Zurich Insurance Malaysia Bhd (ZIMB) has transferred its general insurance business to a newly incorporated entity, Zurich General Insurance Malaysia Bhd, effective Jan 1, 2018.
The business transfer involves employees, assets and liabilities, distributors and contracts under the general insurance business. There are no changes to the terms and conditions of the general insurance policies previously issued by ZIMB.
From Jan 1 onwards, all claims incurred from existing and new general insurance policies will be managed by Zurich General Insurance Malaysia,” the insurance firm said in a statement yesterday.
David Fike, who was formerly president of general insurance at ZIMB, has been appointed as CEO of Zurich General Insurance Malaysia.
Meanwhile, ZIMB has been renamed Zurich Life Insurance Malaysia Bhd, to reflect the new structure and scope of the company, as well as to ensure clarity to its customers. ZIMB CEO Philip Smith will maintain his position.
The insurer said the name change will not result in any impact on benefits and provisions under existing ZIMB life insurance policies.
Both Zurich General Insurance Malaysia and Zurich Life Insurance Malaysia will continue to operate through their combined network of branches across 40 locations nationwide.
“Customers will continue to receive services from Zurich General Insurance Malaysia and its agents and brokers, as well as brokers and sales advisors from Zurich Life Insurance Malaysia,” the insurer stated.
The conversion of the insurer’s composite insurance business to two separate entities for general insurance and life insurance is in accordance with the requirements set out under the Financial Services Act 2013.
According to the Act, an insurance company holding composite licences shall not carry on both life insurance and general insurance businesses under one single entity.
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