Monday, 12 August 2013
I am very puzzled. The new Financial Services Act 2013 that came into effect on the 30th of June this year significantly impacts the life insurance industry in Malaysia and yet, apart from MCIS Zurich, I am not aware of any other insurance company taking the initiative to update their policy holders about how this new piece of legislation affects them.
Certainly not from Great Eastern Life Assurance (Malaysia) and certainly not from AIA Malaysia either. Anyhow, these are the two other life insurance companies with which I have my policies and so I should be aware.
The letter which I did receive from MCIS Zurich has already been documented here.
In fact, I was hearing just the other day that an insurance agent insisted that the FSA 2013 did not apply to him as he had not heard anything from his company! I can only hope that this is not true because that was pretty damning and irresponsible.
Insurance agents have responsibilities to themselves, the companies they represent and most of all, their customers who give them their monthly commissions. I am not from the insurance trade but yet, I try to keep my ears as close to the ground as possible. I am a very curious man and I am interested to know.
Coming from an insurance agent like him, more so that he should show interest in something that affects him. Where's the initiative to make sure his customers are rightly informed? Please do act more professionally.