With the aim of promoting effective governance and the fair management of participating life policy business, on 7 November 2014 Bank Negara Malaysia (BNM) issued a concept paper on the ‘Management of Participating Life Policy Business’ for public consultation. This paper was drafted to provide greater clarity on BNM’s expectations regarding the management of participating business, setting roles and responsibilities of various key stakeholders (the board, senior management, and appointed actuary) as well as the key requirements in important areas such as bonus revisions, transparency, and disclosure. The proposed new requirements include the implementation and establishment of a ‘management of participating life business policy’ (MPB policy). This e-Alert provides a summary of the key points proposed in the concept paper.
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Malaysia: Concept paper on management of participating life policy business
Concept paper provides details on participating business, roles of stakeholders, transparency and disclosure requirements, and more.