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LIFE INSURANCE ASSOCIATION OF MALAYSIANo. 4, Lorong Medan Tuanku Satu, Medan Tuanku, 50300 Kuala Lumpur, Malaysia.

Tel : 603 2691 6168 / 2691 6628 / 2691 8068 Fax : 603 2691 7978 Website : www.liam.org.my Email : [email protected]

Contents PageContents Page

President’s Message------------------------------------------------------------------------------------------------------------ 2

Perutusan Presiden------------------------------------------------------------------------------------------------------------ 6

Members of the Management Committee 2013/2014------------------------------------------------------------------------------------------------------------ 10

Management Committee 2013/2014------------------------------------------------------------------------------------------------------------ 11

Committees and Working Committees 2013/2014------------------------------------------------------------------------------------------------------------ 12

Report of the Management Committee------------------------------------------------------------------------------------------------------------ 18

Laporan Jawatankuasa Pengurusan------------------------------------------------------------------------------------------------------------ 28

Performance of the Life Insurance Industry------------------------------------------------------------------------------------------------------------ 35

Members of LIAM------------------------------------------------------------------------------------------------------------ 42

PRESIDENT’S MESSAGE

Annual Report 2013Life Insurance Association of Malaysia

2 President’s Message

On behalf of the Management Committee,it is my pleasure to present the Annual Reportof the Life Insurance Association of Malaysia(LIAM) for the year 2013. Following are someof the key issues dealt with by the Associationduring the year.

A STUDY ON UNDERINSURANCE IN MALAYSIA

As a commitment of the industry to fulfill the national aspiration of having 75% of thepopulation to be insured, LIAM engagedUniversiti Kebangsaan Malaysia in June 2013as its research partner to embark on a studyon underinsurance in Malaysia.

The mortality protection gap is often a truereflection of the potential demand for lifeinsurance coverage. The protection gaprefers to the difference between the resourcesneeded and the resources that would beavailable to maintain the living standards ofthe dependants following the death of theprimary wage earner.

The result of this study will provide a good insight of the extent of underinsurance amongMalaysian policyholders and the general population and this would assist the industry toformulate new strategies to reduce the protection gap and to increase the penetrationrate in Malaysia. The study focused on protection, medical and critical illness policiesand covered samples from the 25 to 65 age groups.

DEVELOPMENT OF RETIREMENT PLANNING IN MALAYSIA

Following a meeting with Yang Berbahagia Dato’ Muhammad Ibrahim, Deputy Governorof Bank Negara Malaysia (BNM) on 5 February 2013 for the regulators and private sectorsto identify measures that will increase the take-up rate for annuity products, a workinggroup led by LIAM and comprising representatives from BNM and Malaysian TakafulAssociation (MTA) were formed to study the development of retirement planning inMalaysia.

As part of its fact-find exercise, LIAM organised a meeting with Mr Don Yeo, Deputy Chiefof the Central Provident Fund (CPF) of Singapore on 18 September 2013. At the meeting,Mr Don Yeo shared the current progress of the retirement market, the choices ofretirement products, the health care system for retirees as well as the CPF pay-outsystem in Singapore.

Vincent Kwo


President’s Message 3

LIAM further organised a meeting with the Chief Executive Officer of the EmployeesProvident Fund (EPF), Yang Berbahagia Datuk Shahril Ridza Ridzuan on 14 November 2013to present a paper on ‘Malaysia - Preparing for Retirement’ which was prepared byMs Brigitte Miksa, Head of Allianz International Pensions, and Editor of Project M magazine.

Some of the key measures discussed in the meeting were the possibility of reviving the EPFCritical Illness scheme, the introduction of suitable annuity plans and the introduction ofthe financial literacy programme for Malaysians. LIAM also requested for the possibility ofextending the Members Investment Scheme (MIS) to include life insurance. Currently, theMIS is only extended for withdrawals to purchase unit trust.

CONCEPT PAPER ON LIFE INSURANCE AND FAMILY TAKAFUL FRAMEWORK

On 7 November 2013, BNM released a concept paper on Life Insurance and Family TakafulFramework for public consultation. The framework sets out various proposed liberalizedmeasures aimed at spurring the penetration rate of insurance and takaful from the current54% to 75%.

As part of the liberalization of the market, the Concept Paper covers a wide range ofareas including operating flexibility, product disclosure, development of new deliverychannels and increased professional market practices. These proposed measures areintended to support the long-term sustainable growth and development of the lifeinsurance and family takaful industry and is aimed to increase its value proposition toconsumers.

With the market becoming more competitive, there will be a larger segment of morediscerning consumers demanding for more products and services to meet their needs.This affluent market expects service to be delivered through new distribution channelsthat are most convenient to them.

Following the formation of a Steering Committee at the LIAM Strategic Meeting in Langkawiin November 2013, three working groups were subsequently set up to study the impact ofthe proposed measures in the Concept Paper in greater detail. Besides taking into accountthe necessity to balance the need for an increased level of professionalism, the committeesalso looked into providing greater transparency in the provision of products and services.A series of meetings were held to draw up the industry response on the Concept Paperwhich was submitted to BNM on 9 January 2014. FINANCIAL SERVICES ACT 2013

The regulatory and supervisory framework of the financial services sector entered a newstage of its development as the Financial Services Act 2013 (FSA) and Islamic FinancialServices Act 2013 (IFSA) came into force on 30 June 2013. The FSA and IFSA amalgamateseveral separate laws to govern the financial sector under a single legislative frameworkfor the conventional and Islamic financial sectors respectively, namely, the Banking andFinancial Institutions Act 1989, Islamic Banking Act 1983, Insurance Act 1996, Takaful Act1984, Payment Systems Act 2003 and Exchange Control Act 1953 which were repealedon the same date.

The new legislations provide explicit powers for BNM to set and enforce standards onbusiness conduct for financial service providers that ensure financial consumers are

4 President’s Message


treated fairly. The laws also specifically prohibit financial service providers from engagingin unfair or deceptive business conduct including making false, misleading or dishonestrepresentations, and tied selling. Among the highlights of this new legislation is the enhanced protection given in respectto consumers' pre-contractual disclosure obligations contained within the consumerinsurance contracts. It is now the duty of insurers to request the proposer to answer specificquestions to solicit information which is relevant to their decision making as to whether theyshould accept the risk or otherwise.

The legislation also sets out various remedies that an insurer may rely upon depending onthe type of pre-contractual misrepresentation made by the consumers.

With greater transparency in mind, the new laws contain provisions that address directorshipand holding companies whilst also specifically compelling insurers to operate either as alife or general entity and not as composites within 5 years.

While the FSA is enforced on 30 June 2013, Schedule 9 of the Act is expected to beimplemented with effect from 1 July 2014. Schedule 9 covers the pre-contractual disclosureand representations, and remedies for misrepresentations. To comply with these requirements,companies have to conduct an extensive review of their existing proposal forms and otherrelevant documents, renewal process, internal underwriting manual as well as to makechanges to their systems and conduct the necessary training for their staff and intermediaries.

To facilitate the implementation of Schedule 9, BNM has formed a Working Groupcomprising representatives from LIAM, General Insurance Association of Malaysia (PIAM)and MTA to address the compliance challenges faced by life insurers and takaful operators.

PERSONAL DATA PROTECTION ACT 2010

In keeping up with international business practice, the Personal Data Protection Act 2010(PDPA) was enforced with effect from 15 November 2013. The PDPA regulates the collection,possession and processing and the use of personal data by any person or organization.Non-conformance with the Act may result in penalties from financial to legal liabilities.

The life insurance industry is among the many business entities impacted by this Act.Collection and processing of personal data is vital to the life insurance business.

Under this Act, member companies are required to be registered as data users. The PersonalData Protection (PDP) Department plans to have forums with the respective industries todiscuss the setting up of data users forums and code of practices. The forum for the insuranceindustry has been scheduled for March 2014.

Meanwhile, the LIAM Task Force on PDPA which comprises of senior legal, operations andcompliance personnel from member companies has formulated the Code of Practice forthe life insurance industry. The Code is to enable the industry to self-regulate the processingof personal data in the industry.

However, following a joint meeting between PDP Department, LIAM, PIAM and MTA on19 December 2013, the industry would be formulating a standard Code of Practice forsubmission to the PDP Department.

President’s Message 5


COMPETITION ACT 2010

The Competition Act (CA) 2010, which came into force on 1 January 2012, applies to allcommercial entities and is intended to prohibit enterprises from engaging in anti-competitiveagreements or abuse of dominant positions.

At the Association level, LIAM will continue to engage in dialogues with BNM and theMalaysia Competition Commission to ensure that the self-regulatory guidelines issued arenot in breach of the Competition Act 2010. A review of the self-regulatory guidelines ofLIAM would be undertaken together with the new regulations issued by BNM under theFinancial Services Act 2013. ASEAN ECONOMIC COMMUNITY

With the move towards creating a single ASEAN market through the ASEAN EconomicCommunity (AEC) Blueprint in 2015, the ASEAN Insurance Council (AIC) has taken concertedefforts to promote AEC awareness in the various ASEAN markets. The AIC Secretariat inJakarta has taken the lead to organize the first AEC awareness programme in September2013 and the various ASEAN member states will be organizing roadshows in their respectivecountries in 2014.

As the new Chairman of the AIC, I will continue to ensure that the AIC provides a continuousplatform for the region’s industry players to share knowledge and experience and prepareourselves to take on the challenges of liberalization in the ASEAN financial services sector.

ACKNOWLEDGEMENT

For the year ahead, LIAM will focus on the various projects at hand and continue to initiateproactive measures to address the challenges facing the members as well as to enhancethe productivity and professionalism of the industry.

On this note, I take this opportunity to express my gratitude and appreciation to the membersof the management committee for spending their time and efforts on LIAM’s activities indealing with the industry’s issues. My sincere thanks also go out to all member companiesof LIAM for their unwavering and strong support towards LIAM’s initiatives.

I would also like to record my appreciation to BNM, Ministry of Finance, the Treasury, Ministryof Health, Perbadanan Insurans Deposit Malaysia (PIDM), Employees Provident Fund (EPF)and other Government agencies for their guidance and cooperation extended to LIAM.

Finally, I would also like to thank the Secretariat staff for their diligence in carrying out theirduties and in serving the industry.

Vincent KwoPresident

Perutusan Presiden


6 Perutusan Presiden

Bagi pihak Jawatankuasa Pengurusan, saya dengan sukacitanya membentangkan LaporanTahunan Persatuan Insurans Hayat Malaysia (LIAM) bagi tahun 2013. Berikut ialah beberapaisu penting yang diuruskan oleh Persatuan sepanjang tahun ini.

KAJIAN TENTANG INSURANS TERKURANG DI MALAYSIA

Sebagai satu komitmen industri ini untuk memenuhi aspirasi negara ke arah memastikan 75%penduduknya memiliki perlindungan insurans, LIAM telah melantik Universiti Kebangsaan Malaysiapada Jun 2013 sebagai rakan penyelidikannya untuk memulakan kajian tentang insuransterkurang di Malaysia.

Jurang perlindungan mortaliti selalunya merupakan gambaran sebenar tentang potensi permintaanperlindungan insurans hayat. Jurang perlindungan merujuk kepada perbezaan antara sumberyang diperlukan dan sumber yang ada untuk mengekalkan taraf hidup tanggungan selepaskematian pencari nafkah utama.

Keputusan kajian ini akan memberikan pemahaman yang lebih jelas tentang sejauh manaterkurangnya insurans di kalangan pemegang polisi di Malaysia dan penduduk umum dan iniakan membantu industri untuk merumuskan strategi baru bagi mengurangkan jurang perlindunganserta meningkatkan kadar penembusan di Malaysia. Kajian ini memfokus kepada polisi perlindungan,perubatan dan penyakit kritikal serta meliputi sampel daripada kumpulan yang berumur di antara25 hingga 65 tahun.

PEMBANGUNAN PERANCANGAN PERSARAAN DI MALAYSIA

Selepas mesyuarat bersama Yang Berbahagia Dato’ Muhammad Ibrahim, Timbalan Gabenor BankNegara Malaysia (BNM) pada 5 Februari 2013 untuk pengawal selia dan sektor swasta mengenalpasti langkah-langkah yang akan meningkatkan kadar pengambilan untuk produk anuiti, sebuahkumpulan kerja yang diketuai oleh LIAM dan terdiri daripada wakil dari BNM dan Persatuan TakafulMalaysia (MTA) telah ditubuhkan untuk mengkaji pembangunan perancangan persaraan diMalaysia.

Sebagai sebahagian daripada usaha pencarian faktanya, LIAM telah menganjurkan satumesyuarat dengan Encik Don Yeo, Timbalan Ketua Kumpulan Wang Simpanan Pusat (CPF)Singapura pada 18 September 2013. Pada mesyuarat itu, Encik Don Yeo memaklumkan tentangkemajuan pasaran persaraan pada masa ini, pilihan produk persaraan, sistem penjagaan kesihatanuntuk pesara serta sistem pembayaran wang CPF di Singapura.

LIAM juga mengadakan mesyuarat dengan Ketua Pegawai Eksekutif Kumpulan Wang SimpananPekerja (KWSP), Yang Berbahagia Datuk Shahril Ridza Ridzuan pada 14 November 2013 untukmembentangkan kertas kerja bertajuk ‘Malaysia - Preparing for Retirement’ yang disediakan olehCik Brigitte Miksa, Ketua International Pensions Allianz, dan Editor majalah Project M.

Antara langkah utama yang dibincangkan pada mesyuarat itu ialah kemungkinan memperkenalkansemula skim Penyakit Kritikal KWSP, pengenalan pelan anuiti yang sesuai dan pengenalan programcelik kewangan untuk rakyat Malaysia. LIAM juga meminta kemungkinan memperluaskan SkimPelaburan Ahli (MIS) supaya merangkumi insurans hayat. Pada masa ini, MIS hanya meliputipengeluaran untuk membeli amanah saham.


Perutusan Presiden 7

KERTAS KONSEP RANGKA KERJA INSURANS HAYAT DANTAKAFUL KELUARGA

Pada 7 November 2013, BNM telah mengeluarkan kertas konsep Rangka Kerja Insurans Hayat danTakaful Keluarga untuk perundingan awam. Rangka kerja ini menetapkan pelbagai cadanganlangkah liberalisasi yang bertujuan untuk meningkatkan kadar penembusan insurans dan takafuldaripada 54% sekarang ini kepada 75%.

Sebagai sebahagian daripada liberalisasi pasaran, Kertas Konsep ini meliputi pelbagai bidangtermasuk memberikan fleksibiliti dalam kendalian, pendedahan produk, pempelbagaian saluranpenyampaian dan pengukuhan amalan pasaran profesional. Langkah-langkah yang dicadangkanini bertujuan untuk menyokong pertumbuhan dan pembangunan mampan industri insurans hayatdan takaful keluarga dalam jangka panjang serta bertujuan untuk meningkatkan nilai tawarannyakepada pengguna.

Dengan pasaran yang semakin berdaya saing, permintaan daripada segmen pengguna arifuntuk lebih banyak produk dan perkhidmatan bagi memenuhi keperluan mereka akan semakinmeningkat. Pasaran mewah ini mengharapkan perkhidmatan disampaikan menerusi saluranpenyampaian baru yang paling mudah bagi mereka.

Selepas pembentukan Jawatankuasa Pemandu pada Mesyuarat Strategik LIAM di Langkawipada November 2013, tiga kumpulan kerja kemudiannya ditubuhkan untuk mengkaji kesanlangkah yang dicadangkan dalam Kertas Konsep ini secara terperinci. Di samping mengambilkira perlunya mengimbangkan keperluan terhadap peningkatan tahap profesionalisme,jawatankuasa ini juga berusaha untuk menyediakan lebih ketelusan dalam penyediaan produkdan perkhidmatan. Beberapa mesyuarat telah diadakan untuk menyediakan maklum balasdaripada industri mengenai Kertas Konsep ini. Maklum balas tersebut telah dikemukakan kepadaBNM pada 9 Januari 2014.

AKTA PERKHIDMATAN KEWANGAN 2013

Rangka kerja pengawalan dan penyeliaan sektor perkhidmatan kewangan telah memasuki tahapbaru pembangunannya apabila Akta Perkhidmatan Kewangan 2013 (FSA) dan Akta Perkhidmatan Kewangan Islam (IFSA) berkuat kuasa pada 30 Jun 2013. FSA dan IFSA menyatukan beberapaundang-undang berasingan untuk mentadbir sektor kewangan di bawah satu rangka kerjaperundangan masing-masing untuk sektor kewangan konvensional dan Islam, iaitu Akta Bankdan Institusi-Institusi Kewangan 1989, Akta Bank Islam 1983, Akta Insurans 1996, Akta Takaful 1984,Akta Sistem Pembayaran 2003 dan Akta Kawalan Pertukaran Wang 1953 yang telah dimansuhkanpada tarikh yang sama.

Rang undang-undang baru ini memberikan kuasa yang jelas bagi BNM menetapkan danmenguatkuasakan piawaian tatalaku perniagaan untuk penyedia perkhidmatan kewangan yangmemastikan pengguna kewangan dilayan dengan adil. Undang-undang ini juga melarangpenyedia perkhidmatan kewangan daripada terlibat dalam tatalaku perniagaan yang tidak adilatau memperdaya termasuk membuat pernyataan yang palsu, mengelirukan atau tidak jujur,dan jualan terikat.

Antara ciri penting rang undang-undang baru ini ialah pemerkasaan perlindungan yang diberiberhubung dengan kewajipan pendedahan prakontrak pengguna yang terkandung dalamkontrak insurans pengguna. Kini menjadi kewajipan penanggung insurans untuk memintapencadang menjawab soalan tertentu bagi mendapatkan maklumat yang berkaitan dengankeputusan yang mereka buat sama ada mereka patut menerima risiko itu atau tidak.

Rang undang-undang ini juga menetapkan pelbagai remedi yang boleh diharapkan olehpenanggung insurans, bergantung pada jenis salah nyata prakontrak yang dibuat olehpengguna.

8 Perutusan Presiden


Dengan menimbangkan lebih ketelusan, undang-undang baru ini mengandungi peruntukanyang menangani jawatan pengarah dan syarikat induk, di samping itu juga mendorongpenanggung insurans beroperasi sama ada sebagai entiti hayat atau am dan bukan sebagaientiti komposit dalam tempoh 5 tahun.

Walaupun FSA dikuatkuasakan pada 30 Jun 2013, Jadual 9 Akta ini dijangka dilaksanakan berkuatkuasa 1 Julai 2014. Jadual 9 meliputi pendedahan dan pernyataan prakontrak, dan remedi untuksalah nyata. Bagi mematuhi keperluan ini, syarikat perlu membuat kajian semula yang meluas keatas borang cadangan mereka yang sedia ada dan dokumen lain yang berkaitan, prosespembaharuan, manual pengunderaitan dalaman serta membuat perubahan pada sistem merekaserta mengendalikan latihan yang perlu untuk kakitangan dan perantara mereka.

Bagi memudahkan pelaksanaan Jadual 9, BNM telah menubuhkan Kumpulan Kerja yang terdiridaripada wakil dari LIAM, Persatuan Insurans Am Malaysia (PIAM) dan MTA bagi menanganicabaran pematuhan yang dihadapi oleh penanggung insurans dan pengendali takaful.

AKTA PERLINDUNGAN DATA PERIBADI 2010

Selaras dengan amalan perniagaan antarabangsa, Akta Perlindungan Data Peribadi 2010 (PDPA)telah dikuatkuasakan mulai 15 November 2013. PDPA mengawal selia pengumpulan, pemilikandan pemprosesan serta penggunaan data peribadi oleh mana-mana orang atau organisasi.Ketakpatuhan kepada Akta ini boleh mengakibatkan penalti daripada liabiliti kewanganhinggalah kepada liabiliti undang-undang.

Industri insurans hayat adalah antara entiti perniagaan yang banyak menerima kesan daripadaAkta ini. Pengumpulan dan pemprosesan data peribadi amat penting kepada perniagaan insuranshayat.

Di bawah Akta ini, syarikat ahli dikehendaki mendaftar sebagai pengguna data. JabatanPerlindungan Data Peribadi (PDP) merancang untuk mengadakan forum dengan industri masing-masing bagi membincangkan penubuhan forum pengguna data dan tataamalan. Forum bagiindustri insurans telah dijadualkan pada Mac 2014.

Sementara itu, Pasukan Petugas PDPA LIAM yang terdiri daripada kakitangan undang-undang,operasi dan pematuhan kanan dari syarikat ahli telah merumuskan Tataamalan bagi industriinsurans hayat. Tataamalan ini adalah untuk membolehkan industri ini mengawal selia sendiripemprosesan data peribadi dalam industri ini.

Walau bagaimanapun, selepas mesyuarat bersama antara Jabatan Perlindungan Data Peribadi(PDP), LIAM, PIAM dan MTA pada 19 Disember 2013, industri ini akan merumuskan Tataamalanstandard untuk dikemukakan kepada Jabatan PDP.

AKTA PERSAINGAN 2010

Akta Persaingan (CA) 2010, yang berkuat kuasa pada 1 Januari 2012, terpakai untuk semua entitiperdagangan dan bertujuan untuk melarang pengusaha-pengusaha daripada terlibat dalamperjanjian antipersaingan atau penyalahgunaan kedudukan dominan.

Pada peringkat Persatuan, LIAM akan terus mengadakan dialog dengan BNM dan SuruhanjayaPersaingan Malaysia bagi memastikan garis panduan kawal selia sendiri yang dikeluarkan tidakmelanggar Akta Persaingan 2010. Kajian semula garis panduan kawal selia sendiri LIAM akandijalankan bersama dengan peraturan-peraturan baru yang dikeluarkan oleh BNM di bawahAkta Perkhidmatan Kewangan 2013.

Perutusan Presiden 9


KOMUNITI EKONOMI ASEAN

Dengan langkah ke arah mewujudkan satu pasaran ASEAN melalui Pelan Tindakan KomunitiEkonomi ASEAN (AEC) pada tahun 2015, Majlis Insurans ASEAN (AIC) telah mengambil usahabersepadu untuk meningkatkan kesedaran AEC dalam pasaran ASEAN. Sekretariat AIC diJakarta telah mengambil peranan utama untuk menganjurkan program kesedaran AEC yangpertama pada September 2013 dan beberapa negara anggota ASEAN juga akan menganjurkansiri jelajah di negara masing-masing pada tahun 2014.

Selaku Pengerusi baru AIC, saya akan terus memastikan AIC menyediakan landasan yangberterusan untuk pemain industri di rantau ini berkongsi pengetahuan dan pengalaman sertamenyiapkan diri kita untuk menghadapi cabaran liberalisasi dalam sektor kewangan ASEAN.

PENGHARGAAN

Bagi tahun akan datang, LIAM akan memfokus kepada pelbagai projek yang sedia ada danterus mengambil langkah proaktif untuk menangani cabaran yang dihadapi oleh ahli sertameningkatkan produktiviti dan profesionalisme industri ini.

Dengan itu, saya mengambil kesempatan ini untuk menyampaikan rasa terima kasih danpenghargaan kepada ahli jawatankuasa pengurusan kerana meluangkan masa dan tenagamereka untuk aktiviti LIAM dalam menangani isu-isu industri ini. Ucapan terima kasih yang tulusikhlas daripada saya juga untuk semua syarikat ahli LIAM di atas sokongan padu mereka yangtidak berbelah bahagi terhadap inisiatif LIAM.

Saya juga ingin merakamkan penghargaan saya kepada BNM, Kementerian Kewangan,Perbendaharaan, Kementerian Kesihatan, Perbadanan Insurans Deposit Malaysia (PIDM),Kumpulan Wang Simpanan Pekerja (KWSP) dan agensi Kerajaan lain di atas panduan dankerjasama yang diberikan kepada LIAM.

Akhir kata, saya juga ingin mengucapkan terima kasih kepada kakitangan Sekretariat di atasketekunan mereka dalam menjalankan tugas mereka dan dalam memberi perkhidmatan kepadaindustri ini.

Vincent KwoPresiden

Members of the ManagementCommittee 2013/2014

10 Members of the Management Committee 2013/2014


Seated (from left): YBhg Dato Koh Yaw Hui, Encik Kamaludin Ahmad, Mr Vincent Kwo Shih Kangand Mr Toi See Jong.

Standing (from left): Mr Paul Low Hong Ceong, Mr George Chew, Mr Jens Reisch, Mr Bill Lisle,Mr Loke Kah Meng and Ms Nancy Tan (Executive Secretary).

Management Committee2013/2014

Management Committee 2013/2014 11


PRESIDENTMR VINCENT KWO SHIH KANG

Uni.Asia Life Assurance Berhad

VICE-PRESIDENTENCIK KAMALUDIN AHMAD

Etiqa Insurance Berhad

MEMBERSAIA BHD.Main Representative : Mr Bill LisleAlternate : Mr Choo Sin Fook

ALLIANZ LIFE INSURANCE MALAYSIA BERHAD Main Representative : Mr Jens ReischAlternate : Mr Charles Ong Eng Chow Alternate : Ms Lim Li Meng

AMLIFE INSURANCE BERHADMain Representative : Mr Paul Low Hong CeongAlternate : Mr Alex Lee Foo Yuen

AXA AFFIN LIFE INSURANCE BERHADMain Representative : Mr Loke Kah MengAlternate : Mr Lee Kok Wah

ETIQA INSURANCE BERHAD Main Representative : Encik Kamaludin AhmadAlternate : Mr Barend Van Dam Alternate : Puan Siti Nita Zuhra Mohd Nazri

GREAT EASTERN LIFE ASSURANCE (MALAYSIA) BERHADMain Representative : YBhg Dato Koh Yaw HuiAlternate : Mr Bruce Lee Yee Lam

MANULIFE INSURANCE BERHADMain Representative : Mr George ChewAlternate : Ms Jasbender KaurAlternate : Mr Alex Wong

TOKIO MARINE LIFE INSURANCE MALAYSIA BHD.Main Representative : Mr Toi See JongAlternate : Ms Kang Yu FenAlternate : Mr Wong Kang Yuan

UNI.ASIA LIFE ASSURANCE BERHADMain Representative : Mr Vincent Kwo Shih KangAlternate : Mr Nikolaos StampoulisAlternate : Mr Christopher Woon

As at 31 December 2013

Committees and WorkingCommittees 2013/2014


12 Committees and Working Committees 2013/2014

Committees and Working Committees 2013/2014 13




&



LIFE OPERATIONS COMMITTEEPRODUCT SERVICES & TECHNICALCOMMITTEE



As at 31 December 2013.

Report of theManagement Committee


18 Report of the Management Committee

A number of activities were undertaken during the year of review. We are pleased topresent the highlights of these activities and the key issues handled by LIAM.

IMPLEMENTATION OF E-PAYMENT In support of the national agenda on electronic payment (e-payment), LIAM has been workingclosely with BNM and member companies to reduce the level of cash and cheque transactions.

Life insurance companies have achieved nearly 100% in the utilization of e-payment for agencycommission, staff salaries, hospital bills and statutory bodies/government agencies. Out of the 14life insurance companies, eight companies have begun offering the e-payment option topolicyholders and beneficiaries for payment of claims. The remaining companies are workingtowards making this option available to the policyholders and beneficiaries by early 2014.

The migration to e-payment which offers a more efficient, secure and cost effective means oftransferring funds over paper-based payments, is one of the key areas envisioned in the FinancialSector Blueprint 2011-2020 to support greater economic efficiency. LIAM is part of the WorkingGroup on E-payment which comprise BNM, General Insurance Association of Malaysia (PIAM),Malaysian Takaful Association (MTA), Association of Banks in Malaysia (ABM) and MalaysianElectronic Payment System (MEPS) to facilitate the transition to e-payment in the financial servicessector. The objective of the Working Group is to identify the issues which are of concern to theindustry and to seek the solutions jointly with BNM and the commercial banks.

FOREIGN ACCOUNT TAX COMPLIANCE ACT

LIAM, together with a number of industry bodies are in engagement with the authorities to proposethe signing of the Inter-Government Agreement on the Foreign Account Tax Compliance Act(FATCA). FATCA is a United States (US) legislation enacted by the US Congress to prevent offshoretax abuses by US persons and is expected to be enacted in July 2014.

Financial institutions operating outside the US, including life insurance companies in Malaysia, whichhave business interests or invested assets in the US, would be required to comply with the FATCArequirements. This includes financial institutions that are part of a larger financial group that hasaffiliates with US investments or businesses.

GOODS AND SERVICES TAXThe Government has announced that the Goods and Services Tax (GST) will be introduced effectivefrom 1 April 2015 at the rate of 6%. The current sales tax and service tax will be abolished and willbe replaced by tax based on the value added concept, GST.

For the life insurance business, it will be placed under an exempt model whereby life insurancepremiums will not be subject to tax. Premiums paid for non-life policies will be subject to thestandard GST rate of 6%.

In view that life insurance premiums are tax exempt, this means that life insurance companieswill not be able to claim for any input tax that they have incurred in the course of running their lifeinsurance business.

The key impact to life insurers is that commission, outsourced expenses, and management fees andcharges for investment-linked policies will be subject to GST. As the pricing of life insurance premiumsare done on a level premium basis, insurance companies will have to bear the additional costs dueto input tax.

Report of the Management Committee 19

LIAM had engaged a tax consultant to negotiate with the Government to grant full recovery ofGST for commission or a 50% fixed input tax credit to alleviate the additional costs of running thelife insurance business. The proposals to the Government will be based on the experience of otherjurisdictions in which GST had been implemented and the relief model that had been considered.

During the year, two industry meetings were held on 9 January 2013 and 21 May 2013 respectively,to keep the members informed on the updates on GST on life insurance business. These meetingsalso provided a platform for LIAM members to address their concerns on GST issues with the taxconsultant.

The Royal Malaysian Customs and the Malaysian Insurance Institute (MII) had also organiseda special briefing on ‘GST Treatment on Insurance/Takaful’ on 9 October 2013. LIAM was one ofthe supporting organisations for this event.

LIAM STRATEGIC PLANNING MEETING

LIAM organised its Strategic Planning Meeting in Langkawi from 8 to 10 November 2013 for chiefexecutive officers and senior managers of its member companies.

The representatives from BNM who attended this meeting were Encik Aznan Abd Aziz, Director of theFinancial Sector Development Department, Puan Junaidah Mohd Said, Deputy Director of theFinancial Sector Development Department and other officers namely Ms June Lian Lay Choon andEncik Izian Sherwani Mansor from the Financial Sector Development Department, Encik MakhzaniMustaffa Ng from the Islamic Banking and Takaful Department and Puan Azlinda Arshad fromthe Consumer and Market Conduct Department.

39th ASEAN INSURANCE COUNCIL MEETING

During this high-powered meeting, LIAM had aquestion and answer (Q and A) session withBNM on the recently launched Concept Paperon the Life Insurance and Family Takaful Framework.LIAM then formed a Steering Committee to lookinto the main pillars highlighted in the ConceptPaper to set the strategic directions on the futureof the industry. One of the immediate tasks of theSteering Committee was to review the ConceptPaper and to consolidate the industry’s feedbackand recommendations for BNM’s consideration.

The session was facilitated by Towers Watsonconsultancy firm.LIAM Strategic Planning Meeting

Among the items discussed at this year’s meeting included the Insurance Mediation Survey in theASEAN region; report from the Technical Working Group on ASEAN Insurance related matters whichhad looked into areas such as the risk-based capital framework, taxation and microinsuranceintroduced among the ASEAN countries, possibility of producing the ASEAN statistics report as wellas donations and support to the Typhoon Haiyan victims.

The 39th ASEAN Insurance Council (AIC) meeting was hosted by the Association of Vietnamese Insurers in Da Nang, Vietnam from 4 to 6 December 2013.

The AIC is a regional private sector grouping of insurance associations in ASEAN, formed to promote regional ties and cooperation among ASEAN insurers. The annual council meeting, which is attended by the heads of the associa-tions, is held at a designated ASEAN country. This meeting serves as an effective platform, facilitating the exchange of information among participants on the latest development of their respective markets. 39th ASEAN Insurance Council Meeting




During the Life Breakout session, the ASEAN life insurers exchanged notes on ways to increaseinsurance penetration rate, development of regulatory framework, promoting insurance productsand consumer awareness as well as the 2015 ASEAN Economic Community.

At this meeting, LIAM President Mr Vincent Kwo was appointed as the AIC Chairman for the 2013– 2014 term replacing Mr Kornelius Simanjuntak of Indonesia who has completed his term in office.

The AIC meeting which coincides with the ASEAN Regulators meeting, also provided an opportunityfor the AIC members to have a discussion with the regulators on the issues facing the insuranceindustry in general.

CONVENTIONS

• 2013 International Dragon Award Annual Meeting/ 17th Malaysia Chinese Life Insurance Congress

Kuala Lumpur was proud to host the 2013 International Dragon Award (IDA) Annual Meeting/17th Malaysia Chinese Life Insurance Congress after a lapse of some 15 years when the lastConference was held in Kuala Lumpur.

The event was officiated by the Honourable Prime Minister of Malaysia on15 August 2013. Thefour-day congress attracted some 5,000 participants from 16 countries including China, Taiwan,Hong Kong, South Korea and Australia. LIAM and RGA Reinsurance Company for Hong Kong andSoutheast Asia, jointly hosted a dinner for the foreign delegates from insurance companies. LIAMalso participated in a number of panel and breakout sessions, including the Glory Nite Awards fortop agents from Malaysia.

• Bumiputera Life Insurance Agents Convention 2013

On 21 September 2013, LIAM co-organised the Bumiputera Life Insurance Agents Convention 2013with MII at Hotel Istana, Kuala Lumpur. Themed as “Berdaya Saing di Era Transformasi”,the one-day event aimed to provide a motivation platform to Bumiputera life agents as well asto honour top Bumiputera producers within the life insurance industry. With Yang Berhormat EncikKhairy Jamaluddin, the Youth and Sports Minister officiating the Convention, it truly reflected thegovernment’s strong support towards the life insurance industry.

This Annual Convention is held with the objectives of providing an arena for the life insuranceagents to meet and learn from each other as well as to spur them to achieve their yearly targets.Among, the line-up of speakers were Encik Norman Abdul Halim from KRU Group Berhad whoshared his secret for success in business, top MDRTs and a successful Indonesian achiever/motivational speaker, Ms Lucy Dewani.

2013 International Dragon Award



• Asia Distribution Conference

The Asia Distribution Conference was held in Kuala Lumpur on 20 and 21 November 2013.Organized by LIMRA LOMA, the conference was officiated by Mr Jens Reisch, Chairmanof the LIAM Industry Promotion Committee.

In his opening address, Mr Reisch touched on therecent regulatory changes namely the FinancialServices Act 2013, Personal Data Protection Act2010, Life Insurance and Family Takaful FrameworkConcept Paper and the introduction of the Goodsand Services Tax. Mr Reisch also highlighted on thekey performance indicators of the Malaysian insuranceindustry which reflected growth opportunities inall distribution channels to offer higher and betterprotection to the consumers.

The conference which featured a line-up of experiencedindustry leaders addressed crucial distribution issuesincluding understanding the customer, managing channel conflict, best practices in directmarketing, creating a winning bancassurance partnership and transforming sales force effectiveness.

TALKS/ BRIEFINGS/ SEMINARS

• Presentation to Politeknik Merlimau Students

Bumiputera Life Insurance Agents Convention 2013

Asia Distribution Conference

Presentation to Politeknik Merlimau Students

Et iqa Insurance Berhad and Prudent ia l Assurance Malaysia Berhad were the co-sponsors for this Convention that was attended by close to 500 participants.

As part of LIAM’s key objective to raise the life insurance literacy level in society, LIAM and MII organised a Talk for the Politeknik Merlimau Diplo-ma in Business Studies students on 16 January 2013. The half-day session was held at the Auditorium, The Malaysian Insurance Institute, Damansara Heights, Kuala Lumpur.

MII shared some insights and information on the main components in the insurance market, current developments of the insurance industry as well as types of insurance products. LIAM gave an overview of its role in the industry, the regulations of the market as well as LIAM’s activities throughout the year and ended the Talk with a Q & A session with the students.



• LIAM-FALIA Seminar

• Briefing on Financial Services Act 2013

• Workshop on Direct Debit and Financial Process Exchange

• Talk on Personal Data Protection Act

LIAM - FALIA Seminar

In keeping with its longstanding collaborative effort to develop and raise the standards and enhance the knowledge of its members, LIAM worked with FALIA to co-organise a Joint Seminar on 22 January 2013. This was followed by an Alumni Party given to their previous seminar participants at Bukit Kiara Equestrian and Country Resort.

Mr Hideo Hatanaka, General Manager, Risk Man-agement Department, The Dai-ichi Life Insurance Company, Limited, shared his insights and expertise in Risk Management to the participants. More than 25 participants from LIAM member companies attend-ed this session.

The FALIA team had arrived a day earlier to pay a courtesy visit to the LIAM Secretariat as well as a few LIAM member companies.

LIAM organised a briefing for member companies on the Financial Services Act (FSA) 2013 which was led by Mr Brian Chia and Ms Wong Sue Wan from Messrs Wong & Partners on 15 April 2013 at the Bukit Kiara Equestrian and Country Resort.

The briefing was attended by 50 member company representatives from various departments including legal, compliance as well as marketing. The half-day briefing touched on the impact of FSA on life insurance companies with much focus on the duties of directors, officers and shareholders, operations and the enforcement of FSA. The briefing ended with a Q and A session between the participants and the speakers.

LIAM co-organised a Workshop on Direct Debit and Financial Process Exchange with the Malaysian Electronic Clearing Corporation (MyClear) on 30 July 2013. MyClear was incorporated in October 2008 as a wholly-owned subsidiary of BNM to provide interbank payment settlement and securities services.

In line with the Financial Sector Blueprint 2011-2020 in moving towards greater adoption of e-payment in the industry, LIAM and MyClear jointly organised this Workshop to encourage the participation of member companies in the usage of Direct Debit and the Financial Process Exchange methods.

Talk on Personal Data Protection Act

Prior to the enforcement of Personal Data Protection Act (PDPA), LIAM took the initiative to organise another briefing session for its members on 23 September 2013 at MFPC Conference Hall, 1Mont Kiara.

LIAM invited Ms Jillian Chia, Senior Associate, Intellectual Property Division from Messrs SKRINE to share her knowledge in data protection. Her areas of expertise also include Information Technology, Telecommunications and Intellectual Property.

The talk was attended by 50 representatives of various departments such as legal, compliance as well as marketing from LIAM member companies. The two-hour talk touched on the seven personal data protection principles, rights of data subjects, other pertinent issues relating to data protection and it ended with a fruitful dialogue session.



ENGAGEMENT WITH CONSUMERS

LIAM Educational Consumer Series

• Collaboration with i-SIHAT Magazine

LIAM continued to partner with the print media this year to ensure the publication of its educationalarticles to enhance consumers’ literacy level on life insurance.

Collaborating with i-SIHAT, a Bahasa Malaysia health magazine under Utusan Karya Sdn Bhd witha circulation of 40,000, the articles address the Malay readers in particular, by sustaining a monthlycolumn in the Magazine. As at to-date, i-SIHAT has published 13 articles on a wide range of topicssuch as a basic introduction on life insurance, the importance of having life insurance, a guideto purchase life insurance, and also a special focus on medical and health insurance.

• Collaboration with The Malay Mail

• Collaboration with Credit Counselling and Debt Management Agency

As part of LIAM’s engagement with stakeholders, it partneredwith the Credit Counselling and Debt Management Agency(AKPK) to raise the level of financial literacy among schoolchildren and youth. Together with several financialinstitutions, LIAM provided advertising support for twobooks published by AKPK namely POWER! andMoney $ense which are targeted at thissegment.

AKPK was set up by BNM in 2006 to help individualstake control of their financial situation and gainpeace of mind through wise use of credit facilities.

Roadshows And Quiz Tournament

• BNM MobileLINK Roadshow

BNM continues to extend their invitation to LIAM to participate in the BNM MobileLINK Roadshowacross Peninsular Malaysia. This year, BNM allowed member companies to promote and markettheir financial products directly to consumers at the Roadshow.

The extensive roadshow is part of BNM’s inclusive policy in extending financial services to theunderserved areas. For this year, the roadshow reached out to communities in Pahang, NegeriSembilan, Perak, Penang, Kelantan and Terengganu. LIAM also participated by setting up itsinformation and marketing booths including engagement with booth visitors.

Besides running various articles focusing on consumer queries on life insurance, The Malay Mail also ran an exclusive Medical and Health Insurance Series for 10 weeks with Q & A styled articles based on Financial Mediation Bureau cases. Among the topics were ‘Unravel-ling Dilemmas in Medical Insurance’, ‘Getting the Most Out of Your Hospitalisation Insurance Card’, ‘Investment-Linked Insurance Plans Demystified’ and ‘How Much Insurance is Enough’. All these articles are available on the LIAM website at www.liam.org.my.

Collaboration with The Malay Mail

Collaboration with Credit Counselling andDebt Management Agency



• National Financial Planning Quiz Tournament 2013

LIAM was one of the supporting organizations of the Malaysian Financial Planning Council (MFPC)inaugural National Financial Planning Quiz which was held on 1 to 2 July 2013 at Universiti UtaraMalaysia (UUM). The tournament attracted a participation of 15 universities. Universiti Tunku AbdulRahman (UTAR) emerged as the Champion, winning the Championship Trophy and a cash prize ofRM6,000.

The quiz tournament aimed to promote the importance of financial planning among theundergraduates and it was endorsed by the Ministry of Finance, the Ministry of Education andSecurities Commission Malaysia.

INTERNATIONAL COURTESY VISITS

• Visit from Central Insurance of Iran and Iranian Insurance Research Centre

LIAM played host to the regulators from Iran, namely theCentral Insurance of Iran and Iranian Insurance ResearchCentre (IRC) on 10 January 2013. Led by Dr Ghadir Mahdavi,Head of Iranian Insurance Research Centre, the entouragewas in Kuala Lumpur for a short educational visit to MIIand BNM.

The foreign regulators were briefed on LIAM’s role, thecurrent industry regulations as well as the development ofthe insurance market in Malaysia.

• Visit from Zanzibar Insurance Corporation

LIAM opened its doors to the delegation from ZanzibarInsurance Corporation on 25 April 2013. Besides studyingthe role and functions of LIAM in the life insurance industry,the delegates were keen to observe the current life insuranceissues in Malaysia. The delegation led by Dr Hamed RashidHikman, Chairman of the Board of Directors, includedBoard Members and the Management Team of ZanzibarInsurance Corporation.

During their visit, they also paid courtesy visits to BNM, IslamicBanking and Finance Institute Malaysia (IBFIM), PIAM,

International Shari'ah Research Academy for Islamic Finance (ISRA), International Islamic UniversityMalaysia (IIUM) as well as some insurance and takaful companies.

• Visit from MMI Holdings

On 29 April 2013, LIAM received the delegation fromMMI Holdings, the third largest South African financialservices group listed on the JSE stock exchange.The visit was made possible by The Beijing Axis whocurrently supports MMI Holdings on their South EastAsia/Asia market intelligence exercise. MMI’s corebusinesses include long and short-term insurance,asset management, savings, investment, healthcareadministration and employee benefits.

MMI expressed their intention to engage with the insurance industry’s key stakeholders mainlyto get a clear view of the local market and identify potential business opportunities. Their marketstudy also includes knowledge on regulatory matters, sales and distribution, customers and so forth.

Visit from Central Insurance of Iran andIranian Insurance Research Centre

Visit from Zanzibar Insurance Corporation

Visit from MMI Holdings



On 9 May 2013, LIAM conducted a briefing sessionto the Insurance Business Supervisory Board of Myanmar(IBSB) comprising Mr Aye Min Thein, Chairman,Ms Kyin Htay, Deputy General Manager, Ms Hla Hla Mon,Deputy Manager and Mr Than Tun Oo, AssistantManager. The briefing was a joint effort by theMalaysian-Myanmar Business Council (MMBC) andAetins Sdn Bhd to expose the IBSB to the Malaysianinsurance industry model under the guidance of BNM.Aetins is a Malaysian based MSC IT Company involvedin the business of insurance software who also sponsoredthis visit. MMBC was represented by its President,

The delegation which was headed by Mr Johann le Roux, Chief Executive Officer of MMI, alsoattended briefing sessions with BNM, PIAM, MII and other financial institutions.

• Visit by Insurance Business Supervisory Board of Myanmar

Mr Gilbert Lee and AETINS were represented by Mr Vijalapuram Ravindra Mohan, Mr Sandal Sughosh,Ms Florence Yeung and Encik Imran bin Abdul Shukor.

The visit is aimed at gaining knowledge on Malaysia’s experience, mainly in the development,regulation and supervision of the insurance industry. This effort is in line with the recent liberalisationof Myanmar’s insurance sector. LIAM was represented by Encik Kamaludin Ahmad, Vice-Presidentof LIAM and Mr Jens Reisch, Chairman of the Industry Promotion Committee of LIAM. They sharedthe insights on LIAM’s operations, regulations, the industry’s framework as well as the currentdevelopments of the industry.

• Visit by Dai-ichi Life International Hong Kong

LIAM welcomed the visitors from Dai-ichi Life InternationalHong Kong who were in Kuala Lumpur from 21 to 23August 2013. During this visit, Mr Vincent Kwo, LIAMPresident shared a presentation on LIAM and its role,the current market structure as well as the performanceof the life insurance industry. The entourage comprisingMr Daisuke Kamata, General Manager, Mr TakaoSabato, Manager and Mr Ryoji Nitta, Manager, alsovisited Great Eastern Life Assurance (Malaysia) Berhadand Etiqa Insurance Berhad.

MEDIA VISIT

and Ms Lee Siew Siew, Senior Manager (Agency). LIAM and the team from The Sun had an opendiscussion on insurance, branding, publicity and news.

LIAM organised a media visit to The Sun on 2 July 2013and received overwhelming response from membercompanies. The entourage was led by Mr C. Kumaran,General Manager of MCIS Zurich Insurance Berhad,members of the Industry Promotion Committee of LIAMas well as a number of representatives from membercompanies.

The LIAM entourage was greeted by key personnelfrom the Editorial Department, Advertising and MarketingDepartment namely Mr Freddie Ng, Managing Editor,Mr Balan Moses, Executive Editor, Ms Kang Siew Li,Business Editor, Mr Prashun Dutt, Chief Marketing Officer

Visit by Insurance Business SupervisoryBoard of Myanmar

Visit by Dai-ichi Life InternationalHong Kong

Media Visit to The Sun



CORPORATE SOCIAL RESPONSIBILITY

• Insurance and Takaful Day 2013/ EAIC CSR Fund

• LIAM Blood Donation Drive

The insurance and takaful fraternity of Malaysia, through the 26th East Asian Insurance Congress (EAIC) organising committee, joined forces to mark the 2013 Insurance and Takaful Day on 9 September 2013. The organising committee comprising LIAM, PIAM, MTA and Labuan International Insurance Association (LIIA) commemorated the celebration with a contribution of RM100,000 to four charitable organisations.

The four beneficiaries were the Community Service Centre for the Deaf (Silent Teddies Café project), Kuala Lumpur; Pertubuhan Kebajikan Dan Penjagaan Nur Hidayah, Kuala Lumpur; the Orang Asli Community Service Centre, Jerantut, Pahang; and the Cancer Research Initiatives Foundation (CARIF), Kuala Lumpur, with each receiving a RM25,000 donation.

The heads of the four organising Associations namely the President of LIAM, Mr Vincent Kwo; Chairman of PIAM, Mr Chua Seck Guan; Chairman of MTA, Encik Zainudin Ishak and Chairman of LIIA, Yang Berbahagia Dato’ Ahmad Farouk Faizi were present to personally present the cheques to the four beneficiaries. The 2013 Insurance and Takaful Day was also witnessed by the associations’ Man-agement and Council members.

The objective of the Insurance and Takaful Day is to spread the values of sharing, caring, goodwill and harmony by supporting various charitable organisations. These charitable organisations were selected as they were viewed to be truly making a difference in the communities and it is hoped that the contri-bution will help them to sustain their noble work.

This event is an initiative which demonstrates the insurance and takaful industry’s support for various charitable organisations as part of its annual community relations program.

Once again this year, LIAM organised its Blood Donation Drive on 9 October 2013 at the lobby of Maju Junction Mall, Jalan Sultan Ismail from 10.00 a.m. to 5.00 p.m. This is one of LIAM’s yearly community service programs aimed at saving lives through blood donation.

The blood donation drive received very encouraging support from its 16 LIAM member companies as well as the public from all walks of life. The one-day drive reached up to 97 packets of blood for the Pusat Darah Negara

(PDN). Goodie bags and light refreshments were also provided to all blood donors as a token of appreciation from LIAM and Pusat Darah Negara.

Insurance and Takaful Day 2013/ EAIC CSR Fund

LIAM Blood Donation Drive

OTHER EVENTS

• Change of Office Bearer

In the year 2013, LIAM organized an appreciation dinner for some of its Management Committeemembers. The outgoing members were LIAM President (2011) Encik Din Merican and ManagementCommittee members namely Mr Khor Hock Seng, Yang Berbahagia Dato’ Nirmala Menon andEncik Muhamad Umar Swift.

The dinner was held at Shangri-La Hotel Kuala Lumpur on 23 January 2013 to thank the PastManagement Committee Members for their outstanding contribution and dedication in developing


the industry. Among the guests included Past Presidents and Vice-Presidents of LIAM, current CEOsand senior personnel from member companies.

During the year, LIAM had also received sad news on the passing of Mr Cheong Chee Meng,fondly known as Chee Cheong, the former Chief Executive Officer of Zurich Insurance MalaysiaBerhad. LIAM would like to record its condolence to the family of Chee Cheong, who passedaway peacefully on 17 September 2013.

• Insurance and Takaful Industry Annual Dinner 2013

The organization of the annual gathering for theindustry this year was led by the Malaysian Insuranceand Takaful Brokers Association (MITBA) andAssociation of Malaysian Loss Adjusters (AMLA)with support from LIAM, PIAM and MII. It was heldon 15 November 2013 at Shangri-La Hotel KualaLumpur.

The event was graced by Yang Berbahagia Dato’Muhammad Ibrahim, Deputy Governor of BNM. Inhis speech at this dinner, Yang BerbahagiaDato’ Muhammad highlighted on the ConceptPaper on Life Insurance and Family TakafulFramework and the Financial Services Act 2013.

CONCLUSIONThe Management Committee would like to record their appreciation and thanks to all membercompanies for their support and participation towards LIAM’s activities and projects.

As we take on more challenging initiatives in the coming months, we look forward to the unwaveringcommitment from member companies to ensure the success of these undertakings which willeventually benefit the consumers and further promote the growth of the industry.


Appreciation Dinner for Past Management Committee Members

Insurance and Takaful IndustryAnnual Dinner 2013

Laporan JawatankuasaPengurusan


28 Laporan Jawatankuasa Pengurusan

Beberapa aktiviti telah dijalankan pada tahun dalam tinjauan. Kami dengan sukacitanya membentangkan sorotan aktiviti-aktiviti ini dan isu-isu utama yang dikendalikan oleh LIAM.

PELAKSANAAN E-PEMBAYARANSebagai menyokong agenda nasional bagi perpindahan kepada bayaran secara elektronik (e-pembayaran), LIAM telah bekerjasama rapat dengan Bank Negara Malaysia (BNM) dan syarikat ahli untuk mengurangkan paras urusniaga tunai dan cek.

Syarikat insurans hayat telah mencapai hampir 100% dalam penggunaan e-pembayaran untuk komisen agensi, gaji kakitangan, bil hospital dan badan berkanun/agensi kerajaan. Daripada 14 syarikat insurans hayat, lapan syarikat telah mula menawarkan pilihan e-pembayaran kepada pemegang polisi dan waris mereka untuk bayaran tuntutan. Syarikat selebihnya sedang berusaha ke arah menyediakan pilihan ini kepada pemegang polisi dan waris mereka pada awal tahun 2014.

Peralihan kepada e-pembayaran yang menawarkan cara yang lebih cekap, terjamin dan kos efektif untuk memindahkan wang berbanding dengan bayaran berasaskan kertas. Ia merupakan salah satu bidang utama dalam Pelan Tindakan Sektor Kewangan 2011-2020 untuk lebihmenyokong kecekapan ekonomi. LIAM merupakan sebahagian daripada Kumpulan Kerja E-pembayaran yang terdiri daripada BNM, Persatuan Insurans Am Malaysia (PIAM), Persatuan Takaful Malaysia (MTA), Persatuan Bank-Bank diMalaysia (ABM) dan Sistem Pembayaran ElektronikMalaysia (MEPS) untuk memudahkan peralihan kepada e-pembayaran dalam sektor perkhidmatan kewangan. Objektif Kumpulan Kerja ini ialah untuk mengenal pasti isu-isu yang menjadi kebimbangan industri ini dan mencari penyelesaian bersama dengan BNM dan bank-bank perdagangan.

AKTA PEMATUHAN CUKAI AKAUN ASINGLIAM, bersama dengan beberapa badan industri sedang membuat pengaturan dengan pihak-pihak berkuasa bagi mencadangkan supaya Perjanjian Antara Kerajaan berhubung Akta Pematuhan Cukai Akaun Asing (FATCA) ditandatangani. FATCA adalah rang undang-undang Amerika Syarikat (AS) yang digubal oleh Kongres AS untuk menghalang penyalahgunaan

cukai luar persisir oleh orang AS dan dijangka digubal pada Julai 2014.

Institusi kewangan yang beroperasi di luar AS, termasuk syarikat insurans hayat di Malaysia, yang mempunyai kepentingan perniagaan atau aset yang dilaburkan di AS, dikehendaki mematuhi keperluan FATCA. Ini termasuk institusi kewangan yang merupakan sebahagian daripada kumpulan kewangan yang lebih besar yang mempunyai gabungan dengan pelaburan atau perniagaan AS.

CUKAI BARANGAN DAN PERKHIDMATAN

Kerajaan telah mengumumkan bahawa Cukai Barangan dan Perkhidmatan (GST) akan diperkenalkan mulai 1 April 2015 pada kadar 6%. Cukai jualan dan cukai perkhidmatan yang ada sekarang ini akan dimansuhkan dan digantikan dengan cukai berasaskan konsep nilai ditambah, GST. Bagi perniagaan insurans hayat, ia akandiletakkan di bawah model dikecualikan di mana premium insurans hayat tidak akan tertakluk kepada cukai. Premium yang dibayar untuk polisi bukan hayat akan tertakluk kepada kadar GST standard 6%.

Memandangkan premium insurans hayat dikecualikan cukai, ini bermakna syarikat insurans hayat tidak akan dapat menuntut apa-apa cukai input yang telah mereka tanggung dalam proses menjalankan perniagaan insurans hayat mereka.

Kesan utama kepada penanggung insurans hayat ialah komisen, perbelanjaan sumber luar, yuran pengurusan serta caj untuk polisi berkaitan pelaburan akan tertakluk kepada GST. Oleh sebab penentuan harga premium insurans hayat dibuat berdasarkan premium paras, syarikat insurans perlu menanggung kos tambahan disebabkan cukai input.

LIAM telah melantik perunding cukai untuk berunding dengan Kerajaan supaya syarikat insurans mendapat balik sepenuhnya GST bagi komisen atau 50% kredit cukai input tetap bagi mengurangkan kos tambahan menjalankan perniagaan insurans hayat. Cadangan kepada Kerajaan ini berdasarkan pengalaman bidang kuasa lain di mana GST telah dilaksanakan dan model pelepasan yang telah dipertimbangkan.

Dalam tahun 2013, dua mesyuarat industri telah diadakan masing-masing pada 9 Januari 2013 dan

Laporan Jawatankuasa Pengurusan 29


21 Mei 2013 untuk memastikan ahli-ahli dimaklumkan tentang maklumat terkini mengenai GST ke atas perniagaan insurans hayat. Mesyuarat ini juga menjadi landasan bagi ahli LIAM untuk menangani kebimbangan mereka tentang isu GST dengan perunding cukai.

Kastam Diraja Malaysia dan Institut Insurans Malaysia (MII) juga telah menganjurkan taklimat khas tentang ‘GST Treatment on Insurance/Takaful’ pada 9 Oktober 2013. LIAM merupakan salah sebuah organisasi yang membantu menjayakan acara ini.

MESYUARAT PERANCANGAN STRATEGIK LIAMLIAM telah menganjurkan Mesyuarat Perancangan Strategik di Langkawi dari 8hingga 10 November 2013 untuk ketua pegawai eksekutif dan pengurus kanan syarikat-syarikat ahlinya.

Wakil dari BNM yang menghadiri mesyuarat ini ialah Encik Aznan Abd Aziz, Pengarah Jabatan Pembangunan Sektor Kewangan, Puan Junaidah Mohd Said, Timbalan Pengarah Jabatan Pembangunan Sektor Kewangan dan pegawai-pegawai lain, iaitu Cik June Lian Lay Choon dan Encik Izian Sherwani Mansor dari Jabatan Pembangunan Sektor Kewangan , Encik Makhzani Mustaffa Ng dari Jabatan Perbankan Islam dan Takaful dan Puan Azlinda Arshad dari Jabatan Konsumer dan Amalan Pasaran.

Semasa mesyuarat tertinggi ini, LIAM telah mengadakan sesi soal jawab dengan BNMtentang Kertas Konsep Rangka Kerja Insurans Hayat dan Takaful Keluarga yang dilancarkan baru-baru ini. LIAM kemudiannya menubuhkan Jawatankuasa Pemandu untuk meneliti prinsip utama yang dikemukakan dalam Kertas Konsep tersebut bagi menetapkan hala tuju strategik tentang masa depan industri ini. Salah satu tugas serta-merta Jawatankuasa Pemandu ini ialah mengkaji Kertas Konsep ini dan menyatukan maklumbalas dan saranan industri untuk pertimbangan BNM.

Sesi ini dimudah cara oleh firma perundingTowers Watson.

MESYUARAT MAJLIS INSURANS ASEAN KE-39Mesyuarat Majlis Insurans ASEAN (AIC) Ke-39telah dianjurkan oleh Persatuan Penanggung Insurans Vietnam di Da Nang, Vietnam dari 4hingga 6 Disember 2013.

AIC adalah kumpulan persatuan insurans sektor swasta serantau di ASEAN, yang ditubuhkan untuk menggalakkan hubungan dan kerjasama serantau di kalangan penanggung insurans ASEAN. Mesyuarat majlis tahunan ini, yang telah

dihadiri oleh ketua-ketua persatuan, telah diadakan di negara ASEAN yang telah ditetapkan. Mesyuarat ini bertindak sebagai landasan yang berkesan, memudahkan pertukaran maklumat di kalangan peserta mengenai perkembangan terkini pasaran mereka masing-masing.

Antara perkara yang dibincangkan pada mesyuarat tahun ini ialah Kaji SelidikPengantaraan Insurans di rantau ASEAN; laporan daripada Kumpulan Kerja Teknikal mengenai hal-hal berkaitan Insurans ASEAN yang telah mengkaji aspek-aspek seperti rangka kerja modal berasaskan risiko, cukai dan mikroinsurans yang telah diperkenalkan di kalangan negara-negara ASEAN, kemungkinan untuk menghasilkan laporan statistik ASEAN serta derma dan sokongan kepada mangsa Taufan Haiyan.

Pada sesi perbincangan insurans hayat,penanggung insurans hayat ASEAN bertukarpendapat tentang cara untuk meningkatkan kadar penembusan insurans, pembangunan rangkakerja kawal selia, mempromosikan produk insurans dan kesedaran pengguna serta Komuniti Ekonomi ASEAN 2015.

Pada mesyuarat ini, Presiden LIAM Encik Vincent Kwo telah dilantik sebagai Pengerusi AIC bagi penggal 2013 - 2014, menggantikan EncikKornelius Simanjuntak dari Indonesia yang telah tamat tempoh jawatannya.

Mesyuarat AIC yang diadakan pada masa yang sama dengan mesyuarat Pengawal Selia ASEAN juga memberi peluang kepada ahli-ahli AIC untuk mengadakan perbincangan dengan pengawal-pengawal selia tentang isu-isu yang dihadapi oleh industri insurans pada amnya.

KONVENSYEN

• Mesyuarat Tahunan InternationalDragon Award 2013/ KongresInsurans Hayat Cina Malaysia Ke-17

Kuala Lumpur berbesar hati menjadi tuan rumah kepada Mesyuarat Tahunan International Dragon Award (IDA) 2013/Kongres Insurans Hayat Cina Malaysia Ke-17 selepas selang lebih kurang 15 tahun sejak kali terakhir Persidangan ini diadakan di Kuala Lumpur.

Acara ini telah dirasmikan oleh Yang Amat Berhormat Perdana Menteri Malaysia pada 15 Ogos 2013. Kongres empat hari ini telah menarik kira-kira 5,000 peserta dari 16 negara termasukChina, Taiwan, Hong Kong, Korea Selatan danAustralia. LIAM dan RGA Reinsurance Company bagi Hong Kong dan Asia Tenggara telah sama - sama menganjurkan majlis makan malam untuk delegasi antarabangsa dari syarikat insurans. LIAM juga mengambil bahagian dalam



beberapa panel dan sesi perbincangan,termasuk Glory Nite Awards untuk ejen-ejenterbaik dari Malaysia.

• Konvensyen Ejen Insurans Hayat Bumiputera 2013

Pada 21 September 2013, LIAM bersamadengan MII menganjurkan Konvensyen Ejen Insurans Hayat Bumiputera 2013 di Hotel Istana, Kuala Lumpur. Bertemakan “Berdaya Saing di Era Transformasi”, acara satu hari ini bertujuan untuk menyediakan landasan motivasi kepada ejen-ejen insurans hayat Bumiputera serta memberi penghormatan kepada ejenBumiputera terbaik dalam industri insurans hayat. Kehadiran Yang Berhormat Encik Khairy Jamaluddin, Menteri Belia dan Sukanmerasmikan Konvensyen ini, sesungguhnyamenggambarkan sokongan padu kerajaan terhadap industri insurans hayat.

Konvensyen Tahunan ini diadakan dengan objektif untuk menyediakan arena untuk ejen insurans hayat bertemu dan saling mempelajari antara satu sama lain serta merangsang mereka untuk mencapai sasaran tahunan mereka. Antara barisan penceramah ialah Encik Norman Abdul Halim dari KRU Group Berhad yang berkongsi rahsia kejayaannya dalam perniagaan, MDRT terbaik serta Puan Lucy Dewani,pencapai/penceramah motivasi Indonesia yang berjaya.

Etiqa Insurance Berhad dan Prudential Assurance Malaysia Berhad merupakan penaja bersama untuk Konvensyen ini yang dihadiri hampir seramai 500 peserta.

• Persidangan Pengedaran Asia

Persidangan Pengedaran Asia telah diadakan diKuala Lumpur pada 20 dan 21 November 2013. Dianjurkan oleh LIMRA LOMA, persidangan tersebut telah dirasmikan oleh Encik Jens Reisch, Pengerusi Jawatankuasa Promosi Industri LIAM.

Dalam ucapan pembukaannya, Encik Reisch menyentuh tentang perubahan kawal selia baru-baru ini, iaitu Akta Perkhidmatan Kewangan 2013, Akta Perlindungan Data Peribadi 2010, Kertas Konsep Rangka Kerja Insurans Hayat dan Takaful Keluarga dan pengenalan Cukai Barangan dan Perkhidmatan. Encik Reisch juga memperkatakan tentang penunjuk prestasi utama industri insurans Malaysia yang menunjukkan peluang-peluang pertumbuhan dalam semua saluran pengedaran bagi menawarkan perlindungan yang lebih tinggi dan lebih baik kepada pengguna.

Persidangan ini yang menampilkan barisan ketua-ketua industri yang berpengalaman,menangani isu-isu pengedaran yang penting termasuk memahami pelanggan, menguruskan

konflik saluran, amalan terbaik dalam pemasaran langsung, mewujudkan perkongsian bankasurans yang berjaya dan mentransformasikan keberkesanan pasukan jualan.

CERAMAH/TAKLIMAT/SEMINAR

• Pembentangan kepada PelajarPoliteknik Merlimau

Sebagai sebahagian daripada objektif utamaLIAM untuk meningkatkan tahap celik insurans hayat dalam masyarakat, LIAM dan MII telah menganjurkan ceramah untuk pelajar-pelajar Diploma Pengajian Perniagaan PoliteknikMerlimau pada 16 Januari 2013. Sesi setengah hari ini telah diadakan di Auditorium, Institut Insurans Malaysia, Damansara Heights, Kuala Lumpur.

MII telah berkongsi pengetahuan dan maklumat mengenai komponen penting dalam pasaran insurans, perkembangan semasa industri insurans serta jenis-jenis produk insurans. LIAM telah memberi gambarankeseluruhan tentang peranannya dalam industri ini, peraturan pasaran serta aktiviti LIAM sepanjang tahun. Ceramah ini diakhiri dengan sesi soal jawab bersama para pelajar.

• Seminar LIAM-FALIA

Dalam meneruskan usaha kerjasama yang telah lama terjalin untuk meningkatkan standard dan menambahkan pengetahuan ahli-ahlinya, LIAM dan FALIA bersama-sama menganjurkan satu seminar pada 22 Januari 2013. Seminar ini kemudiannya disusuli dengan Majlis Alumni yang dianjurkan untuk peserta seminar sebelumnya di Bukit Kiara Equestrian dan Country Resort.

Encik Hideo Hatanaka, Pengurus Besar, Jabatan Pengurusan Risiko, The Dai-ichi Life Insurance Company, Limited, berkongsi pengetahuan dan kepakarannya dalam Pengurusan Risiko dengan para peserta. Seramai lebih daripada 25 peserta dari syarikat ahli LIAM menghadiri sesi ini.

Rombongan FALIA yang tiba sehari lebih awal juga mengadakan kunjungan hormat ke atas urusetia LIAM serta beberapa syarikat ahli LIAM.

• Taklimat mengenai AktaPerkhidmatan Kewangan 2013

LIAM telah menganjurkan taklimat untuk syarikat-syarikat ahlinya tentang Akta Perkhidmatan Kewangan (FSA) 2013 yang disampaikan oleh Encik Brian Chia dan CikWong Sue Wan dari Tetuan Wong & Partners



pada 15 April 2013 di Bukit Kiara Equestrian dan Country Resort.

Taklimat ini dihadiri oleh 50 wakil syarikat ahli dari pelbagai jabatan termasuk undang-undang, pematuhan dan juga pemasaran. Taklimat setengah hari ini menyentuh tentang kesan FSA terhadap syarikat insurans hayat dengan tumpuan utama diberikan kepada kewajipan pengarah, pegawai dan pemegang saham, operasi dan penguatkuasaan FSA. Taklimat ini diakhiri dengan sesi soal jawab antara peserta dan penceramah.

• Bengkel mengenai Debit Terus dan Pertukaran Proses Kewangan

LIAM bersama dengan Malaysian Electronic Clearing Corporation (MyClear) telah menganjurkan Bengkel mengenai Debit Terus dan Pertukaran Proses Kewangan pada 30 Julai 2013. MyClear telah diperbadankan pada Oktober 2008 sebagai anak syarikat milik penuh BNM untuk menyediakan penyelesaian bayaran antara bank dan perkhidmatan sekuriti.

Selaras dengan Pelan Sektor Kewangan 2011-2020 dalam bergerak ke arah penerimapakaian e-pembayaran yang lebih meluas dalam industri ini, LIAM dan MyClear sama-sama menganjurkan Bengkel ini untuk menggalakkan penyertaan syarikat-syarikat ahli dalam penggunaan Debit Terus dan kaedah Pertukaran Proses Kewangan.

• Ceramah mengenai AktaPerlindungan Data Peribadi

Sebelum penguatkuasaan Akta Perlindungan Data Peribadi (PDPA), LIAM mengambil inisiatif untuk menganjurkan satu lagi sesi taklimat untuk ahli-ahlinya pada 23 September 2013 di Dewan Persidangan MFPC, 1Mont Kiara.

LIAM telah menjemput Cik Jillian Chia, Sekutu Kanan, Bahagian Harta Intelektual dari TetuanSKRINE untuk berkongsi pengetahuannya dalam perlindungan data. Bidang kepakaran beliau juga meliputi Teknologi Maklumat, Telekomunikasi dan Harta Intelektual.

Ceramah ini dihadiri oleh 50 orang wakil dari pelbagai jabatan seperti undang-undang, pematuhan dan juga pemasaran dari syarikat ahli LIAM. Ceramah selama dua jam ini menyentuh tentang tujuh prinsip perlindungan data peribadi, hak subjek data, isu-isu lain yang berkaitan dengan perlindungan data dan diakhiri dengan sesi dialog yang berhasil.

PENGLIBATAN DENGAN PENGGUNA

Siri Pendidikan Pengguna LIAM• Usaha Sama dengan Majalah

i-SIHAT

LIAM terus bekerjasama dengan media cetak tahun ini demi memastikan penerbitan artikel pendidikannya.

LIAM bekerjasama dengan i-SIHAT, sebuah majalah kesihatan dalam Bahasa Malaysia di bawah Utusan Karya Sdn Bhd dengan edaran40,000 naskhah. Artikel pendidikan ini ditujukan khusus untuk pembaca Melayu, dengan ruangan tetap bulanan dalam majalah itu. Setakat ini, i-SIHAT telah menerbitkan 13 artikel yang membicarakan pelbagai topik seperti pengenalan asas tentang insurans hayat, pentingnya mempunyai insurans hayat, panduan membeli insurans hayat dan juga fokus khas kepada insurans perubatan dan kesihatan.

• Usaha Sama dengan The Malay Mail

Di samping menerbitkan pelbagai artikel yang memfokus kepada pertanyaan pengguna tentang insurans hayat, The Malay Mail juga menerbitkan Siri Insurans Perubatan dan Kesihatan eksklusif selama 10 minggu dengan artikel berbentuk soal jawab berdasarkan kes-kes Biro Pengantaraan Kewangan. Antara topiknya ialah ‘Unravelling Dilemmas in Medical Insurance’, ‘Getting the Most Out of Your Hospitalisation Insurance Card’, ‘Investment-Linked Insurance Plans Demystified’ dan ‘How Much Insurance is Enough’. Semua artikel ini boleh juga didapati di laman sesawang LIAM di www.liam.org.my.

• Usaha Sama dengan Agensi Kaunseling dan Pengurusan Kredit

LIAM juga bekerjasama dengan pihak berkepentingan, Agensi Kaunseling dan Pengurusan Kredit (AKPK) untuk meningkatkan kadar celik kewangan di kalangan kanak-kanak sekolah dan belia. Bersama dengan beberapa institusi kewangan, LIAM memberikan sokongan pengiklanan terhadap dua buah buku yang diterbitkan oleh AKPK,iaitu ‘POWER!’ dan ‘Money $ense’ yang disasarkan kepada golongan ini.

AKPK telah ditubuhkan oleh BNM pada tahun 2006 untuk menolong individu mengawal

Dalam usaha berterusan untuk meningkatkantahap celik pengguna tentang insurans hayat,



PENGLIBATAN DENGAN situasi kewangan mereka dan memperoleh ketenangan fikiran melalui penggunaan kemudahan kredit secara bijak.

Siri Jelajah (‘Roadshow’) dan Kejohanan Kuiz

• Siri Jelajah BNM MobileLINK

BNM terus mempelawa LIAM untuk menyertai Siri Jelajah BNM MobileLINK di seluruh Semenanjung Malaysia. Pada siri jelajah tahun ini, BNM membenarkan syarikat ahli untuk mempromosikan dan memasarkan produk kewangan mereka terus kepada pengguna.

Siri jelajah ini merupakan sebahagian daripada dasar inklusif BNM dalam memperluaskan perkhidmatan kewangan ke kawasan yang kurang mendapat pendedahan. Pada tahun ini, siri jelajah ini mendekati komuniti di Pahang ,Negeri Sembilan, Perak, Pulau Pinang, Kelantan dan Terengganu. LIAM juga mengambil bahagian dengan menyediakan gerai maklumat dan produk sambil melayani para pengunjung kaunter.

• Kejohanan Kuiz Perancangan Kewangan Kebangsaan 2013

LIAM merupakan salah sebuah organisasi yang membantu menjayakan acara sulung Kejohanan Kuiz Perancangan Kewangan Kebangsaan anjuran Majlis Perancangan Kewangan Malaysia (MFPC) yang telah diadakan pada 1 hingga 2 Julai 2013 diUniversiti Utara Malaysia (UUM). Kejohanan ini menarik penyertaan 15 buah universiti. Pada kejohanan ini, Universiti Tunku Abdul Rahman (UTAR) muncul sebagai Juara denganmemenangi Piala Kejohanan dan hadiah wang tunai RM6,000.

Kejohanan kuiz ini bertujuan untuk mempromosikan kepentingan perancangan kewangan di kalangan siswazah dan ia disokong oleh Kementerian Kewangan,Kementerian Pendidikan dan Suruhanjaya Sekuriti Malaysia.

KUNJUNGAN HORMAT ANTARABANGSA

• Kunjungan daripada PusatInsurans Iran dan Pusat Penyelidikan Insurans Iran

LIAM menerima kunjungan daripada pengawal selia dari Iran, iaitu Pusat Insurans Iran dan Pusat Penyelidikan Insurans Iran (IRC)

pada 10 Januari 2013. Kunjungan ini diketuai oleh Dr Ghadir Mahdavi, Ketua Pusat Penyelidikan Insurans Iran, dan rombongan ini berada di Kuala Lumpur untuk lawatan sambil belajar ke MII dan BNM.

Delegasi antarabangsa ini diberi taklimat mengenai peranan LIAM, peraturan industri pada masa ini serta pembangunan pasaran insurans di Malaysia.

• Kunjungan daripada Perbadanan Insurans Zanzibar

LIAM menerima kunjungan daripada delegasi Perbadanan Insurans Zanzibar pada 25 April 2013. Di samping mengkaji peranan dan fungsi LIAM dalam industri insurans hayat, delegasi iniberminat mempelajari isu-isu semasa insurans hayat di Malaysia. Delegasi ini diketuai oleh Dr Hamed Rashid Hikman, Pengerusi Lembaga Pengarah, termasuk Ahli Lembaga Pengarah dan Pasukan Pengurusan Perbadanan Insurans Zanzibar.

Semasa kunjungan ini, mereka juga melakukan kunjungan hormat ke BNM, Institut Perbankan dan Kewangan Islam Malaysia (IBFIM), PIAM, Akademi Penyelidikan Syariah Antarabangsa bagi Kewangan Islam (ISRA), Universiti Islam Antarabangsa Malaysia (IIUM) serta beberapa syarikat insurans dan takaful.

• Kunjungan daripada MMIHoldings

Pada 29 April 2013, LIAM menerima kunjungandelegasi dari MMI Holdings, kumpulan perkhidmatan kewangan Afrika Selatan yang ketiga terbesar dan tersenarai di bursa sahamJSE. Kunjungan ini diaturkan oleh The Beijing Axis yang kini menyokong MMI Holdings dalam usaha perisikan pasaran Asia Tenggara/Asia mereka. Teras perniagaan MMI ialah insurans jangka panjang dan jangka pendek, pengurusan aset, simpanan, pelaburan, pentadbiran penjagaan kesihatan dan manfaat pekerja.

MMI telah menyatakan hasrat perjumpaan mereka dengan pihak berkepentingan dalam industri insurans untuk mendapatkan pandanganyang jelas tentang pasaran tempatan dan mengenal pasti peluang perniagaan yang berpotensi. Kajian pasaran mereka juga termasuk pengetahuan tentang hal-hal kawal selia, jualan dan pengedaran, pelanggan dansebagainya.

Delegasi yang diketuai oleh Encik Johann le Roux, Ketua Pegawai Eksekutif MMI, juga menghadiri sesi taklimat dengan BNM, PIAM, MII dan institusi kewangan lain.



• Kunjungan oleh Lembaga Penyeliaan Perniagaan Insurans Myanmar

Pada 9 Mei 2013, LIAM telah mengadakan sesi taklimat kepada Lembaga Penyeliaan Perniagaan Insurans Myanmar (IBSB) yang terdiri daripada Encik Aye Min Thein, Pengerusi, Cik Kyin Htay, Timbalan Pengurus Besar, Cik Hla Hla Mon, Timbalan Pengurus dan Encik Than Tun Oo, Penolong Pengurus. Taklimat ini adalah usaha bersama antara Majlis PerniagaanMalaysian-Myanmar (MMBC) dan Aetins Sdn Bhd untuk mendedahkan IBSB kepada model industri insurans Malaysia di bawah bimbingan BNM. Aetins adalah Syarikat IT MSC yang berpangkalan di Malaysia yang terlibat dalam perniagaan perisian insurans yang juga menaja kunjungan ini. MMBC diwakili olehPresidennya, Encik Gilbert Lee dan AETINS diwakili oleh Encik Vijalapuram Ravindra Mohan, Encik Sandal Sughosh, Cik Florence Yeung dan Encik Imran bin Abdul Shukor.

Kunjungan ini bertujuan untuk mendapatkan pengetahuan tentang pengalaman Malaysia,terutamanya dalam pembangunan, peraturandan penyeliaan industri insurans. Usaha ini adalah selaras dengan liberalisasi sektor insurans Myanmar baru-baru ini. LIAM diwakili oleh Encik Kamaludin Ahmad, Naib PresidenLIAM dan Encik Jens Reisch, Pengerusi Jawatankuasa Promosi Industri LIAM. Mereka berkongsi pendapat tentang operasi LIAM, peraturan, rangka kerja industri serta pembangunan semasa industri ini.

• Kunjungan oleh Dai- ichi Life International Hong Kong

LIAM mengalu-alukan delegasi dari Dai-ichi Life International Hong Kong yang berada di Kuala Lumpur dari 21 hingga 23 Ogos 2013. Semasa kunjungan ini, Encik Vincent Kwo, PresidenLIAM menyampaikan pembentangan tentang LIAM dan peranannya, struktur pasaran semasa serta prestasi industri insurans hayat. Rombongan ini yang terdiri daripada EncikDaisuke Kamata, Pengurus Besar, Encik Takao Sabato, Pengurus dan Encik Ryoji Nitta, Pengurus, juga mengunjungi Great Eastern Life Assurance (Malaysia) Berhad dan Etiqa Insurance Berhad.

KUNJUNGAN MEDIA

LIAM telah mengadakan lawatan media kepejabat akhbar The Sun pada 2 Julai 2013 dan menerima sokongan yang amat menggalakkan daripada syarikat ahli. Rombongan ini diketuai oleh Encik C. Kumaran, Pengurus Besar MCIS Zurich Insurance Berhad, ahli Jawatankuasa Promosi Industri LIAM serta beberapa orang wakil dari syarikat ahli LIAM .

Rombongan LIAM disambut oleh kakitangan utama dari Jabatan Penyuntingan, Jabatan Pengiklanan dan Pemasaran, iaitu Encik Freddie Ng, Pengarah Urusan, Encik Balan Moses, Editor Eksekutif, Cik Kang Siew Li, Editor Perniagaan, Encik Prashun Dutt, Ketua Pegawai Pemasarandan Cik Lee Siew Siew, Pengurus Kanan (Agensi). LIAM dan pegawai-pegawai kanan dari akhbar The Sun telah mengadakan perbincangan terbuka mengenai insurans, penjenamaan, publisiti danberita.

TANGGUNGJAWAB SOSIAL KORPORAT• Hari Insurans dan Takaful 2013/

Dana CSR EAIC

Pengendali insurans dan takaful Malaysia, menerusi jawatankuasa penganjur Kongres Insurans Asia Timur Ke-26 (EAIC), telah bekerjasama untuk meraikan Hari Insurans dan Takaful 2013 pada 9 September 2013. Jawatankuasa penganjur yang terdiri daripada LIAM, PIAM, MTA dan Persatuan Insurans Antarabangsa Labuan (LIIA) telah memberikan sumbangan sebanyak RM100,000 kepada empat pertubuhan amal.

Empat penerima sumbangan ini ialah Pusat Khidmat Masyarakat untuk Golongan Pekak(projek Silent Teddies Café), Kuala Lumpur; Pertubuhan Kebajikan Dan Penjagaan Nur Hidayah, Kuala Lumpur; Pusat Khidmat Masyarakat Orang Asli, Jerantut, Pahang; dan Yayasan Inisiatif Kajian Kanser (CARIF), Kuala Lumpur, dengan setiap satunya menerima sumbangan sebanyak RM25,000.

Ketua-ketua daripada empat Persatuan penganjur, iaitu Presiden LIAM, Encik Vincent Kwo; Pengerusi PIAM, Encik Chua Seck Guan; Pengerusi MTA, Encik Zainudin Ishak dan Pengerusi LIIA, Yang Berbahagia Dato’ Ahmad Farouk Faizi turut hadir sama untuk menyampaikan cek kepada empat penerima sumbangan itu. Hari Insurans dan Takaful 2013 juga turut disaksikan oleh pihak Pengurusan persatuan dan ahli-ahli Majlis.

Objektif Hari Insurans dan Takaful adalah untukmenyebarkan nilai perkongsian, keprihatinan, muhibah dan harmoni dengan membantu pelbagai pertubuhan amal. Pertubuhan amal ini dipilih kerana sumbangan mereka kepada masyrakat dan adalah diharapkan bantuan kewangan ini dapat mendorong mereka meneruskan usaha mulia mereka.

Acara ini merupakan satu inisiatif yang menunjukkan sokongan industri insurans dan takaful kepada pelbagai pertubuhan amal sebagai sebahagian daripada program tanggungjawab sosial tahunannya.



• Kempen Derma Darah LIAM

Sekali lagi pada tahun ini, LIAM telah menganjurkan Kempen Derma Darahnya pada 9 Oktober 2013 di lobi Maju Junction Mall, Jalan Sultan Ismail dari jam 10.00 pagi hingga 5.00 petang. Ini merupakan salah satu program khidmat masyarakat tahunan LIAM yang bertujuan untuk menyelamatkan nyawa melalui kempen menderma darah.

Kempen menderma darah mendapat sokongan yang menggalakkan daripada 16 syarikat ahli LIAM serta orang ramai daripada semua lapisan masyarakat. Kempen selama satu hari ini berjaya mengutip sehingga 97 pek darah untuk Pusat Darah Negara (PDN). Beg cenderahati serta juadah ringan juga disediakan untuk semua penderma darah sebagai tanda penghargaan daripada LIAM dan Pusat Darah Negara.

LAIN-LAIN AKTIVITI

• Pertukaran Pemegang Jawatan

Pada tahun 2013, LIAM telah menganjurkan majlis makan malam penghargaan untuk bekas ahli Jawatankuasa Pengurusannya iaituPresiden LIAM (2011), Encik Din Merican dan ahli-ahli Jawatankuasa Pengurusan, Encik Khor Hock Seng, Yang Berbahagia Dato’ Nirmala Menon dan Encik Muhamad Umar Swift.

Majlis makan malam ini telah diadakan di HotelShangri-La Kuala Lumpur pada 23 Januari 2013 sebagai tanda terima kasih kepada bekas Ahli Jawatankuasa Pengurusan di atas sumbangan dan dedikasi mereka yang cemerlang dalam membangunkan industri ini. Antara tetamunya ialah bekas Presiden dan bekas Naib Presiden LIAM, Ketua-Ketua Pegawai Eksekutif sekarang ini dan kakitangan kanan dari syarikat ahli.

LIAM juga telah menerima berita sedih tentang pemergian Encik Cheong Chee Meng, atau panggilan mesranya Chee Cheong, bekas Ketua Pegawai Eksekutif Zurich Insurance Malaysia Berhad. LIAM ingin merakamkan ucapan takziah kepada keluarga mendiangChee Cheong yang telah meninggal dunia pada 17 September 2013.

• Majlis Makan Malam Tahunan Industri Insurans dan Takaful 2013

Penganjuran perjumpaan tahunan untuk industri pada tahun ini diketuai oleh Persatuan Broker-Broker Insurans dan Takaful Malaysia (MITBA) dan Persatuan Penyelaras Kerugian Malaysia (AMLA) dengan sokongan daripadaLIAM, PIAM dan MII. Ia telah diadakan pada 15 November 2013 di Hotel Shangri-La Kuala Lumpur.

Majlis ini telah diserikan dengan kehadiranYang Berbahagia Dato’ Muhammad Ibrahim, Timbalan Gabenor BNM. Dalam ucapannya pada majlis makan malam ini, Yang Berbahagia Dato’ Muhammad menyebut tentang Kertas Konsep Rangka Kerja Insurans Hayat dan Takaful Keluarga dan Akta Perkhidmatan Kewangan 2013.

KESIMPULANJawatankuasa Pengurusan ingin merakamkan rasa penghargaan dan terima kasih kepada semua syarikat ahli di atas sokongan dan penyertaan mereka dalam aktiviti dan projek LIAM.

Dalam menjalankan lebih banyak inisiatif yang mencabar pada bulan-bulan akan datang, kami mengharapkan komitmen yang tidak berbelah bahagi daripada syarikat ahli demi memastikan kejayaan daya usaha ini yang akhirnya akan memberi manfaat kepada pengguna dan menggalakkan lagi pertumbuhan industri ini.

Performance of the Life Insurance Industry 35

MALAYSIAN ECONOMYMalaysian economy grew 4.7% in the year of 2013 amid an environment of modest globalgrowth. The quarterly GDP growth rates were 4.1%, 4.4%, 5.0% and 5.1%. The correspondingquarterly growth rates in 2012 were 5.1%, 5.6%, 5.3% and 6.5%. Growth in the services sectorin the 4th quarter improved to 6.4% (3Q 2013: 5.9%), slightly outperforming the overalleconomy. The growth was supported by the improving performance of trade andmanufacturing activities. Growth in finance and insurance remained weak at 0.6% in the 4thquarter (3Q 2013: 1.0%), as the improvement in net interest income for the banking sectorwas partly offset by the weak performance in the insurance segment.

Domestic demand remained the anchor for growth, expanding by 6.4% in 4Q (3Q 2013: 8.3%).Private sector activity grew further, as reflected by robust private investment growth andcontinued expansion in private consumption. Public sector spending, however, moderateddue to slower public consumption and declining investment growth.

The headline inflation rate, as measured by annual change in the Consumer Price Index (CPI),increased to 3.0% in the fourth quarter of 2013 (3Q 2013: 2.2%), reflecting the upwardadjustment of prices of petroleum products and sugar, and the increase in excise duty ontobacco. Supply disruptions following adverse weather conditions also led to the higher foodprices. The Producer Price Index (PPI) turned around to increase to 2.2% on an annual basis inthe fourth quarter (3Q 2013: -2.3%). Prices of the local components of the PPI rose by 3.4%(3Q 2013: -2.9%) while prices of the imported components declined by 0.5%.

The overnight policy rate (OPR) remained unchanged at 3.00% during the fourth quarter of 2013,which is at a level that is highly supportive of economic activity. The ringgit and most otherregional currencies depreciated against the US dollar as the anticipation and eventualannouncement of a scale-back of monetary injections by the Fed resulted in outflows offunds from regional financial markets. The performance of ringgit against regional currencieswas mixed.

The International Monetary Fund has moderately adjusted upward its projection on worldGDP growth for 2014 to 3.7% in anticipation of recovery in the advanced economies. Strongerexternal demand from advanced economies is expected to lift growth in the developingeconomies although domestic weaknesses remain a concern. The economies in DevelopingAsia are expected to continue to outgrow the world economy and are projected by IMF togrow at 6.8% on average in 2014. The Malaysian economy is expected to grow at 5 to 5.5%in 2014 supported by firmer external demand and offset by a moderating but resilientdomestic demand. With inflation edging upward in recent months and the fiscal structuraladjustment and consolidation process to lower overall balance of Federal Governmentfinance, consumer and business sentiments however remain low and consumers areincreasingly cautious in their spending. Amid an environment of moderate growth andweakened consumer sentiments, the life insurance industry is forecast to achieve a moderategrowth of 4 to 7% in 2014.

1. Economic and Financial Developments in the Malaysian Economy in the Fourth Quarter of 2013, BNM.2. Malaysian Economic Outlook – Malaysian Institute of Economic Research3. Analysts’ Forecast of Malaysia’s 2014 GDP - Bernama4. World Economic Outlook Update (January 2014), International Monetary Fund

References:

Performance of theLife Insurance Industry


36 Performance of the Life Insurance Industry


The life insurance industry in 2013 in aggregate provided a higher insurance protection to thepublic with 3.7% higher claims amount, 14.2% higher payout in maturity and cash surrender valuesand 6.7% higher insurance coverage.

Claims paid in 2013 amounted to RM6.9 billion in various types of claims including death, disability,medical and cash bonuses, 3.7% higher than the corresponding amount of RM6.7 billion a yearearlier. (Table1)

In addition, RM8.6 billion was paid in maturity amount and cash surrender values in 2013, 14.2%higher than the corresponding figure of RM7.5 billion in 2012. The increase was mainly due tofluctuation in maturity payment which was dependent on the term of the policies. (Table 2)

In aggregate, the life insurance industry provided cover amounting to RM1.09 trillion in sum assuredfor all policies combined in 2013. The amount was 6.7% higher than the corresponding figure ofRM1.02 trillion in 2012. (Table 3)

The sum assured per capita in 2013 increased slightly to RM36,387 from RM34,609 in 2012. (Table 4)

LIFE INSURANCE BUSINESS

Insurance Protection

Benefit

135,082,854

20.1%

3.7%

1.1%

2012 2013

-25.2%

962,654,835

2,476,970,475

1,152,509,466

6,697,168,891

1,969,951,261

140,118,897

974,455,695

2,973,936,097

862,168,593

6,942,188,896

1,991,509,614

5,036,043

11,800,860

496,965,622

(290,340,873)

245,020,005

21,558,353

1.2%

Difference Growth

Death

Disability

Medical

Bonuses

Others

TOTAL

Benefit

4,225,482,767 0.4%

2012 2013

14.2%

3,323,048,272

7,548,531,039

4,243,571,193

4,375,094,837

8,618,666,030

18,088,426

1,052,046,565

1,070,134,991

31.7%

Difference Growth

Maturity / VestingSurrenders / Cancellation ofunits

TOTAL

3.7%

Type

248,305,252,495 14.6%

2012 2013

6.7%

369,580,838,848

1,021,577,999,248

284,679,163,295

361,371,434,382

1,089,697,488,525

36,373,910,800

403,691,907,905 9.9%443,646,890,848 39,954,982,943

(8,209,404,466)

68,119,489,277

-2.2%

Difference Growth

TraditionalInvestment-LinkedGroup

TOTAL

(Table 3)

(Table 2)

(Table1)



The total premium for in-force policies continued to grow strongly at 12.8% in 2013 for individualand group policies combined. For individual annualised premium policies, the growth camemainly from investment-linked business which grew at 14.8% while for individual single premiumpolicies, traditional business enjoyed a relatively stronger growth than investment-linked(26.5% vs 8.8%).

In absolute terms, the individual in-force block continues to be dominated by traditional businesswith RM16.4 billion as compared with RM9.5 billion of investment-linked business. The gap betweentraditional and investment-linked in-force block has however narrowed to RM6.9 billion in 2013from RM7.3 billion in 2012.

Group insurance recorded a strong growth in in-force premiums in year 2013 especially in SinglePremiums (both YRT and Others) category. (Table 5)

In-Force Policies January – December 2013

RM Million

15,674 16,424

14,896 15,441

777 983

4.8%

3.7%

26.5%

2012 2013 Growth

TOTAL

Individual-Traditional

- Annualised Premiums

- Single Premiums

8,321 9,529

7,973 9,150

348 37814.5%

14.8%

8.8%

Individual-Investment-linked


- Single Premiums

89 124

6 43

84 8139.0%

675.3%

-3.2%

Individual-Annuity


- Single Premiums

921 2,087

75 80

46 99126.7%

7.2%

115.4%

25,125 28,3431,041 2,266

12.8%117.7%

Group


- Single Premiums (YRT)

- Single Premiums (Others)

(Source: Life Insurance Association of Malaysia [LIAM])

(Source: Life Insurance Association of Malaysia [LIAM], Department of Statistics, Malaysia- for population)

-TOTALTOTAL (Individual + Group)

Sum Insured per Capita29,517,700

2012 2013

1,021,577,999,248

29,947,600

1,089,697,488,525

34,609 36,387

Total Sum InsuredPopulation

TOTAL

TOTAL

(Table 5)

(Table 4)



The life insurance industry in Malaysia remained stable with a small negative growth of 0.2% in 2013,as measured by new business total premium (single premium plus annualised premium). The newbusiness total premium in 2013 was RM8.19 billion, as compared to RM8.20 billion in 2012. (Table 6)

New Business January – December 2013

Group insurance business grew strongly at 8.5%. In terms of individual business, investment-linkedpolicies continued to outpace traditional policies with the former growing at 0.6% while the latterdeclined 9.8%. (Table 6)

If we ignore single premium business, investment-linked business has also overtaken traditionalbusiness to be the customers’ preferred choice. Investment-linked annualised premium clockedin RM2.2 billion in 2013 while traditional annualised premium was at a lower amount of RM1.8billion. Traditional to investment-linked business mix as at 31 December 2013 was 44.8%:55.2% ascompared with 51.6%:48.4% a year earlier. (Table 7)

(Source: Life Insurance Association of Malaysia [LIAM])

Total PremiumRM Billion

3.24

-9.8%

0.6%

2012 2013January to December

8.5%

-0.2%

2.48

2.49

3.26

2.23

2.70

Growth

Individual-Traditional-Investment-LinkedGroup

TOTAL 8.20 8.19

Annualised PremiumRM Million

44.8%

2012January to December Mix (January to December)

20122013 2013

100.0%

55.2%

51.6%

100.0%-2.7%4,0194,130

48.4%

Growth

Individual-Traditional-Investment-Linked

2,1331,998

1,8002,218

-15.6%11.0%

TOTAL(Table 7)

(Table 6)



Sums Insured

Total Business In Force New Business

New Business : Total Premiums

Sums Insured (RM million)

New Business

0 1 2 3 4 5 6 7 8 9 10 11x 100000

2012

2011

2010

2009

2008

Year

219,066.9771,274.8

239,605.9791,360.8

274,776.8881,935.9

287,073.9

290,420.2

6,600 6,800 7,000 7,200 7,400 7,600 7,800 8,000 8,200 8,400 8,600

2012

201120102009

2008

Year

Total Premiums (RM million)

7,234.77,544.4

8,397.07,913.7

8,200.9

1,021,907.0

917,121.0

LIFE INSURANCE BUSINESS (2008 - 2012)

0 2 4 6 8 10 12 14Millions

Number of Policies

2012

2011

2010

2009

2008

Total Business In Force New Business

Year

1,585,84611,522,202

11,809,112

12,145,5201,502,110

12,203,1081,488,512

12,076,909

1,387,724

Units

(Source: Bank Negara Malaysia (Annual Insurance Statistics 2012)

1,426,280



Total Business In Force: Annual Premiums

Total Business In Force

0.0 5.0 10.0 15.0 20.0 25.0

2008200920102011

2012

Thousands

Year

15,446.417,347.4

19,295.720,664.7

23,076.4

Annual Premiums (RM million)


Income

2011 (RM million) 2012 (RM million)

Total : RM 33,058.2 million Total : RM 37,479.8 million

Premium Income22,815.8 (69.0%)

Premium Income24,902.5 (66.4%)

Net investmentincome6,701.6 (17.9%)

Net investmentincome6,037.5 (18.3%)

Profit on sale of assetsand miscellaneousincome5,875.7 (15.7%)

Profit on sale of assetsand miscellaneousincome4,204.9 (12.7%)



Outgo (Expenditure)

Assets of Life Insurance Funds



Total : RM 21,511.5 million Total : RM 21,545.1 million

Net policy benefits13,994.3 (65.1%)

Net policy benefits14,303.1 (66.4%)

Agency Remuneration3,360.3 (15.6%)

Agency Remuneration3,528.4 (16.4%)

Management Expenses2,088.9 (9.7%)

Management Expenses2,283.7 (10.6%)

Loss on disposal ofassets and other outgo2,068.0 (9.6%)

Loss on disposal ofassets and other outgo1,429.8 (6.6%)


Property, plant andequipment1,640.2

Loans10,900.2

Investments114,346.0

Investmentproperties2,291.3

Cash and deposits15,344.3

Other assets2,639.5

Foreign assets4,768.3

Investmentproperties2,317.9

Cash and deposits12,232.3

Other assets3,026.4

Foreign assets4,789.3

Investments131,769.2

LOANS(RM 10,900.2 million) comprised:- Mortgages- Policy- Others

INVESTMENTS(RM 114,346 million) comprised:- Malaysia Government papers/ guaranteed loans- Corporate/ debt securities- Others

LOANS(RM 11,586.8 million) comprised:- Mortgages- Policy- Others

INVESTMENTS(RM 131,769.2 million) comprised:- Malaysia Government papers/ guaranteed loans- Corporate/ debt securities- Others

Loans11,586.8

Property, plant andequipment1,608.5

Total : 151,929.8 million Total : 167,330.3 million

Members of LIAM


42 Members of LIAM

Allianz Life Insurance Malaysia BerhadSuite 3A-15, Level 15Block 3A, Plaza SentralJalan Stesen Sentral 5Kuala Lumpur Sentral 50470 Kuala LumpurTelephone No : 03-2264 1188/ 2264 0688 Fax No : 03-2264 1199E-mail : [email protected]://www.allianz.com.mywww.facebook.com/AllianzMalaysia

AIA Bhd.Menara AIA99 Jalan Ampang50450 Kuala LumpurTelephone No : 03-2056 1111 Fax No : 03-2056 3791Care Line : 1300 88 1899E-mail : [email protected]://www.aia.com.my

AmLife Insurance BerhadLevel 19, Bangunan AmAssuranceNo. 1 Jalan Lumut50400 Kuala LumpurTelephone No : 1300 88 8800 Fax No : 03-2171 3000E-mail : [email protected]://www.amassurance.com.my

AXA AFFIN Life Insurance Berhad8th Floor Chulan Tower3 Jalan Conlay50450 Kuala LumpurTelephone No : 03-2117 6688/ 1300 88 1616Fax No : 03-2117 6768Email: [email protected]://www.axa-affin.com

Etiqa Insurance BerhadLevel 19, Tower CDataran MaybankNo. 1, Jalan Maarof59000 Kuala LumpurTelephone No : 03-2297 3888 Fax No : 03-2297 3800Oneline Contact Centre:1-300-13-8888Email: [email protected]://www.etiqa.com.my

Great Eastern Life Assurance(Malaysia) BerhadMenara Great Eastern 303 Jalan Ampang50450 Kuala LumpurTelephone No : 03-4259 8888 Fax No : 03-4259 8000Email : [email protected]://www.greateasternlife.com

Members of LIAM

Members of LIAM 43


Manulife Insurance Berhad16th Floor, Menara Manulife6, Jalan GelenggangDamansara Heights50490 Kuala LumpurTelephone No : 03-2719 9228 Fax No : 03-2096 2121/ 03-2095 3804Customer Care : 1300 13 2323http://www.manulife.com.my

MCIS ZURICH Insurance BerhadWisma MCIS ZURICH, Jalan Barat46200 Petaling Jaya, SelangorTelephone No : 03-7955 2577 Fax No : 03-7957 5964/ 7652 3399Customer Contact Centre : 03-7652 3388E-mail : [email protected]://www.mciszurich.com.my

Prudential Assurance Malaysia BerhadLevel 17, Menara Prudential10, Jalan Sultan Ismail50250 Kuala LumpurTelephone No : 03-2031 8228 Fax No : 03-2032 3939Customer Service : 03-2116 0228E-mail : [email protected]://www.prudential.com.my

Hannover Rueck SE, Malaysian BranchSuite 31-1, 31st FloorWisma UOA IINo. 21, Jalan Pinang50450 Kuala LumpurTelephone No : 03-2687 3600Fax No : 03-2687 3760/ 2687 3762http://www.hannover-re.com

Hong Leong Assurance BerhadLevel 3, Tower B, PJ City DevelopmentNo. 15A Jalan 219, Seksyen 51A46100 Petaling Jaya, Selangor Darul EhsanTelephone No : 03-7650 1818 Fax No : 03-7650 1991Customer Service Hotline : 03-7650 1288Customer Service Hotfax : 03-7650 1299http://www.hla.com.my

Malaysian Life Reinsurance Group BerhadUnit 39-A-6, Level 39Tower A, Menara UOA BangsarNo. 5, Jalan Bangsar Utama 159000 Kuala LumpurTelephone No : 03-2780 6611 Fax No : 03-2780 6622Email: [email protected]

44 Members of LIAM

Sun Life Malaysia Assurance Berhad(formerly known as CIMB Aviva Assurance Berhad)338, Jalan Tuanku Abdul Rahman50100 Kuala LumpurTelephone No : 03-2612 3600 Fax No : 03-2698 7035Customer Careline: 1300 88 5055Email: [email protected]://www.sunlifemalaysia.com

Tokio Marine Life Insurance Malaysia Bhd.Ground Floor, Menara Tokio Marine Life189, Jalan Tun Razak50400 Kuala LumpurTelephone No : 03-2059 6188 Fax No : 03-2162 8068E-mail : [email protected]://www.tokiomarinelife.com.my

Members of LIAM


Uni.Asia Life Assurance Berhad8th Floor, Bangunan Uni.Asia 16 Jalan Tun Tan Siew Sin 50050 Kuala LumpurTelephone No : 03-2687 2000 Fax No : 03-2031 4689Customer Service Hotline : 03-2687 2020Customer Service Fax : 03-2026 6097E-mail : [email protected]://www.uniasialife.com.my

Zurich Insurance Malaysia Berhad11th Floor, Menara ZurichNo. 12, Jalan Dewan Bahasa50460 Kuala LumpurTelephone No : 03-2146 8000 Fax No : 03-2142 5489 Call Centre : 1300 888 622/ 03-2146 9999 Email : [email protected]://www.zurich.com.my

LIFE INSURANCE ASSOCIATION OF MALAYSIANo. 4, Lorong Medan Tuanku Satu, Medan Tuanku, 50300 Kuala Lumpur, Malaysia.

Tel : 603 2691 6168 / 2691 6628 / 2691 8068 Fax : 603 2691 7978Website : www.liam.org.my Email : [email protected]

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