PERWAKIM, an association of general insurance agents in Malaysia, has submitted a memorandum to Bank Negara protesting the central bank's proposal to give rebates on premiums for consumers that renew their motor insurance directly with insurance firms, reports Business Times.
They claim that the move, which takes effect from today, would adversely affect consumers, agents and the insurance industry in general.
Perwakim president Liza Lau said a copy of the memorandum was also handed to the office of Prime Minister Datuk Seri Najib Tun Razak, the Ministry of Finance and Ministry of Human Resources.
Lau led more than 50 agents in a peaceful picket in front of Bank Negara yesterday. The crowd dispersed after about two hours.
She said there are a total of 50,000 insurance agents nationwide of which 40 per cent are full-time agents.
Insurance agents earn a 10 per cent commission from the insurance companies.
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