Contents Page.amended

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Contents Page
President’s Message
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Perutusan Presiden
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Members of the Management Committee 2013/2014
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Management Committee 2013/2014
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Committees and Working Committees 2013/2014
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Report of the Management Committee
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Laporan Jawatankuasa Pengurusan
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Performance of the Life Insurance Industry
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Members of LIAM
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LIFE INSURANCE ASSOCIATION OF MALAYSIA
No. 4, Lorong Medan Tuanku Satu, Medan Tuanku, 50300 Kuala Lumpur, Malaysia.
Tel : 603 2691 6168 / 2691 6628 / 2691 8068
Fax : 603 2691 7978
Website : www.liam.org.my
Email : [email protected]
Annual Report 2013
Life Insurance Association of Malaysia
PRESIDENT’S MESSAGE
On behalf of the Management Committee,
it is my pleasure to present the Annual Report
of the Life Insurance Association of Malaysia
(LIAM) for the year 2013. Following are some
of the key issues dealt with by the Association
during the year.
A STUDY ON UNDERINSURANCE IN MALAYSIA
As a commitment of the industry to fulfill the
national aspiration of having 75% of the
population to be insured, LIAM engaged
Universiti Kebangsaan Malaysia in June 2013
as its research partner to embark on a study
on underinsurance in Malaysia.
Vincent Kwo
The mortality protection gap is often a true
reflection of the potential demand for life
insurance coverage. The protection gap
refers to the difference between the resources
needed and the resources that would be
available to maintain the living standards of
the dependants following the death of the
primary wage earner.
The result of this study will provide a good insight of the extent of underinsurance among
Malaysian policyholders and the general population and this would assist the industry to
formulate new strategies to reduce the protection gap and to increase the penetration
rate in Malaysia. The study focused on protection, medical and critical illness policies
and covered samples from the 25 to 65 age groups.
DEVELOPMENT OF RETIREMENT PLANNING IN MALAYSIA
Following a meeting with Yang Berbahagia Dato’ Muhammad Ibrahim, Deputy Governor
of Bank Negara Malaysia (BNM) on 5 February 2013 for the regulators and private sectors
to identify measures that will increase the take-up rate for annuity products, a working
group led by LIAM and comprising representatives from BNM and Malaysian Takaful
Association (MTA) were formed to study the development of retirement planning in
Malaysia.
As part of its fact-find exercise, LIAM organised a meeting with Mr Don Yeo, Deputy Chief
of the Central Provident Fund (CPF) of Singapore on 18 September 2013. At the meeting,
Mr Don Yeo shared the current progress of the retirement market, the choices of
retirement products, the health care system for retirees as well as the CPF pay-out
system in Singapore.
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Annual Report 2013
LIAM further organised a meeting with the Chief Executive Officer of the Employees
Provident Fund (EPF), Yang Berbahagia Datuk Shahril Ridza Ridzuan on 14 November 2013
to present a paper on ‘Malaysia - Preparing for Retirement’ which was prepared by
Ms Brigitte Miksa, Head of Allianz International Pensions, and Editor of Project M magazine.
Some of the key measures discussed in the meeting were the possibility of reviving the EPF
Critical Illness scheme, the introduction of suitable annuity plans and the introduction of
the financial literacy programme for Malaysians. LIAM also requested for the possibility of
extending the Members Investment Scheme (MIS) to include life insurance. Currently, the
MIS is only extended for withdrawals to purchase unit trust.
CONCEPT PAPER ON LIFE INSURANCE AND FAMILY TAKAFUL FRAMEWORK
On 7 November 2013, BNM released a concept paper on Life Insurance and Family Takaful
Framework for public consultation. The framework sets out various proposed liberalized
measures aimed at spurring the penetration rate of insurance and takaful from the current
54% to 75%.
As part of the liberalization of the market, the Concept Paper covers a wide range of
areas including operating flexibility, product disclosure, development of new delivery
channels and increased professional market practices. These proposed measures are
intended to support the long-term sustainable growth and development of the life
insurance and family takaful industry and is aimed to increase its value proposition to
consumers.
With the market becoming more competitive, there will be a larger segment of more
discerning consumers demanding for more products and services to meet their needs.
This affluent market expects service to be delivered through new distribution channels
that are most convenient to them.
Following the formation of a Steering Committee at the LIAM Strategic Meeting in Langkawi
in November 2013, three working groups were subsequently set up to study the impact of
the proposed measures in the Concept Paper in greater detail. Besides taking into account
the necessity to balance the need for an increased level of professionalism, the committees
also looked into providing greater transparency in the provision of products and services.
A series of meetings were held to draw up the industry response on the Concept Paper
which was submitted to BNM on 9 January 2014.
FINANCIAL SERVICES ACT 2013
The regulatory and supervisory framework of the financial services sector entered a new
stage of its development as the Financial Services Act 2013 (FSA) and Islamic Financial
Services Act 2013 (IFSA) came into force on 30 June 2013. The FSA and IFSA amalgamate
several separate laws to govern the financial sector under a single legislative framework
for the conventional and Islamic financial sectors respectively, namely, the Banking and
Financial Institutions Act 1989, Islamic Banking Act 1983, Insurance Act 1996, Takaful Act
1984, Payment Systems Act 2003 and Exchange Control Act 1953 which were repealed
on the same date.
The new legislations provide explicit powers for BNM to set and enforce standards on
business conduct for financial service providers that ensure financial consumers are
President’s Message 3
Annual Report 2013
treated fairly. The laws also specifically prohibit financial service providers from engaging
in unfair or deceptive business conduct including making false, misleading or dishonest
representations, and tied selling.
Among the highlights of this new legislation is the enhanced protection given in respect
to consumers' pre-contractual disclosure obligations contained within the consumer
insurance contracts. It is now the duty of insurers to request the proposer to answer specific
questions to solicit information which is relevant to their decision making as to whether they
should accept the risk or otherwise.
The legislation also sets out various remedies that an insurer may rely upon depending on
the type of pre-contractual misrepresentation made by the consumers.
With greater transparency in mind, the new laws contain provisions that address directorship
and holding companies whilst also specifically compelling insurers to operate either as a
life or general entity and not as composites within 5 years.
While the FSA is enforced on 30 June 2013, Schedule 9 of the Act is expected to be
implemented with effect from 1 July 2014. Schedule 9 covers the pre-contractual disclosure
and representations, and remedies for misrepresentations. To comply with these requirements,
companies have to conduct an extensive review of their existing proposal forms and other
relevant documents, renewal process, internal underwriting manual as well as to make
changes to their systems and conduct the necessary training for their staff and intermediaries.
To facilitate the implementation of Schedule 9, BNM has formed a Working Group
comprising representatives from LIAM, General Insurance Association of Malaysia (PIAM)
and MTA to address the compliance challenges faced by life insurers and takaful operators.
PERSONAL DATA PROTECTION ACT 2010
In keeping up with international business practice, the Personal Data Protection Act 2010
(PDPA) was enforced with effect from 15 November 2013. The PDPA regulates the collection,
possession and processing and the use of personal data by any person or organization.
Non-conformance with the Act may result in penalties from financial to legal liabilities.
The life insurance industry is among the many business entities impacted by this Act.
Collection and processing of personal data is vital to the life insurance business.
Under this Act, member companies are required to be registered as data users. The Personal
Data Protection (PDP) Department plans to have forums with the respective industries to
discuss the setting up of data users forums and code of practices. The forum for the insurance
industry has been scheduled for March 2014.
Meanwhile, the LIAM Task Force on PDPA which comprises of senior legal, operations and
compliance personnel from member companies has formulated the Code of Practice for
the life insurance industry. The Code is to enable the industry to self-regulate the processing
of personal data in the industry.
However, following a joint meeting between PDP Department, LIAM, PIAM and MTA on
19 December 2013, the industry would be formulating a standard Code of Practice for
submission to the PDP Department.
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Annual Report 2013
COMPETITION ACT 2010
The Competition Act (CA) 2010, which came into force on 1 January 2012, applies to all
commercial entities and is intended to prohibit enterprises from engaging in anti-competitive
agreements or abuse of dominant positions.
At the Association level, LIAM will continue to engage in dialogues with BNM and the
Malaysia Competition Commission to ensure that the self-regulatory guidelines issued are
not in breach of the Competition Act 2010. A review of the self-regulatory guidelines of
LIAM would be undertaken together with the new regulations issued by BNM under the
Financial Services Act 2013.
ASEAN ECONOMIC COMMUNITY
With the move towards creating a single ASEAN market through the ASEAN Economic
Community (AEC) Blueprint in 2015, the ASEAN Insurance Council (AIC) has taken concerted
efforts to promote AEC awareness in the various ASEAN markets. The AIC Secretariat in
Jakarta has taken the lead to organize the first AEC awareness programme in September
2013 and the various ASEAN member states will be organizing roadshows in their respective
countries in 2014.
As the new Chairman of the AIC, I will continue to ensure that the AIC provides a continuous
platform for the region’s industry players to share knowledge and experience and prepare
ourselves to take on the challenges of liberalization in the ASEAN financial services sector.
ACKNOWLEDGEMENT
For the year ahead, LIAM will focus on the various projects at hand and continue to initiate
proactive measures to address the challenges facing the members as well as to enhance
the productivity and professionalism of the industry.
On this note, I take this opportunity to express my gratitude and appreciation to the members
of the management committee for spending their time and efforts on LIAM’s activities in
dealing with the industry’s issues. My sincere thanks also go out to all member companies
of LIAM for their unwavering and strong support towards LIAM’s initiatives.
I would also like to record my appreciation to BNM, Ministry of Finance, the Treasury, Ministry
of Health, Perbadanan Insurans Deposit Malaysia (PIDM), Employees Provident Fund (EPF)
and other Government agencies for their guidance and cooperation extended to LIAM.
Finally, I would also like to thank the Secretariat staff for their diligence in carrying out their
duties and in serving the industry.
Vincent Kwo
President
President’s Message 5
Annual Report 2013
Perutusan Presiden
Bagi pihak Jawatankuasa Pengurusan, saya dengan sukacitanya membentangkan Laporan
Tahunan Persatuan Insurans Hayat Malaysia (LIAM) bagi tahun 2013. Berikut ialah beberapa
isu penting yang diuruskan oleh Persatuan sepanjang tahun ini.
KAJIAN TENTANG INSURANS TERKURANG DI MALAYSIA
Sebagai satu komitmen industri ini untuk memenuhi aspirasi negara ke arah memastikan 75%
penduduknya memiliki perlindungan insurans, LIAM telah melantik Universiti Kebangsaan Malaysia
pada Jun 2013 sebagai rakan penyelidikannya untuk memulakan kajian tentang insurans
terkurang di Malaysia.
Jurang perlindungan mortaliti selalunya merupakan gambaran sebenar tentang potensi permintaan
perlindungan insurans hayat. Jurang perlindungan merujuk kepada perbezaan antara sumber
yang diperlukan dan sumber yang ada untuk mengekalkan taraf hidup tanggungan selepas
kematian pencari nafkah utama.
Keputusan kajian ini akan memberikan pemahaman yang lebih jelas tentang sejauh mana
terkurangnya insurans di kalangan pemegang polisi di Malaysia dan penduduk umum dan ini
akan membantu industri untuk merumuskan strategi baru bagi mengurangkan jurang perlindungan
serta meningkatkan kadar penembusan di Malaysia. Kajian ini memfokus kepada polisi perlindungan,
perubatan dan penyakit kritikal serta meliputi sampel daripada kumpulan yang berumur di antara
25 hingga 65 tahun.
PEMBANGUNAN PERANCANGAN PERSARAAN DI MALAYSIA
Selepas mesyuarat bersama Yang Berbahagia Dato’ Muhammad Ibrahim, Timbalan Gabenor Bank
Negara Malaysia (BNM) pada 5 Februari 2013 untuk pengawal selia dan sektor swasta mengenal
pasti langkah-langkah yang akan meningkatkan kadar pengambilan untuk produk anuiti, sebuah
kumpulan kerja yang diketuai oleh LIAM dan terdiri daripada wakil dari BNM dan Persatuan Takaful
Malaysia (MTA) telah ditubuhkan untuk mengkaji pembangunan perancangan persaraan di
Malaysia.
Sebagai sebahagian daripada usaha pencarian faktanya, LIAM telah menganjurkan satu
mesyuarat dengan Encik Don Yeo, Timbalan Ketua Kumpulan Wang Simpanan Pusat (CPF)
Singapura pada 18 September 2013. Pada mesyuarat itu, Encik Don Yeo memaklumkan tentang
kemajuan pasaran persaraan pada masa ini, pilihan produk persaraan, sistem penjagaan kesihatan
untuk pesara serta sistem pembayaran wang CPF di Singapura.
LIAM juga mengadakan mesyuarat dengan Ketua Pegawai Eksekutif Kumpulan Wang Simpanan
Pekerja (KWSP), Yang Berbahagia Datuk Shahril Ridza Ridzuan pada 14 November 2013 untuk
membentangkan kertas kerja bertajuk ‘Malaysia - Preparing for Retirement’ yang disediakan oleh
Cik Brigitte Miksa, Ketua International Pensions Allianz, dan Editor majalah Project M.
Antara langkah utama yang dibincangkan pada mesyuarat itu ialah kemungkinan memperkenalkan
semula skim Penyakit Kritikal KWSP, pengenalan pelan anuiti yang sesuai dan pengenalan program
celik kewangan untuk rakyat Malaysia. LIAM juga meminta kemungkinan memperluaskan Skim
Pelaburan Ahli (MIS) supaya merangkumi insurans hayat. Pada masa ini, MIS hanya meliputi
pengeluaran untuk membeli amanah saham.
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Annual Report 2013
KERTAS KONSEP RANGKA KERJA INSURANS HAYAT DAN
TAKAFUL KELUARGA
Pada 7 November 2013, BNM telah mengeluarkan kertas konsep Rangka Kerja Insurans Hayat dan
Takaful Keluarga untuk perundingan awam. Rangka kerja ini menetapkan pelbagai cadangan
langkah liberalisasi yang bertujuan untuk meningkatkan kadar penembusan insurans dan takaful
daripada 54% sekarang ini kepada 75%.
Sebagai sebahagian daripada liberalisasi pasaran, Kertas Konsep ini meliputi pelbagai bidang
termasuk memberikan fleksibiliti dalam kendalian, pendedahan produk, pempelbagaian saluran
penyampaian dan pengukuhan amalan pasaran profesional. Langkah-langkah yang dicadangkan
ini bertujuan untuk menyokong pertumbuhan dan pembangunan mampan industri insurans hayat
dan takaful keluarga dalam jangka panjang serta bertujuan untuk meningkatkan nilai tawarannya
kepada pengguna.
Dengan pasaran yang semakin berdaya saing, permintaan daripada segmen pengguna arif
untuk lebih banyak produk dan perkhidmatan bagi memenuhi keperluan mereka akan semakin
meningkat. Pasaran mewah ini mengharapkan perkhidmatan disampaikan menerusi saluran
penyampaian baru yang paling mudah bagi mereka.
Selepas pembentukan Jawatankuasa Pemandu pada Mesyuarat Strategik LIAM di Langkawi
pada November 2013, tiga kumpulan kerja kemudiannya ditubuhkan untuk mengkaji kesan
langkah yang dicadangkan dalam Kertas Konsep ini secara terperinci. Di samping mengambil
kira perlunya mengimbangkan keperluan terhadap peningkatan tahap profesionalisme,
jawatankuasa ini juga berusaha untuk menyediakan lebih ketelusan dalam penyediaan produk
dan perkhidmatan. Beberapa mesyuarat telah diadakan untuk menyediakan maklum balas
daripada industri mengenai Kertas Konsep ini. Maklum balas tersebut telah dikemukakan kepada
BNM pada 9 Januari 2014.
AKTA PERKHIDMATAN KEWANGAN 2013
Rangka kerja pengawalan dan penyeliaan sektor perkhidmatan kewangan telah memasuki tahap
baru pembangunannya apabila Akta Perkhidmatan Kewangan 2013 (FSA) dan Akta Perkhidmatan
Kewangan Islam (IFSA) berkuat kuasa pada 30 Jun 2013. FSA dan IFSA menyatukan beberapa
undang-undang berasingan untuk mentadbir sektor kewangan di bawah satu rangka kerja
perundangan masing-masing untuk sektor kewangan konvensional dan Islam, iaitu Akta Bank
dan Institusi-Institusi Kewangan 1989, Akta Bank Islam 1983, Akta Insurans 1996, Akta Takaful 1984,
Akta Sistem Pembayaran 2003 dan Akta Kawalan Pertukaran Wang 1953 yang telah dimansuhkan
pada tarikh yang sama.
Rang undang-undang baru ini memberikan kuasa yang jelas bagi BNM menetapkan dan
menguatkuasakan piawaian tatalaku perniagaan untuk penyedia perkhidmatan kewangan yang
memastikan pengguna kewangan dilayan dengan adil. Undang-undang ini juga melarang
penyedia perkhidmatan kewangan daripada terlibat dalam tatalaku perniagaan yang tidak adil
atau memperdaya termasuk membuat pernyataan yang palsu, mengelirukan atau tidak jujur,
dan jualan terikat.
Antara ciri penting rang undang-undang baru ini ialah pemerkasaan perlindungan yang diberi
berhubung dengan kewajipan pendedahan prakontrak pengguna yang terkandung dalam
kontrak insurans pengguna. Kini menjadi kewajipan penanggung insurans untuk meminta
pencadang menjawab soalan tertentu bagi mendapatkan maklumat yang berkaitan dengan
keputusan yang mereka buat sama ada mereka patut menerima risiko itu atau tidak.
Rang undang-undang ini juga menetapkan pelbagai remedi yang boleh diharapkan oleh
penanggung insurans, bergantung pada jenis salah nyata prakontrak yang dibuat oleh
pengguna.
Perutusan Presiden 7
Annual Report 2013
Dengan menimbangkan lebih ketelusan, undang-undang baru ini mengandungi peruntukan
yang menangani jawatan pengarah dan syarikat induk, di samping itu juga mendorong
penanggung insurans beroperasi sama ada sebagai entiti hayat atau am dan bukan sebagai
entiti komposit dalam tempoh 5 tahun.
Walaupun FSA dikuatkuasakan pada 30 Jun 2013, Jadual 9 Akta ini dijangka dilaksanakan berkuat
kuasa 1 Julai 2014. Jadual 9 meliputi pendedahan dan pernyataan prakontrak, dan remedi untuk
salah nyata. Bagi mematuhi keperluan ini, syarikat perlu membuat kajian semula yang meluas ke
atas borang cadangan mereka yang sedia ada dan dokumen lain yang berkaitan, proses
pembaharuan, manual pengunderaitan dalaman serta membuat perubahan pada sistem mereka
serta mengendalikan latihan yang perlu untuk kakitangan dan perantara mereka.
Bagi memudahkan pelaksanaan Jadual 9, BNM telah menubuhkan Kumpulan Kerja yang terdiri
daripada wakil dari LIAM, Persatuan Insurans Am Malaysia (PIAM) dan MTA bagi menangani
cabaran pematuhan yang dihadapi oleh penanggung insurans dan pengendali takaful.
AKTA PERLINDUNGAN DATA PERIBADI 2010
Selaras dengan amalan perniagaan antarabangsa, Akta Perlindungan Data Peribadi 2010 (PDPA)
telah dikuatkuasakan mulai 15 November 2013. PDPA mengawal selia pengumpulan, pemilikan
dan pemprosesan serta penggunaan data peribadi oleh mana-mana orang atau organisasi.
Ketakpatuhan kepada Akta ini boleh mengakibatkan penalti daripada liabiliti kewangan
hinggalah kepada liabiliti undang-undang.
Industri insurans hayat adalah antara entiti perniagaan yang banyak menerima kesan daripada
Akta ini. Pengumpulan dan pemprosesan data peribadi amat penting kepada perniagaan insurans
hayat.
Di bawah Akta ini, syarikat ahli dikehendaki mendaftar sebagai pengguna data. Jabatan
Perlindungan Data Peribadi (PDP) merancang untuk mengadakan forum dengan industri masingmasing bagi membincangkan penubuhan forum pengguna data dan tataamalan. Forum bagi
industri insurans telah dijadualkan pada Mac 2014.
Sementara itu, Pasukan Petugas PDPA LIAM yang terdiri daripada kakitangan undang-undang,
operasi dan pematuhan kanan dari syarikat ahli telah merumuskan Tataamalan bagi industri
insurans hayat. Tataamalan ini adalah untuk membolehkan industri ini mengawal selia sendiri
pemprosesan data peribadi dalam industri ini.
Walau bagaimanapun, selepas mesyuarat bersama antara Jabatan Perlindungan Data Peribadi
(PDP), LIAM, PIAM dan MTA pada 19 Disember 2013, industri ini akan merumuskan Tataamalan
standard untuk dikemukakan kepada Jabatan PDP.
AKTA PERSAINGAN 2010
Akta Persaingan (CA) 2010, yang berkuat kuasa pada 1 Januari 2012, terpakai untuk semua entiti
perdagangan dan bertujuan untuk melarang pengusaha-pengusaha daripada terlibat dalam
perjanjian antipersaingan atau penyalahgunaan kedudukan dominan.
Pada peringkat Persatuan, LIAM akan terus mengadakan dialog dengan BNM dan Suruhanjaya
Persaingan Malaysia bagi memastikan garis panduan kawal selia sendiri yang dikeluarkan tidak
melanggar Akta Persaingan 2010. Kajian semula garis panduan kawal selia sendiri LIAM akan
dijalankan bersama dengan peraturan-peraturan baru yang dikeluarkan oleh BNM di bawah
Akta Perkhidmatan Kewangan 2013.
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Annual Report 2013
KOMUNITI EKONOMI ASEAN
Dengan langkah ke arah mewujudkan satu pasaran ASEAN melalui Pelan Tindakan Komuniti
Ekonomi ASEAN (AEC) pada tahun 2015, Majlis Insurans ASEAN (AIC) telah mengambil usaha
bersepadu untuk meningkatkan kesedaran AEC dalam pasaran ASEAN. Sekretariat AIC di
Jakarta telah mengambil peranan utama untuk menganjurkan program kesedaran AEC yang
pertama pada September 2013 dan beberapa negara anggota ASEAN juga akan menganjurkan
siri jelajah di negara masing-masing pada tahun 2014.
Selaku Pengerusi baru AIC, saya akan terus memastikan AIC menyediakan landasan yang
berterusan untuk pemain industri di rantau ini berkongsi pengetahuan dan pengalaman serta
menyiapkan diri kita untuk menghadapi cabaran liberalisasi dalam sektor kewangan ASEAN.
PENGHARGAAN
Bagi tahun akan datang, LIAM akan memfokus kepada pelbagai projek yang sedia ada dan
terus mengambil langkah proaktif untuk menangani cabaran yang dihadapi oleh ahli serta
meningkatkan produktiviti dan profesionalisme industri ini.
Dengan itu, saya mengambil kesempatan ini untuk menyampaikan rasa terima kasih dan
penghargaan kepada ahli jawatankuasa pengurusan kerana meluangkan masa dan tenaga
mereka untuk aktiviti LIAM dalam menangani isu-isu industri ini. Ucapan terima kasih yang tulus
ikhlas daripada saya juga untuk semua syarikat ahli LIAM di atas sokongan padu mereka yang
tidak berbelah bahagi terhadap inisiatif LIAM.
Saya juga ingin merakamkan penghargaan saya kepada BNM, Kementerian Kewangan,
Perbendaharaan, Kementerian Kesihatan, Perbadanan Insurans Deposit Malaysia (PIDM),
Kumpulan Wang Simpanan Pekerja (KWSP) dan agensi Kerajaan lain di atas panduan dan
kerjasama yang diberikan kepada LIAM.
Akhir kata, saya juga ingin mengucapkan terima kasih kepada kakitangan Sekretariat di atas
ketekunan mereka dalam menjalankan tugas mereka dan dalam memberi perkhidmatan kepada
industri ini.
Vincent Kwo
Presiden
Perutusan Presiden 9
Annual Report 2013
Members of the Management
Committee 2013/2014
Seated (from left): YBhg Dato Koh Yaw Hui, Encik Kamaludin Ahmad, Mr Vincent Kwo Shih Kang
and Mr Toi See Jong.
Standing (from left): Mr Paul Low Hong Ceong, Mr George Chew, Mr Jens Reisch, Mr Bill Lisle,
Mr Loke Kah Meng and Ms Nancy Tan (Executive Secretary).
10 Members of the Management Committee 2013/2014
Annual Report 2013
Management Committee
2013/2014
PRESIDENT
MR VINCENT KWO SHIH KANG
Uni.Asia Life Assurance Berhad
VICE-PRESIDENT
ENCIK KAMALUDIN AHMAD
Etiqa Insurance Berhad
MEMBERS
AIA BHD.
Main Representative
Alternate
: Mr Bill Lisle
: Mr Choo Sin Fook
ALLIANZ LIFE INSURANCE MALAYSIA BERHAD
Main Representative
: Mr Jens Reisch
Alternate
: Mr Charles Ong Eng Chow
Alternate
: Ms Lim Li Meng
AMLIFE INSURANCE BERHAD
Main Representative
Alternate
: Mr Paul Low Hong Ceong
: Mr Alex Lee Foo Yuen
AXA AFFIN LIFE INSURANCE BERHAD
Main Representative
: Mr Loke Kah Meng
Alternate
: Mr Lee Kok Wah
ETIQA INSURANCE BERHAD
Main Representative
Alternate
Alternate
: Encik Kamaludin Ahmad
: Mr Barend Van Dam
: Puan Siti Nita Zuhra Mohd Nazri
GREAT EASTERN LIFE ASSURANCE (MALAYSIA) BERHAD
Main Representative
: YBhg Dato Koh Yaw Hui
Alternate
: Mr Bruce Lee Yee Lam
MANULIFE INSURANCE BERHAD
Main Representative
Alternate
Alternate
: Mr George Chew
: Ms Jasbender Kaur
: Mr Alex Wong
TOKIO MARINE LIFE INSURANCE MALAYSIA BHD.
Main Representative
: Mr Toi See Jong
Alternate
: Ms Kang Yu Fen
Alternate
: Mr Wong Kang Yuan
UNI.ASIA LIFE ASSURANCE BERHAD
Main Representative
Alternate
Alternate
: Mr Vincent Kwo Shih Kang
: Mr Nikolaos Stampoulis
: Mr Christopher Woon
As at 31 December 2013
Management Committee 2013/2014 11
Annual Report 2013
Committees and Working
Committees 2013/2014
12 Committees and Working Committees 2013/2014
Annual Report 2013
Committees and Working Committees 2013/2014 13
Annual Report 2013
&
Annual Report 2013
LIFE OPERATIONS COMMITTEE
PRODUCT SERVICES & TECHNICAL
COMMITTEE
Annual Report 2013
Annual Report 2013
As at 31 December 2013.
Annual Report 2013
Report of the
Management Committee
A number of activities were undertaken during the year of review. We are pleased to
present the highlights of these activities and the key issues handled by LIAM.
IMPLEMENTATION OF E-PAYMENT
In support of the national agenda on electronic payment (e-payment), LIAM has been working
closely with BNM and member companies to reduce the level of cash and cheque transactions.
Life insurance companies have achieved nearly 100% in the utilization of e-payment for agency
commission, staff salaries, hospital bills and statutory bodies/government agencies. Out of the 14
life insurance companies, eight companies have begun offering the e-payment option to
policyholders and beneficiaries for payment of claims. The remaining companies are working
towards making this option available to the policyholders and beneficiaries by early 2014.
The migration to e-payment which offers a more efficient, secure and cost effective means of
transferring funds over paper-based payments, is one of the key areas envisioned in the Financial
Sector Blueprint 2011-2020 to support greater economic efficiency. LIAM is part of the Working
Group on E-payment which comprise BNM, General Insurance Association of Malaysia (PIAM),
Malaysian Takaful Association (MTA), Association of Banks in Malaysia (ABM) and Malaysian
Electronic Payment System (MEPS) to facilitate the transition to e-payment in the financial services
sector. The objective of the Working Group is to identify the issues which are of concern to the
industry and to seek the solutions jointly with BNM and the commercial banks.
FOREIGN ACCOUNT TAX COMPLIANCE ACT
LIAM, together with a number of industry bodies are in engagement with the authorities to propose
the signing of the Inter-Government Agreement on the Foreign Account Tax Compliance Act
(FATCA). FATCA is a United States (US) legislation enacted by the US Congress to prevent offshore
tax abuses by US persons and is expected to be enacted in July 2014.
Financial institutions operating outside the US, including life insurance companies in Malaysia, which
have business interests or invested assets in the US, would be required to comply with the FATCA
requirements. This includes financial institutions that are part of a larger financial group that has
affiliates with US investments or businesses.
GOODS AND SERVICES TAX
The Government has announced that the Goods and Services Tax (GST) will be introduced effective
from 1 April 2015 at the rate of 6%. The current sales tax and service tax will be abolished and will
be replaced by tax based on the value added concept, GST.
For the life insurance business, it will be placed under an exempt model whereby life insurance
premiums will not be subject to tax. Premiums paid for non-life policies will be subject to the
standard GST rate of 6%.
In view that life insurance premiums are tax exempt, this means that life insurance companies
will not be able to claim for any input tax that they have incurred in the course of running their life
insurance business.
The key impact to life insurers is that commission, outsourced expenses, and management fees and
charges for investment-linked policies will be subject to GST. As the pricing of life insurance premiums
are done on a level premium basis, insurance companies will have to bear the additional costs due
to input tax.
18 Report of the Management Committee
Annual Report 2013
LIAM had engaged a tax consultant to negotiate with the Government to grant full recovery of
GST for commission or a 50% fixed input tax credit to alleviate the additional costs of running the
life insurance business. The proposals to the Government will be based on the experience of other
jurisdictions in which GST had been implemented and the relief model that had been considered.
During the year, two industry meetings were held on 9 January 2013 and 21 May 2013 respectively,
to keep the members informed on the updates on GST on life insurance business. These meetings
also provided a platform for LIAM members to address their concerns on GST issues with the tax
consultant.
The Royal Malaysian Customs and the Malaysian Insurance Institute (MII) had also organised
a special briefing on ‘GST Treatment on Insurance/Takaful’ on 9 October 2013. LIAM was one of
the supporting organisations for this event.
LIAM STRATEGIC PLANNING MEETING
LIAM organised its Strategic Planning Meeting in Langkawi from 8 to 10 November 2013 for chief
executive officers and senior managers of its member companies.
The representatives from BNM who attended this meeting were Encik Aznan Abd Aziz, Director of the
Financial Sector Development Department, Puan Junaidah Mohd Said, Deputy Director of the
Financial Sector Development Department and other officers namely Ms June Lian Lay Choon and
Encik Izian Sherwani Mansor from the Financial Sector Development Department, Encik Makhzani
Mustaffa Ng from the Islamic Banking and Takaful Department and Puan Azlinda Arshad from
the Consumer and Market Conduct Department.
During this high-powered meeting, LIAM had a
question and answer (Q and A) session with
BNM on the recently launched Concept Paper
on the Life Insurance and Family Takaful Framework.
LIAM then formed a Steering Committee to look
into the main pillars highlighted in the Concept
Paper to set the strategic directions on the future
of the industry. One of the immediate tasks of the
Steering Committee was to review the Concept
Paper and to consolidate the industry’s feedback
and recommendations for BNM’s consideration.
LIAM Strategic Planning Meeting
The session was facilitated by Towers Watson
consultancy firm.
39th ASEAN INSURANCE COUNCIL MEETING
The 39th ASEAN Insurance Council (AIC) meeting
was hosted by the Association of Vietnamese
Insurers in Da Nang, Vietnam from 4 to 6 December
2013.
39th ASEAN Insurance Council Meeting
The AIC is a regional private sector grouping of
insurance associations in ASEAN, formed to
promote regional ties and cooperation among
ASEAN insurers. The annual council meeting,
which is attended by the heads of the associations, is held at a designated ASEAN country. This
meeting serves
as an effective platform,
facilitating the exchange of information among
participants on the latest development of their
respective markets.
Among the items discussed at this year’s meeting included the Insurance Mediation Survey in the
ASEAN region; report from the Technical Working Group on ASEAN Insurance related matters which
had looked into areas such as the risk-based capital framework, taxation and microinsurance
introduced among the ASEAN countries, possibility of producing the ASEAN statistics report as well
as donations and support to the Typhoon Haiyan victims.
Report of the Management Committee 19
Annual Report 2013
During the Life Breakout session, the ASEAN life insurers exchanged notes on ways to increase
insurance penetration rate, development of regulatory framework, promoting insurance products
and consumer awareness as well as the 2015 ASEAN Economic Community.
At this meeting, LIAM President Mr Vincent Kwo was appointed as the AIC Chairman for the 2013
– 2014 term replacing Mr Kornelius Simanjuntak of Indonesia who has completed his term in office.
The AIC meeting which coincides with the ASEAN Regulators meeting, also provided an opportunity
for the AIC members to have a discussion with the regulators on the issues facing the insurance
industry in general.
CONVENTIONS
• 2013 International Dragon Award Annual Meeting/
17th Malaysia Chinese Life Insurance Congress
Kuala Lumpur was proud to host the 2013 International Dragon Award (IDA) Annual Meeting/
17th Malaysia Chinese Life Insurance Congress after a lapse of some 15 years when the last
Conference was held in Kuala Lumpur.
The event was officiated by the Honourable Prime Minister of Malaysia on15 August 2013. The
four-day congress attracted some 5,000 participants from 16 countries including China, Taiwan,
Hong Kong, South Korea and Australia. LIAM and RGA Reinsurance Company for Hong Kong and
Southeast Asia, jointly hosted a dinner for the foreign delegates from insurance companies. LIAM
also participated in a number of panel and breakout sessions, including the Glory Nite Awards for
top agents from Malaysia.
2013 International Dragon Award
• Bumiputera Life Insurance Agents Convention 2013
On 21 September 2013, LIAM co-organised the Bumiputera Life Insurance Agents Convention 2013
with MII at Hotel Istana, Kuala Lumpur. Themed as “Berdaya Saing di Era Transformasi”,
the one-day event aimed to provide a motivation platform to Bumiputera life agents as well as
to honour top Bumiputera producers within the life insurance industry. With Yang Berhormat Encik
Khairy Jamaluddin, the Youth and Sports Minister officiating the Convention, it truly reflected the
government’s strong support towards the life insurance industry.
This Annual Convention is held with the objectives of providing an arena for the life insurance
agents to meet and learn from each other as well as to spur them to achieve their yearly targets.
Among, the line-up of speakers were Encik Norman Abdul Halim from KRU Group Berhad who
shared his secret for success in business, top MDRTs and a successful Indonesian achiever/
motivational speaker, Ms Lucy Dewani.
Annual Report 2013
Etiqa Insurance Berhad and Prudential
Assurance Malaysia Berhad were the co-sponsors
for this Convention that was attended by
close to 500 participants.
Bumiputera Life Insurance Agents Convention 2013
• Asia Distribution Conference
The Asia Distribution Conference was held in Kuala Lumpur on 20 and 21 November 2013.
Organized by LIMRA LOMA, the conference was officiated by Mr Jens Reisch, Chairman
of the LIAM Industry Promotion Committee.
In his opening address, Mr Reisch touched on the
recent regulatory changes namely the Financial
Services Act 2013, Personal Data Protection Act
2010, Life Insurance and Family Takaful Framework
Concept Paper and the introduction of the Goods
and Services Tax. Mr Reisch also highlighted on the
key performance indicators of the Malaysian insurance
industry which reflected growth opportunities in
all distribution channels to offer higher and better
protection to the consumers.
The conference which featured a line-up of experienced
Asia Distribution Conference
industry leaders addressed crucial distribution issues
including understanding the customer, managing channel conflict, best practices in direct
marketing, creating a winning bancassurance partnership and transforming sales force effectiveness.
TALKS/ BRIEFINGS/ SEMINARS
• Presentation to Politeknik Merlimau Students
As part of LIAM’s key objective to raise the life
insurance literacy level in society, LIAM and MII
organised a Talk for the Politeknik Merlimau Diploma in Business Studies students on 16 January 2013.
The half-day session was held at the Auditorium,
The Malaysian Insurance Institute, Damansara
Heights, Kuala Lumpur.
MII shared some insights and information on the
main components in the insurance market, current
developments of the insurance industry as well as
types of insurance products. LIAM gave an
overview of its role in the industry, the regulations of
the market as well as LIAM’s activities throughout
the year and ended the Talk with a Q & A session
with the students.
Presentation to Politeknik Merlimau Students
Annual Report 2013
• LIAM-FALIA Seminar
In keeping with its longstanding collaborative effort to
develop and raise the standards and enhance the
knowledge of its members, LIAM worked with FALIA
to co-organise a Joint Seminar on 22 January 2013.
This was followed by an Alumni Party given to their
previous seminar participants at Bukit Kiara Equestrian
and Country Resort.
Mr Hideo Hatanaka, General Manager, Risk Management Department, The Dai-ichi Life Insurance
Company, Limited, shared his insights and expertise in
Risk Management to the participants. More than 25
participants from LIAM member companies attended this session.
The FALIA team had arrived a day earlier to pay a
courtesy visit to the LIAM Secretariat as well as a few
LIAM member companies.
LIAM - FALIA Seminar
• Briefing on Financial Services Act 2013
LIAM organised a briefing for member companies on
the Financial Services Act (FSA) 2013 which was led
by Mr Brian Chia and Ms Wong Sue Wan from Messrs
Wong & Partners on 15 April 2013 at the Bukit Kiara
Equestrian and Country Resort.
The briefing was attended by 50 member company
representatives from various departments including
legal, compliance as well as marketing. The half-day
briefing touched on the impact of FSA on life
insurance companies with much focus on the duties
of directors, officers and shareholders, operations
and the enforcement of FSA. The briefing ended with
a Q and A session between the participants and the
speakers.
• Workshop on Direct Debit and
Financial Process Exchange
LIAM co-organised a Workshop on Direct Debit and
Financial Process Exchange with the Malaysian
Electronic Clearing Corporation (MyClear) on 30 July
2013. MyClear was incorporated in October 2008 as
a wholly-owned subsidiary of BNM to provide
interbank payment settlement and securities
services.
In line with the Financial Sector Blueprint 2011-2020 in
moving towards greater adoption of e-payment in
the industry, LIAM and MyClear jointly organised this
Workshop to encourage the participation of
member companies in the usage of Direct Debit and
the Financial Process Exchange methods.
Talk on Personal Data Protection Act
• Talk on Personal Data Protection
Act
Prior to the enforcement of Personal Data Protection
Act (PDPA), LIAM took the initiative to organise
another briefing session for its members on 23
September 2013 at MFPC Conference Hall, 1Mont
Kiara.
LIAM invited Ms Jillian Chia, Senior Associate,
Intellectual Property Division from Messrs SKRINE to
share her knowledge in data protection. Her areas
of expertise also include Information Technology,
Telecommunications and Intellectual Property.
The talk was attended by 50 representatives of
various departments such as legal, compliance as
well as marketing from LIAM member companies.
The two-hour talk touched on the seven personal
data protection principles, rights of data subjects,
other pertinent issues relating to data protection
and it ended with a fruitful dialogue session.
Annual Report 2013
ENGAGEMENT WITH CONSUMERS
LIAM Educational Consumer Series
• Collaboration with i-SIHAT Magazine
LIAM continued to partner with the print media this year to ensure the publication of its educational
articles to enhance consumers’ literacy level on life insurance.
Collaborating with i-SIHAT, a Bahasa Malaysia health magazine under Utusan Karya Sdn Bhd with
a circulation of 40,000, the articles address the Malay readers in particular, by sustaining a monthly
column in the Magazine. As at to-date, i-SIHAT has published 13 articles on a wide range of topics
such as a basic introduction on life insurance, the importance of having life insurance, a guide
to purchase life insurance, and also a special focus on medical and health insurance.
• Collaboration with The Malay Mail
Besides running various articles focusing on consumer queries on life
insurance, The Malay Mail also ran an exclusive Medical and Health
Insurance Series for 10 weeks with Q & A styled articles based on
Financial Mediation Bureau cases. Among the topics were ‘Unravelling Dilemmas in Medical Insurance’, ‘Getting the Most Out of Your
Hospitalisation Insurance Card’, ‘Investment-Linked Insurance Plans
Demystified’ and ‘How Much Insurance is Enough’. All these
articles are available on the LIAM website at www.liam.org.my.
Collaboration with The Malay Mail
• Collaboration with Credit Counselling and Debt Management Agency
As part of LIAM’s engagement with stakeholders, it partnered
with the Credit Counselling and Debt Management Agency
(AKPK) to raise the level of financial literacy among school
children and youth. Together with several financial
institutions, LIAM provided advertising support for two
books published by AKPK namely POWER! and
Money $ense which are targeted at this
segment.
AKPK was set up by BNM in 2006 to help individuals
take control of their financial situation and gain
peace of mind through wise use of credit facilities.
Collaboration with Credit Counselling and
Debt Management Agency
Roadshows And Quiz Tournament
• BNM MobileLINK Roadshow
BNM continues to extend their invitation to LIAM to participate in the BNM MobileLINK Roadshow
across Peninsular Malaysia. This year, BNM allowed member companies to promote and market
their financial products directly to consumers at the Roadshow.
The extensive roadshow is part of BNM’s inclusive policy in extending financial services to the
underserved areas. For this year, the roadshow reached out to communities in Pahang, Negeri
Sembilan, Perak, Penang, Kelantan and Terengganu. LIAM also participated by setting up its
information and marketing booths including engagement with booth visitors.
Annual Report 2013
• National Financial Planning Quiz Tournament 2013
LIAM was one of the supporting organizations of the Malaysian Financial Planning Council (MFPC)
inaugural National Financial Planning Quiz which was held on 1 to 2 July 2013 at Universiti Utara
Malaysia (UUM). The tournament attracted a participation of 15 universities. Universiti Tunku Abdul
Rahman (UTAR) emerged as the Champion, winning the Championship Trophy and a cash prize of
RM6,000.
The quiz tournament aimed to promote the importance of financial planning among the
undergraduates and it was endorsed by the Ministry of Finance, the Ministry of Education and
Securities Commission Malaysia.
INTERNATIONAL COURTESY VISITS
• Visit from Central Insurance of Iran and Iranian Insurance Research Centre
LIAM played host to the regulators from Iran, namely the
Central Insurance of Iran and Iranian Insurance Research
Centre (IRC) on 10 January 2013. Led by Dr Ghadir Mahdavi,
Head of Iranian Insurance Research Centre, the entourage
was in Kuala Lumpur for a short educational visit to MII
and BNM.
The foreign regulators were briefed on LIAM’s role, the
current industry regulations as well as the development of
the insurance market in Malaysia.
• Visit from Zanzibar Insurance Corporation
Visit from Central Insurance of Iran and
Iranian Insurance Research Centre
LIAM opened its doors to the delegation from Zanzibar
Insurance Corporation on 25 April 2013. Besides studying
the role and functions of LIAM in the life insurance industry,
the delegates were keen to observe the current life insurance
issues in Malaysia. The delegation led by Dr Hamed Rashid
Hikman, Chairman of the Board of Directors, included
Board Members and the Management Team of Zanzibar
Insurance Corporation.
During their visit, they also paid courtesy visits to BNM, Islamic
Visit from Zanzibar Insurance Corporation Banking and Finance Institute Malaysia (IBFIM), PIAM,
International Shari'ah Research Academy for Islamic Finance (ISRA), International Islamic University
Malaysia (IIUM) as well as some insurance and takaful companies.
• Visit from MMI Holdings
On 29 April 2013, LIAM received the delegation from
MMI Holdings, the third largest South African financial
services group listed on the JSE stock exchange.
The visit was made possible by The Beijing Axis who
currently supports MMI Holdings on their South East
Asia/Asia market intelligence exercise. MMI’s core
businesses include long and short-term insurance,
asset management, savings, investment, healthcare
administration and employee benefits.
Visit from MMI Holdings
MMI expressed their intention to engage with the insurance industry’s key stakeholders mainly
to get a clear view of the local market and identify potential business opportunities. Their market
study also includes knowledge on regulatory matters, sales and distribution, customers and so forth.
Annual Report 2013
The delegation which was headed by Mr Johann le Roux, Chief Executive Officer of MMI, also
attended briefing sessions with BNM, PIAM, MII and other financial institutions.
• Visit by Insurance Business Supervisory Board of Myanmar
On 9 May 2013, LIAM conducted a briefing session
to the Insurance Business Supervisory Board of Myanmar
(IBSB) comprising Mr Aye Min Thein, Chairman,
Ms Kyin Htay, Deputy General Manager, Ms Hla Hla Mon,
Deputy Manager and Mr Than Tun Oo, Assistant
Manager. The briefing was a joint effort by the
Malaysian-Myanmar Business Council (MMBC) and
Aetins Sdn Bhd to expose the IBSB to the Malaysian
insurance industry model under the guidance of BNM.
Aetins is a Malaysian based MSC IT Company involved
Visit by Insurance Business Supervisory
in the business of insurance software who also sponsored
Board of Myanmar
this visit. MMBC was represented by its President,
Mr Gilbert Lee and AETINS were represented by Mr Vijalapuram Ravindra Mohan, Mr Sandal Sughosh,
Ms Florence Yeung and Encik Imran bin Abdul Shukor.
The visit is aimed at gaining knowledge on Malaysia’s experience, mainly in the development,
regulation and supervision of the insurance industry. This effort is in line with the recent liberalisation
of Myanmar’s insurance sector. LIAM was represented by Encik Kamaludin Ahmad, Vice-President
of LIAM and Mr Jens Reisch, Chairman of the Industry Promotion Committee of LIAM. They shared
the insights on LIAM’s operations, regulations, the industry’s framework as well as the current
developments of the industry.
• Visit by Dai-ichi Life International Hong Kong
LIAM welcomed the visitors from Dai-ichi Life International
Hong Kong who were in Kuala Lumpur from 21 to 23
August 2013. During this visit, Mr Vincent Kwo, LIAM
President shared a presentation on LIAM and its role,
the current market structure as well as the performance
of the life insurance industry. The entourage comprising
Mr Daisuke Kamata, General Manager, Mr Takao
Sabato, Manager and Mr Ryoji Nitta, Manager, also
visited Great Eastern Life Assurance (Malaysia) Berhad
and Etiqa Insurance Berhad.
MEDIA VISIT
Visit by Dai-ichi Life International
Hong Kong
LIAM organised a media visit to The Sun on 2 July 2013
and received overwhelming response from member
companies. The entourage was led by Mr C. Kumaran,
General Manager of MCIS Zurich Insurance Berhad,
members of the Industry Promotion Committee of LIAM
as well as a number of representatives from member
companies.
The LIAM entourage was greeted by key personnel
from the Editorial Department, Advertising and Marketing
Department namely Mr Freddie Ng, Managing Editor,
Mr Balan Moses, Executive Editor, Ms Kang Siew Li,
Media Visit to The Sun
Business Editor, Mr Prashun Dutt, Chief Marketing Officer
and Ms Lee Siew Siew, Senior Manager (Agency). LIAM and the team from The Sun had an open
discussion on insurance, branding, publicity and news.
Annual Report 2013
CORPORATE SOCIAL RESPONSIBILITY
• Insurance and Takaful Day 2013/ EAIC CSR Fund
The insurance and takaful fraternity of
Malaysia, through the 26th East Asian
Insurance Congress (EAIC) organising
committee, joined forces to mark the 2013
Insurance and Takaful Day on 9
September
2013.
The
organising
committee comprising LIAM, PIAM, MTA
and Labuan International Insurance
Association (LIIA) commemorated the
celebration with a contribution of
RM100,000 to four charitable organisations.
The four beneficiaries were the Community
Service Centre for the Deaf (Silent Teddies
Insurance and Takaful Day 2013/ EAIC CSR Fund
Café project), Kuala Lumpur; Pertubuhan
Kebajikan Dan Penjagaan Nur Hidayah,
Kuala Lumpur; the Orang Asli Community Service Centre, Jerantut, Pahang; and the Cancer Research
Initiatives Foundation (CARIF), Kuala Lumpur, with each receiving a RM25,000 donation.
The heads of the four organising Associations namely the President of LIAM, Mr Vincent Kwo;
Chairman of PIAM, Mr Chua Seck Guan; Chairman of MTA, Encik Zainudin Ishak and Chairman of LIIA,
Yang Berbahagia Dato’ Ahmad Farouk Faizi were present to personally present the cheques to the
four beneficiaries. The 2013 Insurance and Takaful Day was also witnessed by the associations’ Management and Council members.
The objective of the Insurance and Takaful Day is to spread the values of sharing, caring, goodwill and
harmony by supporting various charitable organisations. These charitable organisations were selected
as they were viewed to be truly making a difference in the communities and it is hoped that the contribution will help them to sustain their noble work.
This event is an initiative which demonstrates the insurance and takaful industry’s support for various
charitable organisations as part of its annual community relations program.
• LIAM Blood Donation Drive
Once again this year, LIAM organised
its Blood Donation Drive on 9 October
2013 at the lobby of Maju Junction
Mall, Jalan Sultan Ismail from 10.00 a.m.
to 5.00 p.m. This is one of LIAM’s yearly
community service programs aimed at
saving lives through blood donation.
The blood donation drive received very
encouraging support from its 16 LIAM
member companies as well as the
public from all walks of life. The one-day
drive reached up to 97 packets of
LIAM Blood Donation Drive
blood for the Pusat Darah Negara
(PDN). Goodie bags and light refreshments were also provided to all blood donors as a token of
appreciation from LIAM and Pusat Darah Negara.
Annual Report 2013
OTHER EVENTS
• Change of Office Bearer
In the year 2013, LIAM organized an appreciation dinner for some of its Management Committee
members. The outgoing members were LIAM President (2011) Encik Din Merican and Management
Committee members namely Mr Khor Hock Seng, Yang Berbahagia Dato’ Nirmala Menon and
Encik Muhamad Umar Swift.
The dinner was held at Shangri-La Hotel Kuala Lumpur on 23 January 2013 to thank the Past
Management Committee Members for their outstanding contribution and dedication in developing
the industry. Among the guests included Past Presidents and Vice-Presidents of LIAM, current CEOs
and senior personnel from member companies.
During the year, LIAM had also received sad news on the passing of Mr Cheong Chee Meng,
fondly known as Chee Cheong, the former Chief Executive Officer of Zurich Insurance Malaysia
Berhad. LIAM would like to record its condolence to the family of Chee Cheong, who passed
away peacefully on 17 September 2013.
Appreciation Dinner for Past Management Committee Members
• Insurance and Takaful Industry Annual Dinner 2013
The organization of the annual gathering for the
industry this year was led by the Malaysian Insurance
and Takaful Brokers Association (MITBA) and
Association of Malaysian Loss Adjusters (AMLA)
with support from LIAM, PIAM and MII. It was held
on 15 November 2013 at Shangri-La Hotel Kuala
Lumpur.
The event was graced by Yang Berbahagia Dato’
Muhammad Ibrahim, Deputy Governor of BNM. In
his speech at this dinner, Yang Berbahagia
Dato’ Muhammad highlighted on the Concept
Paper on Life Insurance and Family Takaful
Framework and the Financial Services Act 2013.
Insurance and Takaful Industry
Annual Dinner 2013
CONCLUSION
The Management Committee would like to record their appreciation and thanks to all member
companies for their support and participation towards LIAM’s activities and projects.
As we take on more challenging initiatives in the coming months, we look forward to the unwavering
commitment from member companies to ensure the success of these undertakings which will
eventually benefit the consumers and further promote the growth of the industry.
Annual Report 2013
Laporan Jawatankuasa
Pengurusan
Beberapa aktiviti telah dijalankan pada tahun
dalam tinjauan. Kami dengan sukacitanya
membentangkan sorotan aktiviti-aktiviti ini dan isuisu utama yang dikendalikan oleh LIAM.
PELAKSANAAN E-PEMBAYARAN
Sebagai menyokong agenda nasional bagi
perpindahan kepada bayaran secara elektronik
(e-pembayaran), LIAM telah bekerjasama rapat
dengan Bank Negara Malaysia (BNM) dan syarikat
ahli untuk mengurangkan paras urusniaga tunai
dan cek.
Syarikat insurans hayat telah mencapai hampir
100% dalam penggunaan e-pembayaran untuk
komisen agensi, gaji kakitangan, bil hospital dan
badan berkanun/agensi kerajaan. Daripada 14
syarikat insurans hayat, lapan syarikat telah mula
menawarkan pilihan e-pembayaran kepada
pemegang polisi dan waris mereka untuk bayaran
tuntutan. Syarikat selebihnya sedang berusaha ke
arah menyediakan pilihan ini kepada pemegang
polisi dan waris mereka pada awal tahun 2014.
Peralihan
kepada
e-pembayaran
yang
menawarkan cara yang lebih cekap, terjamin dan
kos efektif untuk memindahkan wang berbanding
dengan
bayaran
berasaskan
kertas.
Ia
merupakan salah satu bidang utama dalam Pelan
Tindakan Sektor Kewangan 2011-2020 untuk lebih
menyokong
kecekapan
ekonomi.
LIAM
merupakan sebahagian daripada Kumpulan Kerja
E-pembayaran yang terdiri daripada BNM,
Persatuan Insurans Am Malaysia (PIAM), Persatuan
Takaful Malaysia (MTA), Persatuan Bank-Bank di
Malaysia (ABM) dan Sistem Pembayaran Elektronik
Malaysia (MEPS) untuk memudahkan peralihan
kepada
e-pembayaran
dalam
sektor
perkhidmatan kewangan. Objektif Kumpulan Kerja
ini ialah untuk mengenal pasti isu-isu yang menjadi
kebimbangan
industri
ini
dan
mencari
penyelesaian bersama dengan BNM dan bankbank perdagangan.
AKTA PEMATUHAN CUKAI AKAUN
ASING
LIAM, bersama dengan beberapa badan industri
sedang membuat pengaturan dengan pihakpihak berkuasa bagi mencadangkan supaya
Perjanjian Antara Kerajaan berhubung Akta
Pematuhan
Cukai
Akaun
Asing
(FATCA)
ditandatangani. FATCA adalah rang undangundang Amerika Syarikat (AS) yang digubal oleh
Kongres AS untuk menghalang penyalahgunaan
28 Laporan Jawatankuasa Pengurusan
cukai luar persisir oleh orang AS dan dijangka
digubal pada Julai 2014.
Institusi kewangan yang beroperasi di luar AS,
termasuk syarikat insurans hayat di Malaysia, yang
mempunyai kepentingan perniagaan atau aset
yang dilaburkan di AS, dikehendaki mematuhi
keperluan FATCA. Ini termasuk institusi kewangan
yang merupakan sebahagian daripada kumpulan
kewangan yang lebih besar yang mempunyai
gabungan dengan pelaburan atau perniagaan
AS.
CUKAI BARANGAN DAN
PERKHIDMATAN
Kerajaan telah mengumumkan bahawa Cukai
Barangan
dan
Perkhidmatan
(GST)
akan
diperkenalkan mulai 1 April 2015 pada kadar 6%.
Cukai jualan dan cukai perkhidmatan yang ada
sekarang ini akan dimansuhkan dan digantikan
dengan cukai berasaskan konsep nilai ditambah,
GST. Bagi perniagaan insurans hayat, ia akan
diletakkan di bawah model dikecualikan di mana
premium insurans hayat tidak akan tertakluk
kepada cukai. Premium yang dibayar untuk polisi
bukan hayat akan tertakluk kepada kadar GST
standard 6%.
Memandangkan
premium
insurans
hayat
dikecualikan cukai, ini bermakna syarikat insurans
hayat tidak akan dapat menuntut apa-apa cukai
input yang telah mereka tanggung dalam proses
menjalankan perniagaan insurans hayat mereka.
Kesan utama kepada penanggung insurans hayat
ialah komisen, perbelanjaan sumber luar, yuran
pengurusan
serta caj untuk polisi berkaitan
pelaburan akan tertakluk kepada GST. Oleh sebab
penentuan harga premium insurans hayat dibuat
berdasarkan
premium paras, syarikat insurans
perlu menanggung kos tambahan disebabkan
cukai input.
LIAM telah melantik perunding cukai untuk
berunding dengan Kerajaan supaya syarikat
insurans mendapat balik sepenuhnya GST bagi
komisen atau 50% kredit cukai input tetap bagi
mengurangkan kos tambahan menjalankan
perniagaan insurans hayat. Cadangan kepada
Kerajaan ini berdasarkan pengalaman bidang
kuasa lain di mana GST telah dilaksanakan dan
model pelepasan yang telah dipertimbangkan.
Dalam tahun 2013, dua mesyuarat industri telah
diadakan masing-masing pada 9 Januari 2013 dan
Annual Report 2013
21 Mei 2013 untuk memastikan ahli-ahli
dimaklumkan
tentang
maklumat
terkini
mengenai GST ke atas perniagaan insurans
hayat. Mesyuarat ini juga menjadi landasan bagi
ahli LIAM untuk menangani kebimbangan
mereka tentang isu GST dengan perunding
cukai.
dihadiri oleh ketua-ketua persatuan, telah
diadakan di negara ASEAN yang telah
ditetapkan. Mesyuarat ini bertindak sebagai
landasan
yang
berkesan,
memudahkan
pertukaran maklumat di kalangan peserta
mengenai perkembangan terkini pasaran
mereka masing-masing.
Kastam Diraja Malaysia dan Institut Insurans
Malaysia (MII) juga telah menganjurkan taklimat
khas
tentang
‘GST
Treatment
on
Insurance/Takaful’ pada 9 Oktober 2013. LIAM
merupakan salah sebuah organisasi yang
membantu menjayakan acara ini.
Antara perkara yang dibincangkan pada
mesyuarat
tahun
ini
ialah
Kaji
Selidik
Pengantaraan Insurans di rantau ASEAN; laporan
daripada Kumpulan Kerja Teknikal mengenai
hal-hal berkaitan Insurans ASEAN yang telah
mengkaji aspek-aspek seperti rangka kerja
modal berasaskan risiko, cukai dan mikroinsurans
yang telah diperkenalkan di kalangan negaranegara
ASEAN,
kemungkinan
untuk
menghasilkan laporan statistik ASEAN serta
derma dan sokongan kepada mangsa Taufan
Haiyan.
MESYUARAT PERANCANGAN
STRATEGIK LIAM
LIAM
telah
menganjurkan
Mesyuarat
Perancangan Strategik di Langkawi dari 8
hingga 10 November 2013 untuk ketua pegawai
eksekutif dan pengurus kanan syarikat-syarikat
ahlinya.
Wakil dari BNM yang menghadiri mesyuarat ini
ialah Encik Aznan Abd Aziz, Pengarah Jabatan
Pembangunan
Sektor
Kewangan,
Puan
Junaidah Mohd Said, Timbalan Pengarah
Jabatan Pembangunan Sektor Kewangan dan
pegawai-pegawai lain, iaitu Cik June Lian
Lay Choon dan Encik Izian Sherwani Mansor dari
Jabatan Pembangunan Sektor Kewangan , Encik
Makhzani Mustaffa Ng dari Jabatan Perbankan
Islam dan Takaful dan Puan Azlinda Arshad dari
Jabatan Konsumer dan Amalan Pasaran.
Semasa mesyuarat tertinggi ini, LIAM telah
mengadakan sesi soal jawab dengan BNM
tentang Kertas Konsep Rangka Kerja Insurans
Hayat dan Takaful Keluarga yang dilancarkan
baru-baru ini. LIAM kemudiannya menubuhkan
Jawatankuasa Pemandu untuk meneliti prinsip
utama yang dikemukakan dalam Kertas Konsep
tersebut bagi menetapkan hala tuju strategik
tentang masa depan industri ini. Salah satu tugas
serta-merta Jawatankuasa Pemandu ini ialah
mengkaji Kertas Konsep ini dan menyatukan
maklumbalas dan saranan industri untuk
pertimbangan BNM.
Sesi ini dimudah cara oleh firma perunding
Towers Watson.
MESYUARAT MAJLIS INSURANS
ASEAN KE-39
Mesyuarat Majlis Insurans ASEAN (AIC) Ke-39
telah dianjurkan oleh Persatuan Penanggung
Insurans Vietnam di Da Nang, Vietnam dari 4
hingga 6 Disember 2013.
AIC adalah kumpulan persatuan insurans sektor
swasta serantau di ASEAN, yang ditubuhkan
untuk menggalakkan hubungan dan kerjasama
serantau di kalangan penanggung insurans
ASEAN. Mesyuarat majlis tahunan ini, yang telah
Pada sesi perbincangan insurans hayat,
penanggung insurans hayat ASEAN bertukar
pendapat tentang cara untuk meningkatkan
kadar penembusan insurans, pembangunan rangka
kerja kawal selia, mempromosikan produk insurans
dan kesedaran pengguna serta Komuniti
Ekonomi ASEAN 2015.
Pada mesyuarat ini, Presiden LIAM Encik Vincent
Kwo telah dilantik sebagai Pengerusi AIC bagi
penggal 2013 - 2014, menggantikan Encik
Kornelius Simanjuntak dari Indonesia yang telah
tamat tempoh jawatannya.
Mesyuarat AIC yang diadakan pada masa yang
sama dengan mesyuarat Pengawal Selia ASEAN
juga memberi peluang kepada ahli-ahli AIC
untuk mengadakan perbincangan dengan
pengawal-pengawal selia tentang isu-isu yang
dihadapi oleh industri insurans pada amnya.
KONVENSYEN
• Mesyuarat Tahunan International
Dragon Award 2013/ Kongres
Insurans Hayat Cina Malaysia Ke 17
Kuala Lumpur berbesar hati menjadi tuan rumah
kepada
Mesyuarat
Tahunan
International
Dragon Award (IDA) 2013/Kongres Insurans
Hayat Cina Malaysia Ke-17 selepas selang lebih
kurang 15 tahun sejak kali terakhir Persidangan ini
diadakan di Kuala Lumpur.
Acara ini telah dirasmikan oleh Yang Amat
Berhormat Perdana Menteri Malaysia pada 15
Ogos 2013. Kongres empat hari ini telah menarik
kira-kira 5,000 peserta dari 16 negara termasuk
China, Taiwan, Hong Kong, Korea Selatan dan
Australia. LIAM dan RGA Reinsurance Company
bagi Hong Kong dan Asia Tenggara telah sama sama menganjurkan majlis makan malam untuk
delegasi antarabangsa dari syarikat insurans.
LIAM juga mengambil bahagian dalam
Laporan Jawatankuasa Pengurusan 29
Annual Report 2013
beberapa panel dan sesi perbincangan,
termasuk Glory Nite Awards untuk ejen-ejen
terbaik dari Malaysia.
• Konvensyen Ejen Insurans Hayat
Bumiputera 2013
Pada 21 September 2013, LIAM bersama
dengan MII menganjurkan Konvensyen Ejen
Insurans Hayat Bumiputera 2013 di Hotel Istana,
Kuala Lumpur. Bertemakan “Berdaya Saing di
Era Transformasi”, acara satu hari ini bertujuan
untuk menyediakan landasan motivasi kepada
ejen-ejen insurans hayat Bumiputera serta
memberi
penghormatan
kepada
ejen
Bumiputera terbaik dalam industri insurans hayat.
Kehadiran Yang Berhormat Encik Khairy
Jamaluddin,
Menteri
Belia
dan
Sukan
merasmikan Konvensyen ini,
sesungguhnya
menggambarkan sokongan padu kerajaan
terhadap industri insurans hayat.
Konvensyen Tahunan ini diadakan dengan
objektif untuk menyediakan arena untuk ejen
insurans hayat bertemu dan saling mempelajari
antara satu sama lain serta merangsang mereka
untuk mencapai sasaran tahunan mereka.
Antara barisan penceramah ialah Encik Norman
Abdul Halim dari KRU Group Berhad yang
berkongsi
rahsia
kejayaannya
dalam
perniagaan, MDRT terbaik serta Puan Lucy Dewani,
pencapai/penceramah motivasi Indonesia yang
berjaya.
Etiqa
Insurance
Berhad
dan
Prudential
Assurance Malaysia Berhad merupakan penaja
bersama untuk Konvensyen ini yang dihadiri
hampir seramai 500 peserta.
• Persidangan Pengedaran Asia
Persidangan Pengedaran Asia telah diadakan di
Kuala Lumpur pada 20 dan 21 November 2013.
Dianjurkan oleh LIMRA LOMA, persidangan
tersebut telah dirasmikan oleh Encik Jens Reisch,
Pengerusi Jawatankuasa Promosi Industri LIAM.
Dalam ucapan pembukaannya, Encik Reisch
menyentuh tentang perubahan kawal selia
baru-baru
ini,
iaitu
Akta
Perkhidmatan
Kewangan 2013, Akta Perlindungan Data
Peribadi 2010, Kertas Konsep Rangka Kerja
Insurans Hayat dan Takaful Keluarga dan
pengenalan Cukai Barangan dan Perkhidmatan.
Encik Reisch juga memperkatakan tentang
penunjuk prestasi utama industri insurans
Malaysia yang menunjukkan peluang-peluang
pertumbuhan
dalam
semua
saluran
pengedaran bagi menawarkan perlindungan
yang lebih tinggi dan lebih baik kepada
pengguna.
Persidangan ini yang menampilkan barisan
ketua-ketua industri yang berpengalaman,
menangani isu-isu pengedaran yang penting
termasuk memahami pelanggan, menguruskan
konflik
saluran,
amalan
terbaik
dalam
pemasaran langsung, mewujudkan perkongsian
bankasurans
yang
berjaya
dan
mentransformasikan
keberkesanan
pasukan
jualan.
CERAMAH/TAKLIMAT/SEMINAR
• Pembentangan kepada Pelajar
Politeknik Merlimau
Sebagai sebahagian daripada objektif utama
LIAM untuk meningkatkan tahap celik insurans
hayat dalam masyarakat, LIAM dan MII telah
menganjurkan ceramah untuk pelajar-pelajar
Diploma Pengajian Perniagaan Politeknik
Merlimau pada 16 Januari 2013. Sesi setengah
hari ini telah diadakan di Auditorium, Institut
Insurans Malaysia, Damansara Heights, Kuala
Lumpur.
MII telah berkongsi pengetahuan dan
maklumat mengenai komponen penting
dalam pasaran insurans, perkembangan
semasa industri insurans serta jenis-jenis produk
insurans. LIAM telah memberi gambaran
keseluruhan tentang peranannya dalam
industri ini, peraturan pasaran serta aktiviti LIAM
sepanjang tahun. Ceramah ini diakhiri dengan
sesi soal jawab bersama para pelajar.
• Seminar LIAM-FALIA
Dalam meneruskan usaha kerjasama yang
telah lama
terjalin
untuk meningkatkan
standard dan menambahkan pengetahuan
ahli-ahlinya, LIAM dan FALIA bersama-sama
menganjurkan satu seminar pada 22 Januari
2013. Seminar ini kemudiannya disusuli dengan
Majlis Alumni yang dianjurkan untuk peserta
seminar sebelumnya di Bukit Kiara Equestrian
dan Country Resort.
Encik Hideo Hatanaka, Pengurus Besar,
Jabatan Pengurusan Risiko, The Dai-ichi Life
Insurance
Company,
Limited,
berkongsi
pengetahuan dan kepakarannya dalam
Pengurusan Risiko dengan para peserta.
Seramai lebih daripada 25 peserta dari syarikat
ahli LIAM menghadiri sesi ini.
Rombongan FALIA yang tiba sehari lebih awal
juga mengadakan kunjungan hormat ke atas
urusetia LIAM serta beberapa syarikat ahli
LIAM.
• Taklimat mengenai Akta
Perkhidmatan Kewangan 2013
LIAM telah menganjurkan taklimat untuk
syarikat-syarikat
ahlinya
tentang
Akta
Perkhidmatan Kewangan (FSA) 2013 yang
disampaikan oleh Encik Brian Chia dan Cik
Wong Sue Wan dari Tetuan Wong & Partners
Annual Report 2013
pada 15 April 2013 di Bukit Kiara Equestrian dan
Country Resort.
Taklimat ini dihadiri oleh 50 wakil syarikat ahli
dari pelbagai jabatan termasuk undangundang, pematuhan dan juga pemasaran.
Taklimat setengah hari ini menyentuh tentang
kesan FSA terhadap syarikat insurans hayat
dengan tumpuan utama diberikan kepada
kewajipan
pengarah,
pegawai
dan
pemegang
saham,
operasi
dan
penguatkuasaan FSA. Taklimat ini diakhiri
dengan sesi soal jawab antara peserta dan
penceramah.
• Bengkel mengenai Debit Terus
dan Pertukaran Proses
Kewangan
LIAM bersama dengan Malaysian Electronic
Clearing
Corporation
(MyClear)
telah
menganjurkan Bengkel mengenai Debit Terus
dan Pertukaran Proses Kewangan pada 30
Julai 2013. MyClear telah diperbadankan pada
Oktober 2008 sebagai anak syarikat milik
penuh BNM untuk menyediakan penyelesaian
bayaran antara bank dan perkhidmatan
sekuriti.
Selaras dengan Pelan Sektor Kewangan 20112020
dalam
bergerak
ke
arah
penerimapakaian e-pembayaran yang lebih
meluas dalam industri ini, LIAM dan MyClear
sama-sama menganjurkan Bengkel ini untuk
menggalakkan penyertaan syarikat-syarikat
ahli dalam penggunaan Debit Terus dan
kaedah Pertukaran Proses Kewangan.
• Ceramah mengenai Akta
Perlindungan Data Peribadi
Sebelum penguatkuasaan Akta Perlindungan
Data Peribadi (PDPA), LIAM mengambil inisiatif
untuk menganjurkan satu lagi sesi taklimat
untuk ahli-ahlinya pada 23 September 2013 di
Dewan Persidangan MFPC, 1Mont Kiara.
LIAM telah menjemput Cik Jillian Chia, Sekutu
Kanan, Bahagian Harta Intelektual dari Tetuan
SKRINE untuk berkongsi pengetahuannya
dalam perlindungan data. Bidang kepakaran
beliau juga meliputi Teknologi Maklumat,
Telekomunikasi dan Harta Intelektual.
Ceramah ini dihadiri oleh 50 orang wakil dari
pelbagai jabatan seperti undang-undang,
pematuhan dan juga pemasaran dari syarikat
ahli LIAM. Ceramah selama dua jam ini
menyentuh tentang tujuh prinsip perlindungan
data peribadi, hak subjek data, isu-isu lain
yang berkaitan dengan perlindungan data
dan diakhiri dengan sesi dialog yang berhasil.
PENGLIBATAN DENGAN
PENGGUNA
Siri Pendidikan Pengguna LIAM
• Usaha Sama dengan Majalah
i-SIHAT
Dalam usaha berterusan untuk meningkatkan
tahap celik pengguna tentang insurans hayat,
LIAM terus bekerjasama dengan media cetak
tahun ini demi memastikan penerbitan artikel
pendidikannya.
LIAM bekerjasama dengan i-SIHAT, sebuah
majalah kesihatan dalam Bahasa Malaysia di
bawah Utusan Karya Sdn Bhd dengan edaran
40,000 naskhah. Artikel pendidikan ini ditujukan
khusus untuk pembaca Melayu, dengan
ruangan tetap bulanan dalam majalah itu.
Setakat ini, i-SIHAT telah menerbitkan 13 artikel
yang membicarakan pelbagai topik seperti
pengenalan asas tentang insurans hayat,
pentingnya
mempunyai
insurans
hayat,
panduan membeli insurans hayat dan juga
fokus khas kepada insurans perubatan dan
kesihatan.
• Usaha Sama dengan The Malay
Mail
Di samping menerbitkan pelbagai artikel yang
memfokus kepada pertanyaan pengguna
tentang insurans hayat, The Malay Mail juga
menerbitkan Siri Insurans Perubatan dan
Kesihatan eksklusif selama 10 minggu dengan
artikel berbentuk soal jawab berdasarkan keskes Biro Pengantaraan Kewangan. Antara
topiknya ialah ‘Unravelling Dilemmas in
Medical Insurance’, ‘Getting the Most Out of
Your
Hospitalisation
Insurance
Card’,
‘Investment-Linked
Insurance
Plans
Demystified’ dan ‘How Much Insurance is
Enough’. Semua artikel ini boleh juga didapati
di laman sesawang LIAM di www.liam.org.my.
• Usaha Sama dengan Agensi
Kaunseling dan Pengurusan
Kredit
LIAM juga bekerjasama dengan pihak
berkepentingan,
Agensi
Kaunseling dan
Pengurusan Kredit (AKPK) untuk meningkatkan
kadar celik kewangan di kalangan kanakkanak sekolah dan belia. Bersama dengan
beberapa
institusi
kewangan,
LIAM
memberikan sokongan pengiklanan terhadap
dua buah buku yang diterbitkan oleh AKPK,
iaitu ‘POWER!’ dan ‘Money $ense’ yang
disasarkan kepada golongan ini.
AKPK telah ditubuhkan oleh BNM pada tahun
2006 untuk menolong individu mengawal
Annual Report 2013
situasi kewangan mereka dan memperoleh
ketenangan fikiran melalui penggunaan
kemudahan kredit secara bijak.
Siri Jelajah (‘Roadshow’) dan
Kejohanan Kuiz
• Siri Jelajah BNM MobileLINK
BNM terus mempelawa LIAM untuk menyertai
Siri Jelajah BNM MobileLINK di seluruh
Semenanjung Malaysia. Pada siri jelajah tahun
ini, BNM membenarkan syarikat ahli untuk
mempromosikan dan memasarkan produk
kewangan mereka terus kepada pengguna.
Siri jelajah ini merupakan sebahagian daripada
dasar inklusif BNM dalam memperluaskan
perkhidmatan kewangan ke kawasan yang
kurang mendapat pendedahan. Pada tahun
ini, siri jelajah ini mendekati komuniti di Pahang ,
Negeri Sembilan, Perak, Pulau Pinang, Kelantan
dan Terengganu. LIAM juga mengambil
bahagian
dengan
menyediakan
gerai
maklumat dan produk sambil melayani para
pengunjung kaunter.
• Kejohanan Kuiz Perancangan
Kewangan Kebangsaan 2013
LIAM merupakan salah sebuah organisasi yang
membantu
menjayakan
acara
sulung
Kejohanan Kuiz Perancangan Kewangan
Kebangsaan anjuran
Majlis Perancangan
Kewangan Malaysia (MFPC) yang telah
diadakan pada 1 hingga 2 Julai 2013 di
Universiti Utara Malaysia (UUM). Kejohanan ini
menarik penyertaan 15 buah universiti. Pada
kejohanan ini, Universiti Tunku Abdul Rahman
(UTAR) muncul sebagai Juara dengan
memenangi Piala Kejohanan dan hadiah
wang tunai RM6,000.
Kejohanan
kuiz
ini
bertujuan
untuk
mempromosikan kepentingan perancangan
kewangan di kalangan siswazah dan ia
disokong
oleh
Kementerian
Kewangan,
Kementerian Pendidikan dan Suruhanjaya
Sekuriti Malaysia.
KUNJUNGAN HORMAT
ANTARABANGSA
• Kunjungan daripada Pusat
Insurans Iran dan Pusat
Penyelidikan Insurans Iran
LIAM
menerima
kunjungan
daripada
pengawal selia dari Iran, iaitu Pusat Insurans
Iran dan Pusat Penyelidikan Insurans Iran (IRC)
pada 10 Januari 2013. Kunjungan ini diketuai
oleh Dr Ghadir Mahdavi, Ketua Pusat
Penyelidikan Insurans Iran, dan rombongan ini
berada di Kuala Lumpur untuk lawatan sambil
belajar ke MII dan BNM.
Delegasi antarabangsa ini diberi taklimat
mengenai peranan LIAM, peraturan industri
pada masa ini serta pembangunan pasaran
insurans di Malaysia.
• Kunjungan daripada Perbadanan
Insurans Zanzibar
LIAM menerima kunjungan daripada delegasi
Perbadanan Insurans Zanzibar pada 25 April
2013. Di samping mengkaji peranan dan fungsi
LIAM dalam industri insurans hayat, delegasi ini
berminat mempelajari isu-isu semasa insurans
hayat di Malaysia. Delegasi ini diketuai oleh Dr
Hamed Rashid Hikman, Pengerusi Lembaga
Pengarah, termasuk Ahli Lembaga Pengarah
dan Pasukan Pengurusan Perbadanan Insurans
Zanzibar.
Semasa kunjungan ini, mereka juga melakukan
kunjungan hormat ke BNM, Institut Perbankan
dan Kewangan Islam Malaysia (IBFIM), PIAM,
Akademi Penyelidikan Syariah Antarabangsa
bagi Kewangan Islam (ISRA), Universiti Islam
Antarabangsa Malaysia (IIUM) serta beberapa
syarikat insurans dan takaful.
• Kunjungan daripada MMI
Holdings
Pada 29 April 2013, LIAM menerima kunjungan
delegasi dari MMI Holdings, kumpulan
perkhidmatan kewangan Afrika Selatan yang
ketiga terbesar dan tersenarai di bursa saham
JSE. Kunjungan ini diaturkan oleh The Beijing
Axis yang kini menyokong MMI Holdings dalam
usaha perisikan pasaran Asia Tenggara/Asia
mereka. Teras perniagaan MMI ialah insurans
pendek,
jangka
panjang
dan
jangka
pengurusan aset, simpanan, pelaburan,
pentadbiran
penjagaan
kesihatan
dan
manfaat pekerja.
MMI telah menyatakan hasrat perjumpaan
mereka dengan pihak berkepentingan dalam
industri insurans untuk mendapatkan pandangan
yang jelas tentang pasaran tempatan dan
mengenal pasti peluang perniagaan yang
berpotensi. Kajian pasaran mereka juga
termasuk pengetahuan tentang hal-hal kawal
selia, jualan dan pengedaran, pelanggan dan
sebagainya.
Delegasi yang diketuai oleh Encik Johann le
Roux, Ketua Pegawai Eksekutif MMI, juga
menghadiri sesi taklimat dengan BNM, PIAM,
MII dan institusi kewangan lain.
Annual Report 2013
• Kunjungan oleh Lembaga
Penyeliaan Perniagaan Insurans
Myanmar
Pada 9 Mei 2013, LIAM telah mengadakan sesi
taklimat
kepada
Lembaga
Penyeliaan
Perniagaan Insurans Myanmar (IBSB) yang
terdiri daripada Encik Aye Min Thein, Pengerusi,
Cik Kyin Htay, Timbalan Pengurus Besar, Cik Hla
Hla Mon, Timbalan Pengurus dan Encik Than
Tun Oo, Penolong Pengurus. Taklimat ini adalah
usaha bersama antara Majlis Perniagaan
Malaysian-Myanmar (MMBC) dan Aetins Sdn
Bhd untuk mendedahkan IBSB kepada model
industri insurans Malaysia di bawah bimbingan
BNM. Aetins adalah Syarikat IT MSC yang
berpangkalan di Malaysia yang terlibat dalam
perniagaan perisian insurans yang juga
menaja kunjungan ini. MMBC diwakili oleh
Presidennya, Encik Gilbert Lee dan AETINS
diwakili oleh Encik Vijalapuram Ravindra
Mohan, Encik Sandal Sughosh, Cik Florence
Yeung dan Encik Imran bin Abdul Shukor.
Kunjungan ini bertujuan untuk mendapatkan
pengetahuan tentang pengalaman Malaysia,
terutamanya dalam pembangunan, peraturan
dan penyeliaan industri insurans. Usaha ini
adalah selaras dengan liberalisasi sektor
insurans Myanmar baru-baru ini. LIAM diwakili
oleh Encik Kamaludin Ahmad, Naib Presiden
LIAM dan Encik Jens Reisch, Pengerusi
Jawatankuasa Promosi Industri LIAM. Mereka
berkongsi pendapat tentang operasi LIAM,
peraturan,
rangka
kerja
industri
serta
pembangunan semasa industri ini.
• Kunjungan oleh Dai-ichi Life
International Hong Kong
LIAM mengalu-alukan delegasi dari Dai-ichi Life
International Hong Kong yang berada di Kuala
Lumpur dari 21 hingga 23 Ogos 2013. Semasa
kunjungan ini, Encik Vincent Kwo, Presiden
LIAM menyampaikan pembentangan tentang
LIAM dan peranannya, struktur pasaran
semasa serta prestasi industri insurans hayat.
Rombongan ini yang terdiri daripada Encik
Daisuke Kamata, Pengurus Besar, Encik Takao
Sabato, Pengurus dan Encik Ryoji Nitta,
Pengurus, juga mengunjungi Great Eastern Life
Assurance (Malaysia) Berhad dan Etiqa
Insurance Berhad.
KUNJUNGAN MEDIA
LIAM telah mengadakan lawatan media ke
pejabat akhbar The Sun pada 2 Julai 2013 dan
menerima sokongan yang amat menggalakkan
daripada syarikat ahli. Rombongan ini diketuai
oleh Encik C. Kumaran, Pengurus Besar MCIS
Zurich Insurance Berhad, ahli Jawatankuasa
Promosi Industri LIAM serta beberapa orang wakil
dari syarikat ahli LIAM .
Rombongan LIAM disambut oleh kakitangan
utama dari Jabatan Penyuntingan, Jabatan
Pengiklanan dan Pemasaran, iaitu Encik Freddie
Ng, Pengarah Urusan, Encik Balan Moses, Editor
Eksekutif, Cik Kang Siew Li, Editor Perniagaan,
Encik Prashun Dutt, Ketua Pegawai Pemasaran
dan Cik Lee Siew Siew, Pengurus Kanan (Agensi).
LIAM dan pegawai-pegawai kanan dari akhbar
The Sun telah mengadakan perbincangan terbuka
mengenai insurans, penjenamaan, publisiti dan
berita.
TANGGUNGJAWAB SOSIAL
KORPORAT
• Hari Insurans dan Takaful 2013/
Dana CSR EAIC
Pengendali insurans dan takaful Malaysia,
menerusi jawatankuasa penganjur Kongres
Insurans Asia Timur Ke-26 (EAIC), telah
bekerjasama untuk meraikan Hari Insurans dan
Takaful 2013 pada 9 September 2013.
Jawatankuasa
penganjur
yang
terdiri
daripada LIAM, PIAM, MTA dan Persatuan
Insurans Antarabangsa Labuan (LIIA) telah
memberikan sumbangan sebanyak RM100,000
kepada empat pertubuhan amal.
Empat penerima sumbangan ini ialah Pusat
Khidmat Masyarakat untuk Golongan Pekak
(projek Silent Teddies Café), Kuala Lumpur;
Pertubuhan Kebajikan Dan Penjagaan Nur
Hidayah, Kuala Lumpur; Pusat Khidmat
Masyarakat Orang Asli, Jerantut, Pahang; dan
Yayasan Inisiatif Kajian Kanser (CARIF), Kuala
Lumpur, dengan setiap satunya menerima
sumbangan sebanyak RM25,000.
Ketua-ketua daripada empat Persatuan
penganjur, iaitu Presiden LIAM, Encik Vincent
Kwo; Pengerusi PIAM, Encik Chua Seck Guan;
Pengerusi MTA, Encik Zainudin Ishak dan
Pengerusi LIIA, Yang Berbahagia Dato’ Ahmad
Farouk
Faizi
turut
hadir
sama
untuk
menyampaikan cek kepada empat penerima
sumbangan itu. Hari Insurans dan Takaful 2013
juga turut disaksikan oleh pihak Pengurusan
persatuan dan ahli-ahli Majlis.
Objektif Hari Insurans dan Takaful adalah untuk
menyebarkan nilai perkongsian, keprihatinan,
muhibah dan harmoni dengan membantu
pelbagai pertubuhan amal. Pertubuhan amal
ini dipilih kerana sumbangan mereka kepada
masyrakat dan adalah diharapkan bantuan
kewangan ini dapat mendorong mereka
meneruskan usaha mulia mereka.
Acara ini merupakan satu inisiatif yang
menunjukkan sokongan industri insurans dan
takaful kepada pelbagai pertubuhan amal
sebagai sebahagian daripada program
tanggungjawab sosial tahunannya.
Annual Report 2013
• Kempen Derma Darah LIAM
Sekali lagi pada tahun ini, LIAM telah
menganjurkan Kempen Derma Darahnya
pada 9 Oktober 2013 di lobi Maju Junction
Mall, Jalan Sultan Ismail dari jam 10.00 pagi
hingga 5.00 petang. Ini merupakan salah satu
program khidmat masyarakat tahunan LIAM
yang bertujuan untuk menyelamatkan nyawa
melalui kempen menderma darah.
Kempen
menderma
darah
mendapat
sokongan yang menggalakkan daripada 16
syarikat ahli LIAM serta orang ramai daripada
semua lapisan masyarakat. Kempen selama
satu hari ini berjaya mengutip sehingga 97 pek
darah untuk Pusat Darah Negara (PDN). Beg
cenderahati serta juadah ringan juga
disediakan untuk semua penderma darah
sebagai tanda penghargaan daripada LIAM
dan Pusat Darah Negara.
LAIN-LAIN AKTIVITI
• Pertukaran Pemegang Jawatan
Pada tahun 2013, LIAM telah menganjurkan
majlis makan malam penghargaan untuk
bekas ahli Jawatankuasa Pengurusannya iaitu
Presiden LIAM (2011), Encik Din Merican dan
ahli-ahli Jawatankuasa Pengurusan, Encik Khor
Hock Seng, Yang Berbahagia Dato’ Nirmala
Menon dan Encik Muhamad Umar Swift.
Majlis makan malam ini telah diadakan di Hotel
Shangri-La Kuala Lumpur pada 23 Januari 2013
sebagai tanda terima kasih kepada bekas Ahli
Jawatankuasa
Pengurusan
di
atas
sumbangan dan dedikasi mereka yang
cemerlang dalam membangunkan industri ini.
Antara tetamunya ialah bekas Presiden dan
bekas Naib Presiden LIAM, Ketua-Ketua
Pegawai Eksekutif sekarang ini dan kakitangan
kanan dari syarikat ahli.
LIAM juga telah menerima berita sedih tentang
pemergian Encik Cheong Chee Meng, atau
panggilan mesranya Chee Cheong, bekas
Ketua Pegawai Eksekutif Zurich Insurance
Malaysia Berhad. LIAM ingin merakamkan
ucapan takziah kepada keluarga mendiang
Chee Cheong yang telah meninggal dunia
pada 17 September 2013.
• Majlis Makan Malam Tahunan
Industri Insurans dan Takaful 2013
Penganjuran perjumpaan tahunan untuk
industri pada tahun ini diketuai oleh Persatuan
Broker-Broker Insurans dan Takaful Malaysia
(MITBA) dan Persatuan Penyelaras Kerugian
Malaysia (AMLA) dengan sokongan daripada
LIAM, PIAM dan MII. Ia telah diadakan pada 15
November 2013 di Hotel Shangri-La Kuala
Lumpur.
Majlis ini telah diserikan dengan kehadiran
Yang Berbahagia Dato’ Muhammad Ibrahim,
Timbalan Gabenor BNM. Dalam ucapannya
pada majlis makan malam ini, Yang
Berbahagia Dato’ Muhammad menyebut
tentang Kertas Konsep Rangka Kerja Insurans
Hayat dan Takaful Keluarga dan Akta
Perkhidmatan Kewangan 2013.
KESIMPULAN
Jawatankuasa Pengurusan ingin merakamkan
rasa penghargaan dan terima kasih kepada
semua syarikat ahli di atas sokongan dan
penyertaan mereka dalam aktiviti dan projek
LIAM.
Dalam menjalankan lebih banyak inisiatif yang
mencabar pada bulan-bulan akan datang,
kami mengharapkan komitmen yang tidak
berbelah bahagi daripada syarikat ahli demi
memastikan kejayaan daya usaha ini yang
akhirnya akan memberi manfaat kepada
pengguna
dan
menggalakkan
lagi
pertumbuhan industri ini.
Annual Report 2013
Performance of the
Life Insurance Industry
MALAYSIAN ECONOMY
Malaysian economy grew 4.7% in the year of 2013 amid an environment of modest global
growth. The quarterly GDP growth rates were 4.1%, 4.4%, 5.0% and 5.1%. The corresponding
quarterly growth rates in 2012 were 5.1%, 5.6%, 5.3% and 6.5%. Growth in the services sector
in the 4th quarter improved to 6.4% (3Q 2013: 5.9%), slightly outperforming the overall
economy. The growth was supported by the improving performance of trade and
manufacturing activities. Growth in finance and insurance remained weak at 0.6% in the 4th
quarter (3Q 2013: 1.0%), as the improvement in net interest income for the banking sector
was partly offset by the weak performance in the insurance segment.
Domestic demand remained the anchor for growth, expanding by 6.4% in 4Q (3Q 2013: 8.3%).
Private sector activity grew further, as reflected by robust private investment growth and
continued expansion in private consumption. Public sector spending, however, moderated
due to slower public consumption and declining investment growth.
The headline inflation rate, as measured by annual change in the Consumer Price Index (CPI),
increased to 3.0% in the fourth quarter of 2013 (3Q 2013: 2.2%), reflecting the upward
adjustment of prices of petroleum products and sugar, and the increase in excise duty on
tobacco. Supply disruptions following adverse weather conditions also led to the higher food
prices. The Producer Price Index (PPI) turned around to increase to 2.2% on an annual basis in
the fourth quarter (3Q 2013: -2.3%). Prices of the local components of the PPI rose by 3.4%
(3Q 2013: -2.9%) while prices of the imported components declined by 0.5%.
The overnight policy rate (OPR) remained unchanged at 3.00% during the fourth quarter of 2013,
which is at a level that is highly supportive of economic activity. The ringgit and most other
regional currencies depreciated against the US dollar as the anticipation and eventual
announcement of a scale-back of monetary injections by the Fed resulted in outflows of
funds from regional financial markets. The performance of ringgit against regional currencies
was mixed.
The International Monetary Fund has moderately adjusted upward its projection on world
GDP growth for 2014 to 3.7% in anticipation of recovery in the advanced economies. Stronger
external demand from advanced economies is expected to lift growth in the developing
economies although domestic weaknesses remain a concern. The economies in Developing
Asia are expected to continue to outgrow the world economy and are projected by IMF to
grow at 6.8% on average in 2014. The Malaysian economy is expected to grow at 5 to 5.5%
in 2014 supported by firmer external demand and offset by a moderating but resilient
domestic demand. With inflation edging upward in recent months and the fiscal structural
adjustment and consolidation process to lower overall balance of Federal Government
finance, consumer and business sentiments however remain low and consumers are
increasingly cautious in their spending. Amid an environment of moderate growth and
weakened consumer sentiments, the life insurance industry is forecast to achieve a moderate
growth of 4 to 7% in 2014.
References:
1.
2.
3.
4.
Economic and Financial Developments in the Malaysian Economy in the Fourth Quarter of 2013,
BNM.
Malaysian Economic Outlook – Malaysian Institute of Economic Research
Analysts’ Forecast of Malaysia’s 2014 GDP - Bernama
World Economic Outlook Update (January 2014), International Monetary Fund
Performance of the Life Insurance Industry 35
Annual Report 2013
LIFE INSURANCE BUSINESS
Insurance Protection
The life insurance industry in 2013 in aggregate provided a higher insurance protection to the
public with 3.7% higher claims amount, 14.2% higher payout in maturity and cash surrender values
and 6.7% higher insurance coverage.
Claims paid in 2013 amounted to RM6.9 billion in various types of claims including death, disability,
medical and cash bonuses, 3.7% higher than the corresponding amount of RM6.7 billion a year
earlier. (Table1)
2013
Difference
Growth
Benefit
2012
Death
962,654,835
974,455,695
11,800,860
1.2%
Disability
135,082,854
140,118,897
5,036,043
3.7%
Medical
1,969,951,261
1,991,509,614
21,558,353
1.1%
Bonuses
2,476,970,475
2,973,936,097
496,965,622
20.1%
Others
1,152,509,466
862,168,593
(290,340,873)
-25.2%
TOTAL
6,697,168,891
6,942,188,896
245,020,005
3.7%
(Table1)
In addition, RM8.6 billion was paid in maturity amount and cash surrender values in 2013, 14.2%
higher than the corresponding figure of RM7.5 billion in 2012. The increase was mainly due to
fluctuation in maturity payment which was dependent on the term of the policies. (Table 2)
2012
Benefit
2013
Difference
Growth
Maturity / Vesting
3,323,048,272 4,375,094,837
1,052,046,565
31.7%
Surrenders / Cancellation of
units
4,225,482,767 4,243,571,193
18,088,426
0.4%
TOTAL
7,548,531,039 8,618,666,030
1,070,134,991
14.2%
(Table 2)
In aggregate, the life insurance industry provided cover amounting to RM1.09 trillion in sum assured
for all policies combined in 2013. The amount was 6.7% higher than the corresponding figure of
RM1.02 trillion in 2012. (Table 3)
The sum assured per capita in 2013 increased slightly to RM36,387 from RM34,609 in 2012.
2012
Type
2013
Difference
(Table 4)
Growth
Traditional
369,580,838,848
361,371,434,382
(8,209,404,466)
-2.2%
Investment-Linked
248,305,252,495
284,679,163,295
36,373,910,800
14.6%
Group
403,691,907,905
443,646,890,848
39,954,982,943
9.9%
1,021,577,999,248 1,089,697,488,525
68,119,489,277
6.7%
TOTAL
(Table 3)
36 Performance of the Life Insurance Industry
Annual Report 2013
Total Sum Insured
Population
2012
2013
1,021,577,999,248
1,089,697,488,525
29,517,700
29,947,600
34,609
36,387
Sum Insured per Capita
(Table 4)
(Source: Life Insurance Association of Malaysia [LIAM], Department of Statistics, Malaysia- for population)
In-Force Policies January – December 2013
The total premium for in-force policies continued to grow strongly at 12.8% in 2013 for individual
and group policies combined. For individual annualised premium policies, the growth came
mainly from investment-linked business which grew at 14.8% while for individual single premium
policies, traditional business enjoyed a relatively stronger growth than investment-linked
(26.5% vs 8.8%).
In absolute terms, the individual in-force block continues to be dominated by traditional business
with RM16.4 billion as compared with RM9.5 billion of investment-linked business. The gap between
traditional and investment-linked in-force block has however narrowed to RM6.9 billion in 2013
from RM7.3 billion in 2012.
Group insurance recorded a strong growth in in-force premiums in year 2013 especially in Single
Premiums (both YRT and Others) category. (Table 5)
2012
2013
14,896
15,441
3.7%
777
983
26.5%
15,674
16,424
4.8%
7,973
9,150
14.8%
348
378
8.8%
8,321
9,529
14.5%
6
43
675.3%
- Single Premiums
84
81
-3.2%
TOTAL
89
124
39.0%
- Annualised Premiums
75
80
7.2%
- Single Premiums (YRT)
46
99
115.4%
921
2,087
126.7%
1,041
2,266
117.7%
25,125
28,343
12.8%
RM Million
Growth
Individual-Traditional
- Single Premiums
TOTAL
Individual-Investment-linked
- Single Premiums
TOTAL
Individual-Annuity
Group
- Single Premiums (Others)
-TOTAL
TOTAL (Individual + Group)
(Table 5)
(Source: Life Insurance Association of Malaysia [LIAM])
Annual Report 2013
New Business January – December 2013
The life insurance industry in Malaysia remained stable with a small negative growth of 0.2% in 2013,
as measured by new business total premium (single premium plus annualised premium). The new
business total premium in 2013 was RM8.19 billion, as compared to RM8.20 billion in 2012. (Table 6)
Total Premium
January to December
RM Billion
2012
2013
Growth
-Traditional
2.48
2.23
-9.8%
-Investment-Linked
3.24
3.26
0.6%
Group
2.49
2.70
8.5%
TOTAL
8.20
8.19
-0.2%
Individual
(Table 6)
Group insurance business grew strongly at 8.5%. In terms of individual business, investment-linked
policies continued to outpace traditional policies with the former growing at 0.6% while the latter
declined 9.8%. (Table 6)
Annualised Premium
RM Million
January to December
Mix (January to December)
2012
2013
Growth
2012
2013
-Traditional
2,133
1,800
-15.6%
51.6%
44.8%
-Investment-Linked
1,998
2,218
11.0%
48.4%
55.2%
TOTAL
4,130
4,019
-2.7%
100.0%
100.0%
Individual
(Table 7)
If we ignore single premium business, investment-linked business has also overtaken traditional
business to be the customers’ preferred choice. Investment-linked annualised premium clocked
in RM2.2 billion in 2013 while traditional annualised premium was at a lower amount of RM1.8
billion. Traditional to investment-linked business mix as at 31 December 2013 was 44.8%:55.2% as
compared with 51.6%:48.4% a year earlier. (Table 7)
(Source: Life Insurance Association of Malaysia [LIAM])
Annual Report 2013
LIFE INSURANCE BUSINESS (2008 - 2012)
Number of Policies
2012
12,076,909
1,488,512
2011
12,203,108
1,502,110
Year
2010
12,145,520
1,426,280
2009
11,809,112
1,387,724
2008
11,522,202
1,585,846
0
2
4
6
8
10
12
14
Millions
Units
Total Business In Force
New Business
Sums Insured
2012
1,021,907.0
290,420.2
2011
917,121.0
287,073.9
Year
2010
881,935.9
274,776.8
2009
791,360.8
239,605.9
2008
771,274.8
219,066.9
0
1
2
3
4
5
6
7
8
9
10
11
x 100000
Sums Insured (RM million)
New Business
New Business : Total Premiums
8,200.9
2012
7,913.7
Year
2011
2010
2009
8,397.0
7,544.4
7,234.7
2008
6,600
6,800
7,000
7,200
7,400
7,600
7,800
8,000
8,200
8,400
8,600
Total Premiums (RM million)
New Business
(Source: Bank Negara Malaysia (Annual Insurance Statistics 2012)
Annual Report 2013
Total Business In Force: Annual Premiums
2012
23,076.4
2011
Year
20,664.7
19,295.7
2010
2009
2008
17,347.4
15,446.4
0.0
5.0
10.0
15.0
20.0
25.0
Thousands
Annual Premiums (RM million)
Income
2011 (RM million)
Profit on sale of assets
and miscellaneous
income
2012 (RM million)
Premium Income
22,815.8 (69.0%)
4,204.9 (12.7%)
Net investment
income
6,037.5 (18.3%)
Total : RM 33,058.2 million
Profit on sale of assets
and miscellaneous
income
Premium Income
24,902.5 (66.4%)
5,875.7 (15.7%)
Net investment
income
6,701.6 (17.9%)
Annual Report 2013
Outgo (Expenditure)
2011 (RM million)
Management Expenses
2,088.9 (9.7%)
Agency Remuneration
3,360.3 (15.6%)
2012 (RM million)
Loss on disposal of
assets and other outgo
2,068.0 (9.6%)
Net policy benefits
13,994.3 (65.1%)
Management Expenses
2,283.7 (10.6%)
Loss on disposal of
assets and other outgo
1,429.8 (6.6%)
Agency Remuneration
3,528.4 (16.4%)
Net policy benefits
14,303.1 (66.4%)
Assets of Life Insurance Funds
2011 (RM million)
Foreign assets
Other assets 4,768.3
2,639.5
Cash and deposits
15,344.3
2012 (RM million)
Property, plant and
equipment
1,640.2
Loans
10,900.2
Foreign assets
Other assets 4,789.3
3,026.4
Cash and deposits
12,232.3
Property, plant and
equipment
1,608.5
Loans
11,586.8
Investment
properties
2,317.9
Investment
properties
2,291.3
Investments
131,769.2
Investments
114,346.0
Total : 151,929.8 million
Total : 167,330.3 million
LOANS
(RM 10,900.2 million) comprised:
- Mortgages
- Policy
- Others
LOANS
- Mortgages
- Policy
- Others
INVESTMENTS
(RM 114,346 million) comprised:
- Malaysia Government papers/ guaranteed loans
- Corporate/ debt securities
- Others
INVESTMENTS
- Malaysia Government papers/ guaranteed loans
- Corporate/ debt securities
- Others
Annual Report 2013
Members of LIAM
Allianz Life Insurance Malaysia Berhad
AXA AFFIN Life Insurance Berhad
AIA Bhd.
Etiqa Insurance Berhad
Menara AIA
99 Jalan Ampang
50450 Kuala Lumpur
Telephone No : 03-2056 1111
Fax No : 03-2056 3791
Care Line : 1300 88 1899
E-mail : [email protected]
http://www.aia.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
Email: [email protected]
http://www.etiqa.com.my
AmLife Insurance Berhad
Great Eastern Life Assurance
(Malaysia) Berhad
Suite 3A-15, Level 15
Block 3A, Plaza Sentral
Jalan Stesen Sentral 5
Kuala Lumpur Sentral
50470 Kuala Lumpur
Telephone No : 03-2264 1188/ 2264 0688
Fax No : 03-2264 1199
http://www.allianz.com.my
www.facebook.com/AllianzMalaysia
Level 19, Bangunan AmAssurance
No. 1 Jalan Lumut
50400 Kuala Lumpur
Telephone No : 1300 88 8800
Fax No : 03-2171 3000
https://www.amassurance.com.my
42 Members of LIAM
8th Floor Chulan Tower
3 Jalan Conlay
50450 Kuala Lumpur
Telephone No : 03-2117 6688/ 1300 88 1616
Fax No : 03-2117 6768
http://www.axa-affin.com
Menara Great Eastern
303 Jalan Ampang
50450 Kuala Lumpur
Fax No : 03-4259 8000
http://www.greateasternlife.com
Annual Report 2013
Members of LIAM
Hannover Rueck SE, Malaysian Branch
Manulife Insurance Berhad
Hong Leong Assurance Berhad
MCIS ZURICH Insurance Berhad
Malaysian Life Reinsurance Group Berhad
Prudential Assurance Malaysia Berhad
Suite 31-1, 31st Floor
Wisma UOA II
No. 21, Jalan Pinang
50450 Kuala Lumpur
Fax No : 03-2687 3760/ 2687 3762
http://www.hannover-re.com
Level 3, Tower B, PJ City Development
No. 15A Jalan 219, Seksyen 51A
46100 Petaling Jaya, Selangor Darul Ehsan
Fax No : 03-7650 1991
Customer Service Hotline : 03-7650 1288
Customer Service Hotfax : 03-7650 1299
http://www.hla.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
16th Floor, Menara Manulife
6, Jalan Gelenggang
Damansara Heights
50490 Kuala Lumpur
Fax No : 03-2096 2121/ 03-2095 3804
Customer Care : 1300 13 2323
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
http://www.mciszurich.com.my
Level 17, Menara Prudential
10, Jalan Sultan Ismail
50250 Kuala Lumpur
Fax No : 03-2032 3939
Customer Service : 03-2116 0228
http://www.prudential.com.my
Members of LIAM 43
Annual Report 2013
Members of LIAM
Sun Life Malaysia Assurance Berhad
Uni.Asia Life Assurance Berhad
Tokio Marine Life Insurance Malaysia Bhd.
Zurich Insurance Malaysia Berhad
(formerly known as CIMB Aviva Assurance Berhad)
338, Jalan Tuanku Abdul Rahman
50100 Kuala Lumpur
Fax No : 03-2698 7035
Customer Careline: 1300 88 5055
http://www.sunlifemalaysia.com
Ground Floor,
Menara Tokio Marine Life
189, Jalan Tun Razak
50400 Kuala Lumpur
Fax No : 03-2162 8068
http://www.tokiomarinelife.com.my
44 Members of LIAM
8th Floor, Bangunan Uni.Asia
16 Jalan Tun Tan Siew Sin
50050 Kuala Lumpur
Fax No : 03-2031 4689
Customer Service Hotline : 03-2687 2020
Customer Service Fax : 03-2026 6097
http://www.uniasialife.com.my
11th Floor, Menara Zurich
No. 12, Jalan Dewan Bahasa
50460 Kuala Lumpur
Fax No : 03-2142 5489
Call Centre : 1300 888 622/ 03-2146 9999
http://www.zurich.com.my
LIFE INSURANCE ASSOCIATION OF MALAYSIA
No. 4, Lorong Medan Tuanku Satu, Medan Tuanku, 50300 Kuala Lumpur, Malaysia.
Tel : 603 2691 6168 / 2691 6628 / 2691 8068 Fax : 603 2691 7978
Website : www.liam.org.my Email : [email protected]

Contents Page.amended

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