Insurance and takaful aggregation business will be regulated by Bank Negara Malaysia as a new category of registered business under the Financial Services Act 2013 (FSA).
According to Bank Negara Malaysia’s press statement, once this comes into effect insurance and takaful aggregators will be required to registered under the Financial Services Act to carry on their business.
It further states that this includes companies under the fintech regulatory sandbox. Currently, Jinerxu (RinggitPlus) and GoBear are listed under insurance aggregation category in BNM’s sandbox.
The central bank is currently seeking industry comment for its exposure draft which can be found here. In the exposure draft, aggregators are defined as digital platforms that carries out the activity of sourcing, aggregating, comparing, and lead referral or facilitating the sale of insurance/takaful product.
A first read-through of the exposure draft seem to indicate that the spirit behind the draft is geared towards providing consumer protection and transparency.
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