Bank Negara Malaysia Releases Exposure Draft of Bancassurance/Bancatakaful Policy

On the 30th of August 2021, Bank Negara Malaysia (BNM) released an exposure draft of the Policy Document on Bancassurance/ Bancatakaful (Policy Document).

Why it Matters?

BNM has set a deadline of the 30th of September 2021 for receiving feedback on the Policy Document. The Policy Document 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 to prescribed institutions under the Development Financial Institutions Act 2002 (Financial Service Providers). The Policy Document refers to the distribution or marketing arrangement or agreement with the above-mentioned licensed entities, inv...