THE Malaysian insurance industry is undergoing a transformation to provide a strong foundation for a more resilient and competitive industry in support of Malaysia's economic development agenda.
Bank Negara Malaysia's (BNM) assistant governor, Datuk Muhammad Ibrahim, said Malaysia has implemented the risk-based capital framework this year and new product regulations. He said these developments were part of a broader move towards introducing a more principle-based regulatory regime that would allow greater flexibility for insurers to compete and improve performance.
"Later this year, BNM will consult the industry on risk management standards that insurers are expected to observe as part of this evolution," he said in his keynote address at the LOMA/LIMRA 17th Annual Strategic Issues Conference here today.
The conference, themed "The New Global Economy: Resilience in Challenging Times", is jointly organised with the Life Insurance Association of Malaysia. It aims to serve as a platform for captains of the financial services industries operating in Asia to discuss the latest movements in the industry.
Muhammad said the distribution channels for insurance products and services had also been broadened significantly with the development of bancassurance and financial advisers.
"This will contribute towards enhancing revenue and reducing costs, while enhancing consumer protection and improving the insurance penetration rate in Malaysia," he said. - Bernama (22 June 2009)
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