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What are the Statutory Insurance Associations in Malaysia?
There are 5 statutory insurance associations :-
PERSATUAN INSURAN AM MALAYSIA (PIAM)
- Formed in May 1979 in compliance with Section 3(2) of the Insurance
Act 1963.
- An association recognised by the Government of Malaysi
- Its members are all registered insurers that transact general insurance
business in the country.
Objectives
- Promote the establishment of a sound insurance structure in Malaysia.
- Co-operation and consultation with the Director-General of Insurance,
other government agencies, trade associations, insuring public and insurance
companies.
- Take care of the interest of the insuring public, employee of the
insurance industry and the member's shareholders.
- Ensure high degree of service and high standard of trade conduct.
- Innovates trade practices.
- Maintain a fair trade system, good moral and ethical standards and
practices.
- Maintain a liaison with other insurance organisation throughout the
ASEAN and International Community.
- Provide members information and new developments in the international
insurance industry.
- Contribute to an improved environment for the development of the
general insurance industry in the International and Asean industry community.
LIFE INSURANCE ASSOCIATION OF MALAYSIA
(LIAM)
- a non profit trade organisation
- to provide the growth and development of the Malaysian Life Insurance
Industry.
Objectives :-
- to promote public understanding and appreciation of life insurance.
- to impose image of Life Insurance Industry.
- to give support to regulatory authorities.
- to enhance professionalism of staff and agents through continuous
training and education.
- to liaise and work closely with local and foreign life insurance
organisations for common objectives ad benefits.
Activities and Services
- To hold regular consultations with Bank Negara on issues facing the
industry.
- To formulate Rules and Guidelines to maintain discipline of the industry.
- To disseminate information through publication of research material,
quarterly bulletins and annual reports.
- To organise community service projects and public relation activities
eg. publication of video tapes, holding of exhibitions etc.
- To organise seminar and conferences to promote the life insurance
industry in Malaysia.
- To maintain a central computer database containing vital statistics
and information of the industry.
- To provide assistance in handling public complaints and enquiries
through the LIAM Advisory Service Centre.
PERSATUAN INSURAN KEBANGSAAN MALAYSIA
(NIAM)
- formed in 1973
- comprise 45 member companies
- eligibility for full membership, insurance company must be at least
51% Malaysian owned.
Objectives :-
- Cessions and Retrocession
- Investment in MNRB
- Statistics and remedial action
- New areas of Insurance
- Life Insurance
- Reinsurance pool for exchange
- Education Training
INSURANCE BROKERS ASSOCIATION OF
MALAYSIA (IBAM)
- formed in 1974
- run by a management committee comprising nominated representatives
of members who were elected during the Annual General Meeting (AGM).
- a statutory organisation under the Insurance Act 1963.
- insurance broker must be a member before they qualify for a broking
license.
Objectives :-
- elevate status, safeguard and advance the interest of brokers.
- procure their general efficiency and proper professional conduct.
- members to observe Code of Ethics and Conduct.
- ensure employees are qualified, conversant with insurance laws and
practice.
- acquainted with current development.
- provide reference point for amicable settlement of any professional
differences and disputes.
- handle complaints and irregular practices of fellow members
- ensure members do not have conflict of interests and other business
is consistent therewith.
- decide on question of professional conduct and etiquette.
- promote healthy growth of the insurance industry in line with National
objectives.
ASSOCIATION OF MALAYSIA LOSS ADJUSTER
(AMLA)
- further the interests of Loss Adjusting in Malaysia.
- promote, develop and establish a sound loss adjusting profession
in Malaysia.
- advancement in the study and practices of loss adjusting.
- conduct research and build up information and data.
- liaise, co-operate or affiliate with other professional organisations
in the insurance industry in Malaysia.
- information to public - AMLA Journal and newsletter.
- maintain rules and regulations.
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