Revision Of Motor Insurance A Continuation Of Rate Adjustments
The recent adjustments to the motor insurance premium rates announced by Bank Negara Malaysia (BNM) was under fire.
The General Insurance Association of Malaysia (PIAM) clarified that the revision was a continuation of the motor tariff premium rate adjustments under the new motor framework.
The new motor tariff premium rates would take effect from February 23.
“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 February 23.
The framework, introduced by BNM 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.