BNM Consults on Registration Rules for Insurance-Takaful Aggregators
BNM published an exposure draft that sets out the proposed requirements and guidance for the registration of a person intending to carry on insurance and takaful aggregation business and the obligations to be observed by a registered insurance and takaful aggregator at all times. “Insurance and takaful aggregation business” refers to the provision of services through any electronic means that sources, aggregates, and compares insurance or takaful products of more than one licensed person and makes referrals to any such licensed person in respect of the procurement of such insurance or takaful products, or arranges the procurement of such insurance or takaful products through electronic means. The consultation period ends on July 19, 2019.
Insurance and takaful aggregation business will be regulated by BNM as a new category of registered business under the Financial Services Act 2013 (FSA). Once this new category of registered business comes into effect, the insurance and takaful aggregators approved by BNM under the Financial Technology Regulatory Sandbox and the persons intending to become registered insurance and takaful aggregators will be required to be registered under the FSA to carry on insurance and takaful aggregation business. BNM invites feedback on the suggestions on areas to be clarified and alternative proposals that BNM should consider. The feedback should be supported with clear rationale, accompanying evidence or illustrations as appropriate to facilitate an effective review of this exposure draft. In addition to providing feedback, insurance and takaful aggregators approved under the Financial Technology Regulatory Sandbox and persons intending to become a registered insurance and takaful aggregator are requested to respond to specific questions set out throughout this exposure draft.
Related Links
Comment Due Date: July 19, 2019
Keywords: Asia Pacific, Malaysia, Insurance, Islamic Insurance, Takaful Aggregators, Regulatory Sandbox, Fintech, BNM
Previous Article
FASB Consults on Interactions Among Topics 321, 323, and 815Related Articles
NGFS Updates Address Short-Term Climate Scenarios and Transition Plans
The Network for Greening the Financial System (NGFS) is exploring the development of short-term climate scenarios to complement its existing scenario framework of long-term climate scenarios.
ISSB Updates Address ESG Issues while IASB Consults on Impairments
The International Sustainability Standards Board (ISSB) is seeking feedback, until August 09, 2023, on the exposure draft that sets out the methodology proposed by ISSB to amend the Sustainability Accounting Standards Board (SASB) Standards' metrics
OSFI to Review Liquidity Adequacy Guidelines and Policy Architecture
The Office of the Superintendent of Financial Institutions (OSFI) is consulting, until June 21, 2023, on a review of the liquidity treatment provided in the Liquidity Adequacy Requirements (LAR) Guideline for wholesale funding sources with retail-like characteristics.
ESRB Publishes Report on Cryptos and DeFi; ECB Updates on Digital Euro
The European Systemic Risk Board (ESRB) published a report that outlines the systemic implications of crypto markets and proposes policy options to address the risks stemming from crypto-assets and decentralized finance or DeFi.
EU Agencies Issue Updates on DORA, ESAP, and Crowdfunding Regulation
The European Supervisory Authorities (ESAs) published a discussion paper on their joint advice to the European Commission (EC) on proposals to specify criteria for critical information and communication technology (ICT) third-party service providers
ESAs Propose ESG Disclosure on STS Securitization, Issue Other Updates
The Joint Committee of the three European Supervisory Authorities (ESAs) proposed to amend the Implementing Regulation 2016/1799 on the mapping of External Credit Assessment Institutions' (ECAIs) credit assessments.
UK Authorities Issue Updates, Finalize Policy on Model Risk Management
The Prudential Regulation Authority (PRA) finalized the model risk management principles for banks, the policy statement PS5/23 on risks from contingent leverage, and PS4/23 on moving senior managers regime forms from the PRA Rulebook.
APRA Revises Implementation Timeline for Operational Risk Standard
The Australian Prudential Regulation Authority (APRA) updated the implementation date of the new cross-industry prudential standard CPS 230 on operational risk management
BCBS Consults on Basel FAQs and Amendments, Issues Other Updates
The Basel Committee on Banking Supervision (BCBS) published a report assessing implementation of the global Basel standards on net stable funding ratio (NSFR) and large exposures (LEX) in South Africa
EBA Announces Multiple Regulatory and Reporting Updates in April 2023
The European Banking Authority (EBA) published consultations on the amendments to the guidelines on risk-based anti-money laundering and countering the financing of terrorism (AML/CFT) supervision