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Market Research Report

Malaysian Insurance Industry: Governance, Risk and Compliance

Published by GlobalData Product code 336233
Published Content info 68 Pages
Delivery time: 1-2 business days
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Malaysian Insurance Industry: Governance, Risk and Compliance
Published: February 21, 2020 Content info: 68 Pages
Description

GlobalData's Malaysian Insurance Industry: Governance, Risk and Compliance report is the result of extensive research into the insurance regulatory framework in the Malaysia.

It provides detailed analysis of the insurance regulations for life, property, motor, liability, personal accident and health, and marine, aviation and transit insurance. The report specifies various requirements for the establishment and operation of insurance and reinsurance companies and intermediaries.

The report brings together GlobalData's research, modeling and analysis expertise, giving insurers access to information on prevailing insurance regulations, and recent and upcoming changes in the regulatory framework, taxation and legal system in the country. The report also includes the scope of non-admitted insurance in the country.

Key Highlights

  • BNM, under the Ministry of Finance regulates the Malaysian insurance industry.
  • The provisions of the FSA, which came into force on June 30, 2013, regulate the life and non-life insurance businesses in Malaysia.
  • The Malaysian government permits FDI up to a limit of 70% in the insurance industry.
  • Composite insurance is not permitted in Malaysia.
  • Non-admitted insurers and intermediaries are not permitted in the Malaysian insurance industry.

The report provides insights into the governance, risk and compliance framework pertaining to the insurance industry in the Malaysia, including -

  • An overview of the insurance regulatory framework in the Malaysia.
  • The latest key changes, and changes expected in the country's insurance regulatory framework.
  • Key regulations and market practices related to different types of insurance product in the country.
  • Rules and regulations pertaining to key classes of compulsory insurance, and the scope of non-admitted insurance in the Malaysia.
  • Key parameters including licensing requirements, permitted foreign direct investment, minimum capital requirements, solvency and reserve requirements, and investment regulations.
  • Details of the tax and legal systems in the country.

Scope

  • The report covers details of the insurance regulatory framework in the Malaysia.
  • The report contains details of the rules and regulations governing insurance products and insurance entities.
  • The report lists and analyzes key trends and developments pertaining to the country's insurance regulatory framework.
  • The report analyzes the rules and regulations pertaining to the establishment and operation of insurance businesses in the country.
  • The report provides details of taxation imposed on insurance products and insurance companies.

Reasons to buy

  • Gain insights into the insurance regulatory framework in the Malaysia.
  • Track the latest regulatory changes, and expected changes impacting the Malaysian insurance industry.
  • Gain detailed information about the key regulations governing the establishment and operation of insurance entities in the country.
  • Understand key regulations and market practices pertaining to various types of insurance product.
Table of Contents
Product Code: GDIS0065RR

Table of Contents

1 INTRODUCTION

  • 1.1 What is this Report About?
  • 1.2 Definitions

2 GOVERNANCE, RISK AND COMPLIANCE

  • 2.1 Legislation Overview and Historical Evolution
  • 2.2 Latest Changes in Regulation
  • 2.3 Legislation and Market Practice by Type of Insurance
    • 2.3.1 Life insurance
    • 2.3.2 Property insurance
    • 2.3.3 Motor insurance
    • 2.3.4 Liability insurance
    • 2.3.5 Marine, aviation and transit insurance
    • 2.3.6 Personal accident and health insurance
  • 2.4 Compulsory Insurance
    • 2.4.1 Motor third-party liability insurance
    • 2.4.2 Travel insurance
    • 2.4.3 Workers' compensation insurance
    • 2.4.4 Liability for ships with respect to oil pollution
    • 2.4.5 Foreign workers' health insurance
    • 2.4.6 Professional indemnity insurance
    • 2.4.7 Professional indemnity insurance for doctors
    • 2.4.8 Fire insurance for buildings
  • 2.5 Supervision and Control
    • 2.5.1 International Association of Insurance Supervisors
    • 2.5.2 Central Bank of Malaysia or Bank Negara Malaysia
    • 2.5.3 General Insurance Association of Malaysia
    • 2.5.4 Life Insurance Association of Malaysia (LIAM)
  • 2.6 Non-Admitted Insurance Regulations
    • 2.6.1 Overview
    • 2.6.2 Intermediaries
    • 2.6.3 Market practices
    • 2.6.4 Fines and Penalties
  • 2.7 Company Registration and Operations
    • 2.7.1 Type of insurance organization
    • 2.7.2 Establishing a local company
    • 2.7.3 Foreign ownership
    • 2.7.4 Types of license
    • 2.7.5 Capital requirements
    • 2.7.6 Solvency margin
    • 2.7.7 Reserve requirements
    • 2.7.8 Investment regulations
    • 2.7.9 Statutory return requirements
    • 2.7.10 Fee structure
  • 2.8 Taxation
    • 2.8.1 Insurance premium or policy taxation
    • 2.8.2 Withholding taxes on premium paid overseas
    • 2.8.3 Corporate tax
    • 2.8.4 VAT
    • 2.8.5 Captives
  • 2.9 Legal System
    • 2.9.1 Introduction
    • 2.9.2 Access to court
    • 2.9.3 Alternative dispute resolution (ADR)

3 APPENDIX

  • 3.1 Methodology
  • 3.2 Contact GlobalData
  • 3.3 About GlobalData
  • 3.4 GlobalData's Services
  • 3.5 Disclaimer

List of Tables

  • Table 1: Insurance Industry Definitions
  • Table 2: Malaysia - Insurance Regulatory Framework Key Features
  • Table 3: Malaysia - Life Insurance Regulatory Framework
  • Table 4: Malaysia - Property Insurance Regulatory Framework
  • Table 5: Malaysia- Motor Insurance Regulatory Framework
  • Table 6: Malaysia - Liability Insurance Regulatory Framework
  • Table 7: Malaysia - Corporate Tax Rates for the Financial Year 2019

List of Figures

  • Figure 1: Malaysia - Insurance Supervision and Control at Various Levels
  • Figure 2: Malaysia - Insurance Regulatory Frameworks for Company Registration and Operation
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