Page 55 - LIAM Annual Report 2020

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ANNUAL REPORT 2020 53
ANNUAL REPORT 2020

BANK NEGARA MALAYSIA
LIAM is constantly engaging with BNM on matters
concerning the industry. The good working relationship
fostered over the years has enabled LIAM to handle
industry issues more efficiently. LIAM is appreciative
of the regulator’s approach to give the industry an
opportunity to provide input on guidelines’ exposure
drafts before the guidelines are finalised for e.g. the
recent Exposure Draft on Perlindungan Tenang.

LIAM also participated in activities organised by
BNM in the past, particularly the Karnival Kewangan
series which was held around the country to promote
financial literacy among the public. Although, these
carnivals have been halted due to the COVID-19
pandemic, LIAM continued to engage actively
with BNM on matters relating to raising consumer
awareness on financial literacy, particularly on life
insurance protection.

THE MALAYSIAN INSURANCE INSTITUTE

LIAM continued to work closely with
the Malaysian Insurance Institute
(MII) namely on matters concerning
education for the agency force. LIAM
CEO, Mark O’Dell, was also appointed
to MII’s Academic Quality Assurance
Committee (AQQC). The first AQQC
meeting was held on 4 March 2020.
During the year, LIAM and MII collaborated on a review of the Balanced Scorecard Training
Materials. MII also contributed to the formulation of the Agents’ Professionalism Framework.
LIAM also nominated representatives from member companies to assist in MII’s exercise to
review the Pre-Contract Examination for Insurance Agents (PCEIA) textbook.
A virtual meeting was held on 14 September 2020 between LIAM and MII to discuss the rising
cases of breaches of MII examination rules particularly the PCEIA. During the meeting, MII
shared the measures that they have put in place to deter candidates from cheating. After
much deliberation, it was agreed that the penalties for breach of examination rules would
be raised to align with other training institutes which conduct examinations such as the
Islamic Banking and Finance Institute Malaysia (IBFIM) to mete out higher penalties for those
caught cheating, to curb such misconduct.