Page 9 - LIAM Annual Report 2020

ANNUAL REPORT 2020 7

Professional Board (FSPB), Malaysian Insurance Institute the respective insurers and their agency force. This
(MII), Finance Accreditation Agency (FAA), Malaysian also included waivers for long service agency leaders.
Competition Commission (MyCC), Malaysian
Financial Planning Council (MFPC) and Federation of To further enhance professionalism of the agency
Malaysian Consumers Association (FOMCA). force, engagements were also held with MFPC,
NAMLIFA and MII to draw up the Charter for
LIAM’s on-going engagements with BNM include Professional Insurance Advisor and Industry Best
matters related to the implementation of healthcare Practices for Agents, Agency Leaders and Insurers.
claims study recommendations, Investment-Linked A proposal to introduce the requirement to pass
guidelines, agent professionalism initiatives, B40 study, the examination for the MFPC Registered Financial
Balanced Score Card Customer Fact Find Form (BSC- Planner (RFP) Module 2 (Risk Management and
CFF) evaluation project, staff training expenditure Insurance Planning) or the NAMLIFA Module LP101
and innovation committee activation. of the Fellow of the Certified Life Practitioner (FCLP),
Personal Insurance: Principles and Marketing, as
Meanwhile, engagement with PIDM on levy relief an alternative to accreditation of agents, was also
measures was fruitful as the industry has obtained a discussed and all parties agreed with the proposal.
50% discount for levy in 2020 and 2021. PIDM also issued
enhanced Guidelines on the validation programme ACKNOWLEDGEMENT
for Differential Premium Systems and Total Insured
Deposits and Differential Levy Systems and Levies Firstly, I wish to express my deepest appreciation
Calculation which are effective from assessment year and gratitude to all LIAM members, especially my
2021 with a one-year transition period. colleagues on the LIAM Management Committee for
your unwavering commitment and contributions to
During the year, LIAM met up with the MyCC’s team LIAM’s initiatives and projects.
headed by its CEO, Iskandar Ismail and its Principal
Assistant Director of Strategic Planning & International A note of appreciation also goes out to the Chairmen
Affairs Division, Zairan Ishak to seek guidance on the of the various Committees, Task Forces and Working
Competition Act 2010 and LIAM’s role in drafting Groups for your tireless efforts to help LIAM in handling
minimum standards for the industry in the areas of sales many challenging tasks and issues.
practices, professionalism, fair treatment of customers
and product transparency. It was a fruitful discussion On behalf of the Association, I also wish to thank
for LIAM in seeking clarity on its role and responsibilities the offices of BNM, Ministry of Finance, Inland
as an Association. Revenue Board, Royal Malaysian Customs and
Excise Department, Ministry of Health, Ministry of
On-going engagements with APHM have taken place Communications and Multimedia Malaysia and other
during the year to improve on operational issues for Government agencies and stakeholders for the
hospitalisation admission between private hospital guidance, support and cooperation extended to the
and insurers/Third Party Administrators (TPAs). One Association.
major project which is on-going is the digitalisation
project of the insurance and hospital system. Lastly, my heartfelt thanks and appreciation to Mark
O’Dell and the Secretariat team for their dedication
LIAM also had discussions with MOH on the and hard work in serving the members and the
management of healthcare costs in the areas of industry.
digitalisation of hospital management systems and
issuance of Guarantee Letter/claims. Moving forward, the industry’s prospects in the
coming months are very positive, with the opening of
During the year, NAMLIFA sought relief for the agency more economic activities and the implementation of
force on requirements for maintenance of contract. the National Immunisation Programme for the rakyat.

BNM granted flexibility for Continuing Professional Let us continue to work together as a strong team to
Development (CPD) hours to be reduced from 30 achieve another fruitful year in 2021.
CPD hours to 15 CPD hours for 2020. For other areas in
relation to production and promotion, NAMLIFA was LOH GUAT LAN
advised that these areas should be handled between President