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.
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Comment Due Date: July 19, 2019
Keywords: Asia Pacific, Malaysia, Insurance, Islamic Insurance, Takaful Aggregators, Regulatory Sandbox, Fintech, BNM
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