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Regulatory & Industry Structure of Insurance and Takaful, Penalty Sch…
- Regulatory & Industry Structure of Insurance and Takaful
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National Shariah Advisory Council & Shariah Committee
2 tier of Shariah Framework
- BNM National Shariah Advisory Council
- authorities body on shariah related matters to Islamic Finance and Takaful
- Shariah Committee
- internal governance to ensure compliance
Securities' Commission
- must comply if have any Investment Link Takaful products
Industry Associations
4. Malaysia Takaful Association (MTA)
- Improve industry self regulation through uniformity in market practice and promote higher corporation amongst industry player
5. Persatuan Insurans Am Malaysia (PIAM)
- promote sound insurance and takaful industry
3. Takaful intermediaries and adjusters
- provide supporting role
- Agent : marketing and servicing, in return get commission
- Brokers: act on behalf of consumers to place application for coverage with an appropriate takaful operator and receive brokerage fee
- Bankatakaful : marketing thru banks' distribution channel
- Adjusters : Investigate claim, evaluate loss, make recommendation
6. Insurance Brokers Association of Malaysia (IBAM)
- safeguard interest of brokers
2. Retakaful Companies
- underwrite takaful biz from takaful operators
9. Islamic Banking and Finance Institute Malaysia (AIBIM)
- provide training and education, advisory, consultancy, research in Islamic finance to meet industry technical needs
1. Takaful Operators
- underwrite takaful biz and act as the admin of fund on behalf of participants
7. Association of Malaysia Loss Adjuster (AMLA)
- promote, develop, sound loss adjusting
8. Malaysia Takaful Association (MTA)
- improve industry self regulator thru uniformity in market practice and promote corporation amongst industry player
10. International Centre for Leadership in Finance (ICLIF)
- Provide leadership program to top mgmt, spearhead world-class leadership
Consumer Protection
- profit sharing contract
- loss to be born by policy holder
- various takaful model adopted
- surplus sharing
- treatment of expenses
- shariah compliant investment
- non guaranteed benefits
Prohibited biz conduct
- misleading or deceptive conduct
- inducing a customer
- exerting under pressure
- demanding payments
- collusion with others
Penalty Sch 7, FSA / IFSA
- prison not exceeds 5yrs
- fine not exceeds 10m
Misselling
- guaranteed return
- saving ac, free coverage
- better return
- full refund anytime
- appoint sub agent
- cash payout to but new cert
- replacement of cert