Insurance Organisations
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gives you a quick guide to the history, nature, legislation, functions and organisations of insurance in Malaysia
Insurance organisations
There are several insurance organisations and associations in Malaysia that help to regulate the insurance industry:-
  1. LIFE INSURANCE ASSOCIATION OF MALAYSIA (LIAM) - The LIAM is the representative body of all the life insurance companies in Malaysia. The main aim of the Association is to enhance and upgrade the image of the industry and to promote the establishment of a sound insurance structure. The Association also promotes and represents the interest of its members in dealings with the government, the public and international insurance organisations.

  2. NATIONAL ASSOCIATION OF MALAYSIA LIFE INSURANCE AGENTS (NAMLIA) - The NAMLIA was formed in 1976. It is an organisation which caters for life insurance agents. The basic aim of NAMLIA is to promote an understanding of life insurance and to upgrade and enhance the image and professionalism of its members.

  3. THE ACTUARIAL SOCIETY OF MALAYSIA (ASM) - The ASM was registered in 1978. In brief, the object of the Association is to promote the study and publication of the economic, actuarial and other matters related to insurance, finance and investments with reference to Malaysia. Any person with a keen interest in the actuarial profession may apply for admission to the Association.

  4. THE MALAYSIAN INSURANCE INSTITUTE (MII) - The MII is a non-profit organisation set up in 1985 through the merger of Pusat Latihan Insuran and the Insurance Institute of Malaysia. It operates on funds received from various bodies in the insurance industry and some of its own funds generated through seminars, lectures etc. Some of the objectives of MII, include the development and improvement of educational programmes, training, publication etc.

  5. PERSATUAN INSURAN AM MALAYSIA (PIAM) - Under the provisions of the Insurance Act 1963, all general insurers are required to be members of an association of insurers approved by the Minister. PIAM is the association of general insurers which has been approved for the above purpose; hence membership is compulsory for all general insurers. The main objectives of PIAM are i) to establish a sound general insurance structure in Malaysia, ii) to collect and circulate information and statistics relating to the general insurance business, iii) to make rules, regulations, tariffs and by-laws, in consultation with the Director General of Insurance (DGI) for implementation by the members, iv) to manage the Unplaced Motor Pool and Fire Protection Association, and v) to assist in whatever way within its capacity to reduce losses and/or accidents, and in crime prevention.

  6. THE MOTOR INSURER'S BUREAU (MIB) - The MIB was incorporated on 24 October 1967 as a company limited by guarantee under the Company's Act 1965. The objectives of the MIB are i) to ensure as far as possible that Part IV of the RTO 1958 or any amendments shall be just and equitable and the objective be achieved to the fullest possible extent, ii) to administer jointly with the government, the Insurance Guarantee Scheme Fund in respect of insolvent insurers, iii) to make compassionate payments or allowances to persons injured or to dependents of persons killed through the use of motor vehicles, and iv) to make calls or impose levies upon its members to enable the bureau to discharge its obligations.

  7. THE ASSOCIATION OF MALAYSIAN LOSS ADJUSTERS (AMLA) - The AMLA (1981) is the association of loss adjusters approved by the Minister and is registered as a society under the new Section II of the Societies Act 1966. The membership of the association is on corporate basis, ie. it is confined to companies carrying on the business of loss adjusting in Malaysia. Section 20C (1) of the Insurance Act 1963 requires that no person shall act or hold himself out as an adjuster unless he is the holder of a licence granted by the DGI and is a member of an association of adjusters approved by the Minister of Finance. The following are exempt from the ruling: i) advocates and solicitors and other professionals who act or assist in adjusting insurance claims incidental to the practice of their professions, ii) adjusters of maritime losses, and iii) employees of insurance companies who, in the course of their employment, act or assist in adjusting insurance claims but who do not hold themselves out as adjusters. The main objectives of AMLA are as follows: i) the promotion of the establishment of a sound loss adjusting structure in Malaysia in co-operation and consultation with the DGI, ii) the promotion and representation of the interests of members in or connected with Malaysia by all means and methods consistent with the laws and Constitution of Malaysia, iii) co-operation with other similar associations elsewhere in the world, iv) circulation of information likely to be of interest to members and to collate and publish statistics and any other relevant information relating to loss adjusting, and v) work in conjunction with any legal body or association or any similar body appointed or to be appointed for the consideration, framing, amendment or alteration of any law relating to loss adjusting.

  8. INSURANCE BROKERS ASSOCIATION OF MALAYSIA (IBAM) - The IBAM is a trade or professional society established to protect the interests of insurance brokers. It is a society registered under the Societies Act 1966, with membership drawn from insurance broking companies licensed by the DGI under Section 20 (B) of the Insurance Act. With effect from 1 January 1984, membership of IBAM was made mandatory for all licensed brokers as provided in the 1983 amendments to the Insurance Act 1963. The main objectives of IBAM are i) to promote and establish a sound insurance broking structure in Malaysia in co-operation and consultation with the DGI, ii) to promote and represent the interests of members in or connected with Malaysia, iii) to note events, statements and expressions of opinion affecting members, to advise them thereon and to represent their interests by expression of views thereon on their behalf as may be deemed necessary and expedient, iv) to co-operate with other similar associations elsewhere in the world, and v) to work in conjunction with any legal body or association or any similar body appointed or to be appointed for the consideration, framing, amendment or alteration of any law relating to insurance.

 

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