LIST OF INSURANCE COMPANIES LOGOS IN MALAYSIA
Malaysia, Asia – World Insurance Companies LogosAsia – Logo Syarikat Insurans di seluruh Dunia. The graphic mark of a company is synonymous with its brand. In insurance, a logo is immediately recognizable and enables the client to associate the company with the useful qualities such as trust, fair price, and numerous other essential questions on the task of finding the best assurance.
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LIST OF INSURANCE LOGOS WITH NAMES IN MALAYSIAN
List of Insurance logos with names in Malaysia. Click on each logo for much vital information to select the best insurer.
MALAYSIAN INSURANCE REGULATOR
As part of the new motor cover framework for addressing the structural issues within the motor insurance sector, Bank Negara Malaysia has announced measures it hopes will improve the claims settlement process and the implementation of gradual premium adjustments.
These were first unveiled in March last year.
In a statement, it said: “In ensuring that the public has access to motor insurance at reasonable premiums, several immediate measures were introduced in May 2011.
“Among the measures undertaken include ensuring that the public would be able to obtain motor cover from the Malaysian Motor Insurance Pool from any general insurer or their branches as well as from any POs Malaysia branch nationwide.”
To ensure the successful implementation of the identified improvement measures under the framework, a joint working committee was established in April 2011, comprising representatives from key Government ministries, the insurance and Takaful industry, consumer and transport groups as well as the Malaysian Bar Council.
Bank Negara claims several enhancement measures already implemented have resulted in the enhanced efficiency of the claims settlement process, with the fastest turnaround time for claims of personal injury, especially in cases that were settled via court mediation.
Further measures to enhance efficiency include the referrals to the compendium of personal injury awards by judges in awarding compensation for personal injury as well as the enforcement of timelines for obtaining police and medical reports.
Other measures for the implementation of further efficiency enhancements include the introduction of a motor insurance claims kit to expedite notification of an accident and claims as well as the establishment of a nationwide 24-hour call center to provide immediate roadside assistance to accident victims in the first quarter of 2012.
As part of the framework, the gradual revision in the motor tariff premium rates will be implemented effective from 16 January 2012. It will be the first to be undertaken after non-revision for more than 30 years.
Over the duration, the levels of car ownership, accident rate and claims in Malaysia have risen significantly. In addition, hospitalization costs, medical expenses and costs of vehicle repairs and spare parts have also increased, Bank Negara said.
“The premium adjustment is in small quantum and to be implemented gradually over a period of four years. The implication on the members of the public and businesses will be marginal,” it added in a statement.
Bank Negara has insisted the adjustment in the motor tariff premium rates will be reviewed periodically to ensure that the adjusted premium rates continue to be reflective of the claims experience.
The framework will also pave the way for de-tariffing of the motor insurance premiums in 2016, in which premium rates will be further differentiated in accordance with the risk profile of individual vehicles and fairer to vehicle owners as those with good claims experience would enjoy much better premium rates than those with a higher risk profile.
“To ensure that members of the public are aware and able to benefit from the framework, particularly on the enhancements to the motor claims settlement process, Bank Negara Malaysia and the insurance industry will continue to provide information to the public on motor insurance issues through the consumer awareness and outreach programs that are currently in place,” Bank Negara concluded.
Bank Negara was established on 26 January 1959 under the Central Bank of Malaysia Act 1958 (CBA 1958). The CBA 1958 has been repealed by the Central Bank of Malaysia Act 2009 which became effective on 25 November 2009.
It is a statutory body wholly owned by the Government of Malaysia with the paid-up capital progressively increased, currently at RM100 million. The Bank reports to the Minister of Finance, Malaysia and keeps the Minister informed of matters pertaining to monetary and financial sector policies.
From Insurance Insight
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