Liberalisation of Motor InsuranceRelease Date: 21 Apr 2017
The first phase of the Liberalisation of the Motor and Fire Tariff was introduced on 1 July 2016. During this phase, insurers and takaful operators were given the flexibility to offer new motor products and add-on covers at market-based pricing.
Effective 1 July 2017, premium pricing for Motor Comprehensive; and Motor Third Party Fire and Theft products will be liberalised where premium pricing will be determined by individual insurers and takaful operators.
Premium will take into account broader risk factors that will drive fairer pricing; greater innovation on new products tailored to consumer needs with improved services; and sustainable motor insurance protection for consumers over the long-term at competitive prices.
For further information on the Liberalisation of Motor Insurance, please contact BNM TELELINK at 1300 88 5465, Persatuan Insurans Am Malaysia (PIAM) at 03-2274 7399, Malaysia Takaful Association (MTA) at 03-2031 8160 or call your insurer or takaful operator.
More details can be found in the following documents:
- FAQ on Liberalisation of Motor Insurance (EN Version)
- FAQ on Liberalisation of Motor Insurance (BM Version)
© Bank Negara Malaysia, 2017. All rights reserved.