“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.
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
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