Exposure Draft on Insurance and Takaful Aggregation Business Registration Procedure and RequirementsRelease Date: 20 Jun 2019
Insurance and takaful aggregation business will be regulated by the Bank as a new category of registered business under the Financial Services Act 2013 (FSA). Once this new category of registered business comes into effect, insurance and takaful aggregators approved by the Bank under the Financial Technology Regulatory Sandbox and persons intending to become a registered insurance and takaful aggregator will be required to be registered under the FSA to carry on insurance and takaful aggregation business.
This Exposure Draft sets out the proposed requirements and guidance for the registration of a person intending to carry on insurance and takaful aggregation business and the obligations to be observed by a registered insurance and takaful aggregator at all times.
Submission of feedback-
- Bank Negara Malaysia (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 illustrations as appropriate to facilitate an effective review of this exposure draft.
- In addition to providing feedback, insurance and takaful aggregators approved under the Financial Technology Regulatory Sandbox and persons intending to become a registered insurance and takaful aggregator are requested to respond to specific questions set out throughout this Exposure Draft.
Click here to access the Exposure Draft.
Responses must be submitted to the Bank by 19 July 2019 to-
Jabatan Pembangunan Insurans
Bank Negara Malaysia
Jalan Dato’ Onn
50480 Kuala Lumpur
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