Page 58 - LIAM Annual Report 2020

56 ANNUAL REPORT 2020

EMPLOYEES PROVIDENT FUND
One of the incentives announced in the 2021 National
Budget is that Employees Provident Fund (EPF)
members would be allowed to make withdrawals from
Account 2 to purchase approved life insurance/takaful
and medical and health insurance (MHI)/takaful plans
including critical illness.
LIAM and MTA reached out to EPF for more details
about this incentive. LIAM and MTA held a virtual
meeting with the Strategic Management Department
of EPF on 25 November 2020 to discuss how EPF
plans to implement the incentive of Account 2 for
life insurance/ takaful and MHI plans. LIAM was
represented by its CEO, Mark O’Dell and the Heads of
Marketing and Product Development from member
companies.

EPF will be engaging with the industry in 2021 to work on
the details of the Budget 2021 incentive.

OMBUDSMAN FOR FINANCIAL SERVICES
The Ombudsman for Financial Services (OFS) is the operator
of the Financial Ombudsman Scheme (FOS), an alternative
dispute resolution channel set up to resolve disputes between
consumers and financial service providers, licensed or
approved by BNM, including life insurance companies. The OFS
was launched on 1 October 2016.

Instead of a face-to-face meeting, the annual engagement
session between LIAM and OFS was held virtually for the first
time on 11 August 2020. OFS shared the review of the life
insurance cases that they handled for the first half of 2020 and
its observations as well as suggestions in the area of complaints
handling that life insurance companies could improve on. This
session also provided an opportunity for LIAM representatives
comprising Heads of Claims, Customer Service and Complains
Units, to seek clarification from OFS on some issues such as billing
of case fees, adoption of electronic communication and cases
referred to BNM.

Life Insurance Association of Malaysia