MyCC claimed that this infringed the Competition Act 2010, and proposed to impose various remedies including financial penalties against the 22 general insurers. Meanwhile, BNM went on to point out that measures are currently being undertaken by the bank to implement broad reforms in the motor insurance market, which includes the gradual liberalisation of the motor insurance tariffs, with the aim of promoting a more competitive market while ensuring affordable motor insurance premiums in the long term. The central bank also stressed that it firmly believes that public interests are best served by continued progress on the reforms in the motor insurance market. The PIAM-Fawoam agreement was reached on BNM’s directive to resolve significant consumer complaints regarding repair times in the motor insurance industry,” stressed PIAM. Among the 22 PIAM members named by the MyCC were AIA Bhd, AIG Malaysia Insurance Bhd, Allianz General Insurance Co, AmGeneral Insurance Bhd, AXA Affin General Insurance Bhd and Berjaya Sompo Insurance Bhd.

Source: The Edge Markets March 02, 2017 00:45 UTC