Operating Cost Controls for General Insurance and Takaful Business

29 Jun 2023 | Thursday

Changes in customer preferences, and the emergence of new intermediaries and/or disruptors that leverage on technological innovation, are reshaping the way licensed persons are carrying on their general insurance and general takaful businesses. As part of the Bank’s efforts to promote a financial sector that continues to deliver value to customers, the operating cost control requirements aim to achieve the following objectives to:

(a) facilitate a dynamic and responsive marketplace that meets the evolving needs of customers;

(b) foster healthy competition in the general insurance or takaful sector to enable customers to receive the best products and services for their needs, including appropriate sales advice; and

(c) ensure all intermediaries adopt high standard of professionalism, while being remunerated appropriately for their efforts and performance.