Page 57 - LIAM Annual Report 2020

ANNUAL REPORT 2020 55

MALAYSIA COMPETITION COMMISSION
LIAM organised an engagement session with the
Malaysia Competition Commission (MyCC) on 20
July 2020 to seek guidance and consultation on
matters related to the Competition Act 2010 as well
as LIAM’s position in drafting minimum standards in
the sales practices, professionalism, fair treatment of
customers, product transparency, etc.

LIAM’s team was headed by Chief Executive
Officer, Mark O’Dell and MyCC was headed by its
Chief Executive Officer, Encik Iskandar Ismail and its
Principal Assistant Director of Strategic Planning &
International Affairs Division, Encik Zairan Ishak.
It was a fruitful session for the industry as MyCC
was pleased to lend a hand in offering advice and
direction to LIAM or BNM on the matter.

FEDERATION OF MALAYSIAN CONSUMERS
ASSOCIATION
LIAM and MTA met up with the Federation of Malaysian
Consumers Association (FOMCA) on 1 October 2020
following a press release issued by FOMCA on “Medical
Insurance repricing at an appropriate time” and
discussed concerns on the repricing of medical and
health insurance/takaful plans.

During the meeting, LIAM CEO, Mark O’Dell
highlighted that the industry understands the public’s concern and had
deferred the repricing of medical health insurance plans with BNM’s consultation. He
also shared the companies’ efforts in communicating with their policyholders on
this matter and the industry’s market study to address the rising cost of medical
treatment.
The industry also sought cooperation from FOMCA to share details of consumer
complaints so that it could address any dissatisfaction about the industry’s services,
particularly on claims processing.

All the three bodies were open to the suggestion of joint collaborative efforts to look into
consumer education and complaints on life insurance and takaful plans.

MALAYSIAN FINANCIAL PLANNING COUNCIL
LIAM is one of the pioneers behind the introduction of the Registered
Financial Planner programme in November 2002 and the establishment of
the Malaysian Financial Planning Council (MFPC) which was registered on
10 March 2004 under the Societies Act 1996.
Over the years, LIAM continued to foster a cordial working relationship
with MFPC particularly on training matters for the agency force. MFPC
organised a meeting with LIAM, MII and the Finance Accreditation Agency (FAA) to discuss the professional
development framework for the insurance industry on 4 August 2020.
LIAM CEO, Mark O’Dell participated as a panellist for the segment on ‘The Role of Compliance and Ethics in
Risk Management’ at the Virtual MFPC Professional Ethics Forum held on 9 December 2020. The forum attracted
612 registered participants.