Featured Product

    BNM Consults on Registration Rules for Insurance-Takaful Aggregators

    June 20, 2019

    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

    Related Articles
    News

    IAIS and SIF Publish Paper on Implementation of TCFD Recommendations

    IAIS and Sustainable Insurance Forum (SIF) published an issues paper on implementation of the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD).

    February 27, 2020 WebPage Regulatory News
    News

    BCBS Meets to Advance Supervisory Initiatives and Basel Implementation

    BCBS met in Basel on February 26-27, 2020 to review risks impacting the banking system, advance a range of supervisory initiatives, and promote the implementation of Basel III.

    February 27, 2020 WebPage Regulatory News
    News

    EBA Publishes List of Institutions for Benchmarking Exercise in 2020

    EBA updated the list of institutions that have a reporting obligation for the EU supervisory benchmarking exercise in 2020.

    February 27, 2020 WebPage Regulatory News
    News

    BoE Launches Private Finance Agenda for Transition to Net Zero Economy

    The Governor of BoE, Mark Carney, launched the "COP26 Private Finance Agenda" to help private finance support the whole economy transition to net zero.

    February 27, 2020 WebPage Regulatory News
    News

    OSFI Consults on the 2020 LICAT Guideline for Life Insurers

    OSFI is consulting on the 2020 Life Insurance Capital Adequacy Test (LICAT) guideline for federally regulated life insurance companies and fraternal benefit societies.

    February 26, 2020 WebPage Regulatory News
    News

    BoE Publishes Notice on Collateral Referencing LIBOR for Use in SMF

    BoE published a market notice that forms part of the Documentation for the operations of BoE under the Sterling Monetary Framework (SMF).

    February 26, 2020 WebPage Regulatory News
    News

    US Agencies Correct Error in Capital Simplification Rule for Banks

    US Agencies (FDIC, FED, and OCC) published a notice in the Federal Register to correct an erroneous amendatory instruction in the final regulatory capital rule that was published in November 2019.

    February 26, 2020 WebPage Regulatory News
    News

    BaFin Publishes Submission Deadlines Under Solvency II

    BaFin published quarterly and annual submission deadlines on the Solvency II reporting page on its website.

    February 25, 2020 WebPage Regulatory News
    News

    RBNZ to Address Cyber Risk Through Risk Management Guidance

    RBNZ announced that it is strengthening its efforts to enhance resilience of the financial system from cyber threats, including developing risk management guidance and promoting information-sharing in collaboration with industry and other public organizations.

    February 25, 2020 WebPage Regulatory News
    News

    ISDA Consults Again on Implementing Pre-Cessation Derivative Fallbacks

    ISDA launched a new consultation on the implementation of pre-cessation fallbacks for derivatives.

    February 25, 2020 WebPage Regulatory News
    RESULTS 1 - 10 OF 4745