policy
• Others
INVESTMENTS
Investment
Properties
2,289.7
• Malaysia Government Papers/
Guaranteed Loans
• Corporate/Debt Securities
Investments
114,345.0
34
• Others
ANNUAL REPORT 2012
Members of LIAM
Suite 3A-15, Level 15
Level 11
Block 3A, Plaza Sentral
No. 338, Jalan Tuanku Abdul Rahman
Jalan Stesen Sentral 5
50100 Kuala Lumpur
Kuala Lumpur Sentral
Telephone No: 03-2612 3600
50470 Kuala Lumpur
Fax No: 03-2698 7035
Telephone No: 03-2264 1188/ 2264 0688
Customer Careline: 1300 88 5055
Fax No: 03-2264 1199
E-mail: wecare@cimbaviva.com
E-mail: Customer.service@allianz.com.my
http://www.cimbaviva.com
http://www.allianz.com.my
American International
Assurance Bhd.
Menara AIA
99 Jalan Ampang
50450 Kuala Lumpur
Fax No: 03-2056 2992
E-mail: corporate-ops.my@aia.com
http://www.aia.com.my
Level 9, Bangunan AmAssurance
No. 1 Jalan Lumut
50400 Kuala Lumpur
Telephone No: 1300 88 8800
Fax No: 03-2171 3000
E-mail:
amassurance-life@ambankgroup.com
https://www.amassurance.com.my
Level 19, Tower C
Dataran Maybank
No. 1, Jalan Maarof
59000 Kuala Lumpur
Fax No: 03-2297 3800
Oneline Contact Centre:
1-300-13-8888
E-mail: info@etiqa.com.my
http://www.etiqa.com.my
Great Eastern Life Assurance
(Malaysia) Berhad
Menara Great Eastern
303 Jalan Ampang
50450 Kuala Lumpur
Fax No: 03-4259 8000
E-mail: wecare-my@greateasternlife.com
http://www.greateasternlife.com
3 Jalan Conlay
Hannover Rueckversicherung AG,
Malaysian Branch
50450 Kuala Lumpur
Suite 31-1, 31st Floor
Telephone No: 03-2117 6688/1300 88 1616
Wisma UOA II
Fax No: 03-2117 6768
No. 21, Jalan Pinang
E-mail: customer.care@axa-life.com.my
50450 Kuala Lumpur
http://www.axa.com.my
8th Floor Chulan Tower
Fax No: 03-2687 3760/ 2687 3762
http://www.hannover-re.com
members of LIAM
35
ANNUAL REPORT 2012
Level 3, Tower B, PJ City Development
Level 17, Menara Prudential
No. 15A Jalan 219, Seksyen 51A
10, Jalan Sultan Ismail
46100 Petaling Jaya
50250 Kuala Lumpur
Fax No: 03-7650 1991
Fax No: 03-2032 3939
Customer Service Hotline: 03-7650 1288
Customer Service: 03-2116 0228
Customer Service Hotfax: 03-7650 1299
E-mail: customer.mys@prudential.com.my
http://www.hla.com.my
http://www.prudential.com.my
Menara ING
Ground Floor
84 Jalan Raja Chulan
Menara Tokio Marine Life
P.O. Box 10846
189, Jalan Tun Razak
50927 Kuala Lumpur
50400 Kuala Lumpur
Fax No: 03-2161 0549
Fax No: 03-2162 8068
Toll Free: 1 800 88 0303
E-mail:
customercare@tokiomarinelife.com.my
http://www.ing.com.my
Unit 39-A-6, Level 39
Tower A, Menara UOA Bangsar
No. 5, Jalan Bangsar Utama 1
59000 Kuala Lumpur
Fax No: 03-2780 6622
Uni.Asia Life
Assurance Berhad
8th Floor, Bangunan Uni.Asia
16 Jalan Tun Tan Siew Sin
50050 Kuala Lumpur
E-mail: info@mlre.rgare.com
Fax No: 03-2031 4689
Customer Service Fax: 03-2026 6097
12th Floor, Menara Manulife
Customer Service Hotline: 03-2687 2020
6, Jalan Gelenggang
E-mail:
customerservice@uniasialife.com.my
Damansara Heights
http://www.uniasialife.com.my
50490 Kuala Lumpur
Fax No: 03-2095 3804 / 03-2096 2121
http://www.manulife.com.my
Wisma MCIS ZURICH, Jalan Barat
46200 Petaling Jaya, Selangor
Fax No: 03-7957 5964/ 7652 3399
Customer Contact Centre: 03-7652 3388
E-mail: info@mciszurich.com.my
http://www.mciszurich.com.my
36
http://www.tokiomarinelife.com.my
members of LIAM
11th Floor, Menara Zurich
No. 12, Jalan Dewan Bahasa
50460 Kuala Lumpur
Fax No: 03-2142 5489
Call Centre: 1300 88 622/ 03-2146 9999
E-mail: info@zurich.com.my
http://www.zurich.com.my
annual report
2012
LIFE INSURANCE ASSOCIATION OF MALAYSIA
Tel: 603 2691 6168/ 2691 6628/ 2691 8068 Fax: 603 2691 7978

Management Committee 2012/ 2013

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