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BNM Introduces Flexible Pricing For Motor Insurance

KUALA LUMPUR, April 21 (Bernama) -- Bank Negara Malaysia (BNM) will further liberalise the motor insurance tariff by introducing a flexible pricing for motor comprehensive and motor third-party fire and theft insurance products effective July 1, 2017.

The premium for motor third party product, however, would continue to be subjected to tariff rates.

Assistant Governor, Jessica Chew, said the move would follow the first phase of motor and fire tariff liberalisation introduced on July 1 last year, which saw insurers and takaful operators given the flexibility to offer new motor products and add-on covers that were not defined under the existing tariff of that time.....