News in brief

  • KUALA LUMPUR: From next month, all insurance agents and brokers have to follow a new guideline that requires them to find out what a client needs and recommend only suitable products or services. 

    “We do not wish to see overselling (of insurance products and services) to a particular individual or family,'' Deputy Finance Minister Datuk Dr Ng Yen Yen said yesterday after opening the Loma-Limra Strategic Issues Conference 2004 here. 

    The Proper Advice Practices Guideline set by Bank Negara required insurance intermediaries to go through a proper fact-finding process with their clients, study their needs, and identify any financial gaps before proposing a solution that addresses the needs and gaps, she said. 

  • BEIJING: The China Insurance Regulatory Commission (CIRC) is expected to grant approval for Taiping Life Insurance Co Ltd and Ping An Insurance Group Co Ltd to each set up an occupational pension fund management company soon, the Shanghai Securities News reported, without citing sources. 

    The newspaper said the two planned pension fund insurance companies, the first of their kind in the country, would apply to manage occupational pension funds after the Ministry of Labour and Social Security issues rules on occupational pension fund management. – AFX-Asia 

  • BEIJING: Citigroup Inc hopes to have a life insurance joint venture in China up and running early next year following approval from regulators to set up the company with the investment arm of the Shanghai government.  

    Citigroup's Travelers Insurance Co subsidiary has gained approval from the China Insurance Regulatory Commission to start preparations to form a 50-50 joint venture life insurance company with Shanghai Alliance Investment Ltd, a professional investment company funded by the state-owned Assets Supervision and Administration Commission of the Shanghai Municipal Government. – AFX-Asia 

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