Exposure Draft on Universal Life BusinessRelease Date: 05 Apr 2019
The exposure draft sets out the Bank’s proposed prudential and conduct requirements that govern universal life business, while facilitating the orderly development of universal life business in Malaysia. The proposals seek to ensure that the licensed insurers put in place appropriate internal policies and procedures to uphold —
- high governance standards and professionalism in administration of the universal life business; and
- proper conduct on sales and marketing with adequate disclosures to facilitate informed decision-making by consumers and protection of policy owners’ interests.
The Bank invites written feedback on the proposals in this exposure draft, including suggestions on areas to be clarified and alternative proposals that the Bank should consider. The written feedback should be supported with clear rationale, accompanying evidence or illustration, as appropriate, to facilitate an effective review of this exposure draft. Licensed insurers are also required to provide responses to the questions by the Bank on the exposure draft as set out in Attachment 1: UL Feedback Template.
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