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Policy Documents on Management of Insurance Funds and Management of Participating Life Business to be replaced from 1 July 2024

24 July 2023

Bank Negara Malaysia (“BNM”) issued a new Policy Document on Management of Insurance Funds (“New Insurance Funds Policy Document”) and a new Policy Document on Management of Participating Life Business (“New Participating Business Policy Document”) on 7 and 10 July 2023 respectively.
 
The New Insurance Funds Policy Document will apply to all insurers licensed under the Financial Services Act 2013 (“licensed insurers”) whilst the New Participating Business Policy Document will apply to licensed insurers which carry on participating life business1.
 
The New Insurance Funds Policy Document will supersede the existing Policy Document on Management of Insurance Funds2 issued by BNM on 17 December 2018 and the New Participating Business Policy Document will supersede the existing Policy Document on Management of Participating Life Business3 issued by BNM on 15 July 2015 with effect from 1 July 2024.
 
 
Alert by Faith Chan (Associate) of the Corporate Practice of Skrine.
 
 
 
1 The requirements in paragraphs 14.1 to 14.35 of the New Participating Business Policy Document will only apply to licensed insurers with estate in the participating life fund.
2 This Policy Document came into effect on 30 June 2013 (see paragraph 4.1 of the Policy Document).
3 This link on BNM’s website remains non-functional as at 3.00 p.m. on the date of this Alert.

This alert contains general information only. It does not constitute legal advice nor an expression of legal opinion and should not be relied upon as such. For further information, kindly contact skrine@skrine.com.

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