What you need to know about the new regulations on investment-linked insurance | Malay Mail

  • 📰 malaymail
  • ⏱ Reading Time:
  • 63 sec. here
  • 3 min. at publisher
  • 📊 Quality Score:
  • News: 29%
  • Publisher: 86%

Nigeria News News

Nigeria Nigeria Latest News,Nigeria Nigeria Headlines

What you need to know about the new regulations on investment-linked insurance

You will get an annual statement detailing your expected duration of cover. — Picture via RinggitPlusFrom 1 January 2020, all policy owners will receive a yearly statement which contains the expected duration of their insurance cover based on their current cash values .

Sample of a product illustration for an ILP policy that must be presented to an ILP customer at the point of sale. From 1 July,"Scenario X" must refer to return rates of 2%, while"Scenario Y" is set at 5%. This is applicable for all types of funds except for equity funds, for which the rates should be 2% and the 10-year average historical FTSE Bursa Malaysia KLCI returns for the first 20 years and then 5% after that. According to Bank Negara, the 2% and 5% rates better demonstrate the interactions between cash flows without giving rise to undue expectations. These set rates should help paint a uniformly realistic picture to potential customers when deciding whether to take on an ILP policy.

These new regulations can hopefully help consumers to make better and more informed decisions regarding their ILP insurance policies. — Picture via RinggitPlus All these new changes fall under Bank Negara’s overarching aim for investment-linked insurance products: to protect the interest of the consumers. From raising the MAR to improving transparency and standards of communication, these new regulations can hopefully help consumers to make better and more informed decisions regarding their ILP insurance policies.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 1. in NG

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Transactions done in good faith, say companiesPETALING JAYA: Two of the companies named in the Malaysian Anti-Corruption Commission’s (MACC) civil forfeiture suit say all transactions were done in good faith and they will cooperate with anti-graft investigators.These were companies that allegedly received 1Malaysia Develop­ment Bhd (1MDB) funds from the personal bank account of former prime minister Datuk Seri Najib Razak.
Source: staronline - 🏆 4. / 75 Read more »