Revision of motor insurance a continuation of rate adjustments, says PIAM

KUALA LUMPUR: The General Insurance Association of Malaysia (PIAM) clarified today that the revised motor insurance premium was a continuation of the motor tariff premium rate adjustments under the new motor framework.

It said the adjustments of motor tariff premium rates for 2015 would take effect from Feb 23, as announced recently by Bank Negara Malaysia.

"The revisions are only applicable to private cars, public taxis and express buses while the rates for other types of vehicles will remain the same," it said in a statement.

The adjustment would be applicable for policies purchased or renewed beginning Feb 23. 

The framework, introduced by Bank Negara in 2012, would not only address the structural issues within the motor insurance sector but also promote a liberalised insurance sector, the central bank added.