ACTIVITIES OF PIAM

Developments in the General Insurance Industry

2006 BNM Dialogue wiht Insurers and Takaful Operators
The 2006 BNM Dialogue with insurers and takaful operators was held on 22nd and 23rd August 2006 and jointly organized by BNM and the insurance industry. The theme for the 2006 Dialogue was “Strategic Positioning in a Changing Environment”. The Dialogue focused on how the industry should position itself to meet the new challenges, the transition towards a risk-based capital framework and a selfregulated market conduct regime. The other area of focus was the development of a sustainable dual financial system involving the conventional insurance and takaful sectors.

Formation of Vehicle Theft Reduction Council of Malaysia Berhad (VTREC)
In line with the resolution for a cohesive and holistic approach to vehicle theft adopted in the National Seminar on Vehicle Theft held in December 2005, a Pro Tem Committee was formed on 24th August 2006 to establish VTREC, a national council, to garner the capacities and support of all the stakeholders in combating the menace of vehicle theft.

VTREC will be formed as a company limited by guarantee and final approval from the Companies Commission of Malaysia is keenly awaited. Nominations have been received from the following organizations to be represented on the Board of Directors of the Council:-

1. Polis DiRaja Malaysia
2. Bank Negara Malaysia
3. Kementerian Pengangkutan Malaysia
4. Jabatan Pengangkutan Jalan
5. Kastam DiRaja Malaysia
6. Malaysian Takaful Association
7. Malaysian Automotive Association

Malaysian Takaful Association has also in principle agreed to contribute to the funding of the Council. The submission for registration of the Council with the Companies Commission of Malaysia was done in early March 2007.

Recovery Of Stolen Vehicles From Overseas

8 vehicles, with an estimated total value of RM950,000 are also expected to be recovered from Hong Kong and returned to insurers before mid-2007.

CEO's Luncheon Talks
The Association organized three CEO’s luncheon talks in the year 2006. Speakers from different fields were invited to share their views and experiences on the various topics with the CEOs of member companies. In addition to providing a platform for CEOs to interact with the speakers, these gatherings also provide an opportunity for the CEOs to network and update themselves on current developments within the industry.

The 3 speakers and the topics that they discussed were as follows:-

1. Y. Bhg. Datuk Suret Singh, Director General, Road Safety Department
   Topic:- Road Safety Trust Fund
2. Mr. Tan Teng Boo, Managing Director, Capital Dynamics Sdn Bhd
   Topic:- Current Economic Developments and Latest Trends in the Financial Services Industry
3. Y. Bhg. Tan Sri Dato’ Seri Abdullah Ahmad, Chairman, Institute of Political and Economic Analysis
   Topic:- Current Issues in Malaysian Politics

Appreciation Cocktail for Sub-committee Members
In recognition of the dedication and voluntary services rendered by the members of the various Sub-committees, Working Groups and Task Forces of the Association, an appreciation cocktail was held on 21st April, 2006 to mark the end of their two year term. This was the first time that the Association had organized such an event to acknowledge the invaluable contributions of these members to the Association and the industry in general. The members in addition to their own heavy responsibilities had taken time and effort to contribute their knowledge, skills and experience for the betterment of the insurance industry and an acknowledgement of their services was deemed most appropriate.

Anti-Money Laundering Act, 2001 - 2nd Compliance Officers Networking Group Gathering
In recognition of the need for informal networking groups to be formed to serve as a platform to share and discuss best practices and address practical issues faced by individual companies on Anti-Money Laundering related issues, the Association had organized a 2nd Compliance Officers Networking Group (CONG) gathering on 1st March 2007. At this session a representative from the Financial Intelligence Unit of BNM was invited to share with the participants the developments and typologies/case studies involving offences under AMLA in Malaysia. Participants at the session were also able to give their feedback and seek clarifications from the speaker on the latest amendments to the Guidelines on Anti-Money Laundering issued by BNM in November 2006.

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