Bank Negara Malaysia Releases a New Bancassurance and Bancatakaful Policy Document
August 03, 2022
Bank Negara Malaysia (BNM) issued a policy document on Bancassurance and Bancatakaful on the 30th of June 2022 which outlines the requirements and guidelines for Bancassurance and Bancatakaful arrangements.
Why it Matters?
The policy document will go into effect on the 1st of January 2023, except paragraphs 9.12 to 9.14 which will take effect right away on the date it is issued. This is applicable to licensed insurers, licensed banks and licensed investment banks under the Financial Services Act 2013, licensed Takaful operators and licensed Islamic banks under the Islamic Financial Services Act 2013, and prescribed institutions under the Development Financial Institutions Act 2002 (Financial Service Providers).