Bank Negara revises Policy Document on Registration Procedures and Requirements on Professionalism of Adjusters

18 September 2025

1. a person who is registered to carry on adjusting business¹ under section 18(1) of the Financial Services Act 2013 (“registered adjuster”);
2. shareholders of a registered adjuster; and
3. a person intending to carry on adjusting business. 

1. the procedures for the registration as a registered adjuster;
2. the fit and proper requirements relating to the shareholders and key responsible persons² of a registered adjuster;
3. roles and responsibilities of the board and senior management of a registered adjuster;
4. business conduct requirements applicable to a registered adjuster; and
5. notification requirements on prescribed matters. 

1. Definition of “adjusting employee” 
   The definition of “adjusting employee” has been amended by adding the requirement that such employee must be employed by a registered adjuster on a full-time basis. 

2. Fit and proper requirements relating to registered adjusters

1. A registered adjuster shall ensure that its shareholders and key responsible persons: 

• have not been convicted of any offence under the Financial Services Act 2013 or any offence involving fraud or dishonesty under any other written law;
• have not been an undischarged bankrupt;
• have not been in the process of being wound up, or been wound up or otherwise dissolved; and
• have not suspended payments and have not compounded with his creditors within or outside Malaysia. 

2. The key responsible persons of a registered adjuster shall comply with the following: 

• have not engaged in any business practices which are deceitful, oppressive or otherwise improper (whether unlawful or not), or which otherwise reflect discredit on his professional conduct;
• have not contravened any of the requirements, standards or any direction issued by a regulatory body, a professional body, the Malaysian Government or its agencies;
• have not been involved in the management or operation of a company whose licence, approval or registration has been revoked or has been refused a licence, approval or registration by BNM;
• have not become the subject of any proceedings of a disciplinary or criminal nature, and have not been notified of any impending investigation, which might lead to such proceedings;
• have not acted unfairly or dishonestly in his dealings with customers, employers, auditors or regulatory authority; and
• have not been dismissed or asked to resign from employment or from a position of trust, fiduciary appointment or similar position on the grounds of dishonesty. 

3. The shareholder, key responsible persons, senior management and adjusting employees of the registered adjuster involved with adjusting work, and their spouses, children, parents, siblings and other immediate family members shall not have any relationship or interest with any insurer, takaful operator and workshop operator which in the opinion of BNM may cause a conflict of interest situation. This requirement is substantively similar to the corresponding provision in the Order.

3. Responsibility of the board in relation to key responsible persons 
   The board of the registered adjuster shall ensure that only key responsible persons who meet the applicable fit and proper requirements at all times are appointed or continue to be appointed as its key responsible persons. 

4. Assignments by adjusting employees 
   In addition to ensuring that the assignment of adjusting work is commensurate with the skills, qualifications and experience of the adjusting employee, a registered adjuster shall ensure that the adjusting work shall be completely carried out only by its adjusting employees. 

5. Adjusting reports 
   A new requirement is imposed that all adjusting reports are prepared and completed only by the adjusting employees of the registered adjuster.