The Central Bank of Malaysia (BNM), via an Exposure Draft, proposed requirements with respect to the bancassurance/bancatakaful arrangements, while facilitating the sustainable development of bancassurance/bancatakaful as an effective channel for needs-based sales of insurance and takaful products in Malaysia. The policy requirements in this exposure draft will be applicable to existing and new bancassurance/bancatakaful arrangements, including renewal of bancassurance/bancatakaful agreements, unless otherwise specified. Responses must be submitted to BNM by September 30, 2021.
This exposure draft is applicable to licensed insurers, takaful operators, banks, Islamic banks, investment banks, and prescribed development financial institutions. The requirements in this policy document are intended to:
- Ensure bancassurance/bancatakaful remains as a viable channel that is widely accessible for consumers to purchase insurance and takaful products
- Promote sound market conduct practices that safeguard consumers’ interest through needs-based sales, disclosure and enhanced transparency
- Promote market competitiveness while preserving consumer choice
Comment Due Date: September 30, 2021
Keywords: Asia Pacific, Malaysia, Banking, Insurance, Bancassurance Arrangement, Exposures Draft, Islamic Banking, BNM
The three European Supervisory Authorities (ESAs) issued a letter to inform about delay in the Sustainable Finance Disclosure Regulation (SFDR) mandate, along with a Call for Evidence on greenwashing practices.
The International Sustainability Standards Board (ISSB) of the IFRS Foundations made several announcements at COP27 and with respect to its work on the sustainability standards.
The International Organization for Securities Commissions (IOSCO), at COP27, outlined the regulatory priorities for sustainability disclosures, mitigation of greenwashing, and promotion of integrity in carbon markets.
The European Banking Authority (EBA) issued a statement in the context of COP27, clarified the operationalization of intermediate EU parent undertakings (IPUs) of third-country groups
The Office of the Superintendent of Financial Institutions (OSFI) published an annual report on its activities, a report on forward-looking work.
The Australian Prudential Regulation Authority (APRA) finalized amendments to the capital framework, announced a review of the prudential framework for groups.
The Bank for International Settlements (BIS) Innovation Hubs and several central banks are working together on various central bank digital currency (CBDC) pilots.
The Financial Accounting Standards Board (FASB) is seeking comments, until November 03, 2022, on the proposed technical and other conforming improvements for the 2023 GAAP Financial Reporting Taxonomy.
The European Central Bank (ECB) published the results of its thematic review, which shows that banks are still far from adequately managing climate and environmental risks.
Among its recent publications, the European Banking Authority (EBA) published the final standards and guidelines on interest rate risk arising from non-trading book activities (IRRBB)