Bank Negara Malaysia (the Bank) would like to announce that insurance brokers licensed, registered, approved or otherwise regulated and supervised in the ASEAN countries are now allowed under the fifth package commitment of the ASEAN Framework Agreement on Services (AFAS) to provide cross-border insurance broking services to Malaysian international MAT risks owners.  This latest commitment complements the Bank’s earlier commitment under the fourth package to allow Malaysian MAT risk owners to insure their risks with general insurers licensed in ASEAN countries.  Insurance brokers licensed by the Labuan Financial Services Authority are also allowed to provide similar services to the Malaysian international MAT risks owners.

The insurance brokers which intends to provide the cross-border services will be subject to the regulatory framework under the Insurance (Approved International Marine, Aviation and Transit Insurance Brokers) Regulations 2012 (Regulation) [P.U.(A) 169]. 

Parties who are interested to provide the cross-border services shall submit an application to the Bank for consideration.  The application form and the Regulation are available for download. For further information or enquiries, please contact Jabatan Konsumer dan Amalan Pasaran, Bank Negara Malaysia at 03-2698 8044 ext. 8171/8487.

• Procedures
• Application Form for MAT Broker
• Financial Services (MAT Brokers) Regulations 2017
• Gazette Order: P.U.(A) 299/2024

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