ID :
209364
Mon, 09/26/2011 - 08:14
Auther :
Shortlink :
https://oananews.org//node/209364
The shortlink copeid
MALYSIAN INSURANCE BODIES FORM JOINT INSURANCE-TAKAFUL COUNCIL
KUALA LUMPUR, Sept 26 (Bernama) -- Three insurance associations have entered into an agreement to form the Joint Insurance-Takaful Council (JITC), marking another milestone for the development of the insurance and takaful sectors in Malaysia.
The Persatuan Insurans Am Malaysia (PIAM), the Life Insurance Association of Malaysia (LIAM) and Malaysian Takaful Association (MTA) in a joint statement on Monday said the move would further liberalise and harmonise the financial services sector as well as promote self-regulation of the industry.
The JITC will pave the way for a unified approach to ensure consistency in rules, regulations and guidelines across the three sectors and resolve inter-sector complaints or disputes amicably, the statement said, adding each association would be represented by three nominees in the JITC.
PIAM, LIAM and MTA are the foremost associations representing member companies in the general insurance, life insurance and takaful sectors respectively.
The Persatuan Insurans Am Malaysia (PIAM), the Life Insurance Association of Malaysia (LIAM) and Malaysian Takaful Association (MTA) in a joint statement on Monday said the move would further liberalise and harmonise the financial services sector as well as promote self-regulation of the industry.
The JITC will pave the way for a unified approach to ensure consistency in rules, regulations and guidelines across the three sectors and resolve inter-sector complaints or disputes amicably, the statement said, adding each association would be represented by three nominees in the JITC.
PIAM, LIAM and MTA are the foremost associations representing member companies in the general insurance, life insurance and takaful sectors respectively.
