The Bank is developing a regulatory framework to facilitate the growth of the microinsurance/microtakaful market. This discussion paper provides guidance on the proportionate regulation of microinsurance/microtakaful products and the operating environment that is envisioned for microinsurance/microtakaful in Malaysia.

In the interim, prior to the issuance of the regulatory framework, an interested licensed insurer or licensed takaful operator may apply for proportionate regulatory treatment for a microinsurance or microtakaful product by submitting a product proposal for the Bank's approval. The Bank may collaborate with the licensed insurer or licensed takaful operator to enhance a proposal that has been submitted.

The Bank welcomes industry-led initiatives, either collaboratively or at the individual company level, to develop microinsurance/microtakaful products and business models as well as to promote demand for insurance and takaful protection among low-income households.

The Bank invites comments from all stakeholders and comments may be directed at any time until the finalisation of the framework.

See also:

1. Discussion Paper on Microinsurance and Microtakaful
2. Frequently Asked Questions

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