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History
The Life Insurance Association of Malaysia (LIAM) or Persatuan Insurans Hayat Malaysia is a trade association registered under the Societies Act 1966. It was registered under the name of Life Insurance Association on 26 March 1968.
The Association changed to its current name Life Insurance Association of Malaysia in 1977.
The secretariat administered by salaried employees was set up in 1985 and LIAM moved to its own premises in Medan Tuanku in 1997.
Over the years, LIAM has initiated various efforts through self-regulation, continuing education and professional skills development to enhance the professionalism of the agency force and promote greater discipline and sound business practices among member companies.
In addition, LIAM is also focused on carrying out its social responsibilities. A nationwide annual charity event called Life Insurance Day was carried out between 1991 and 2003. On every 19 of January, member companies organised charitable activities, which included visits and contributions to at least 18 welfare homes and organizations around the country.
Another important achievement in the history of LIAM is the formation of Malaysian Life Reinsurance Group Berhad (MLRe), the first local life reinsurance company, in 1997. MLRe is a joint venture between the members of LIAM and the Reinsurance Group of America Incorporated, making this a rather unique arrangement as the life insurance companies participate both as clients and shareholders of MLRe. Click here for the report on the launching of MLRe. (PDF)
LIAM has a total of 17 members, of which 15 are life insurance companies and 2 life reinsurance companies. It is a statutory requirement under section 22 (1) of the Insurance Act 1996, (or section 3(2) (e) of the repealed Insurance Act 1963) for all life insurance/life reinsurance companies to be members of LIAM.
Objectives of LIAM
- To promote public understanding and appreciation for life insurance;
- To improve the image of the life insurance industry through self-regulation;
- To give support to the regulatory authorities in developing a strong and healthy industry;
- To enhance the professionalism of staff and agents through continuous training and education;
- To liaise and work with local and foreign life insurance organisations towards achieving common objectives and benefits.
Structure of LIAM
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