Malaysia - Insurance Core Principles : Detailed Assessment of Observance

This assessment provides an understanding of the significant regulatory and supervisory framework for the insurance sector of Malaysia. The assessment was conducted by Mark Causevic (external expert from OSFI Canada) during April 2012. Malaysia is...

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Bibliographic Details
Main Author:	World Bank
Format:	Financial Sector Assessment Program (FSAP)
Language:	English en_US
Published:	Washington, DC 2014
Subjects:	ACCOUNTABILITY ACCOUNTANT ACCOUNTING ASSET-LIABILITY MATCHING AUDIT COMMITTEE AUDITING AUDITORS AUTONOMY BALANCE SHEET BANK NEGARA MALAYSIA BANKING SECTOR BANKRUPTCY BOND ISSUANCES BONDS BROKERS BUSINESS RISKS CAPITAL ADEQUACY CAPITAL MARKETS CAPITAL RATIO CAPITAL REQUIREMENT CASH FLOW CENTRAL BANK CODE OF CONDUCT COMMERCIAL BANKS COMMON LAW CONFIDENTIALITY CONFLICT OF INTEREST CONFLICTS OF INTERESTS CONSOLIDATED SUPERVISION CONSOLIDATION CONSUMER EDUCATION CONSUMER PROTECTION CONTINGENCY PLANS CORPORATE DEBT CORPORATE DEBT SECURITIES CORPORATE GOVERNANCE CREDIT ENHANCEMENT CREDIT GUARANTEE CREDIT RATINGS CREDIT RISK CREDIT RISK EXPOSURES CROSS-BORDER COOPERATION CUSTOMER BASE DEBT DEBT SECURITIES DEBT SECURITIES MARKET DEBTS DEPOSIT DEPOSIT INSURANCE DEPOSITS DERIVATIVES DEVELOPMENT BANKS DIRECT INSURANCE DISCLOSURE REQUIREMENTS DIVESTMENT DOMESTIC BANK DOMESTIC BANKS DOMESTIC BOND DUE DILIGENCE ECONOMIC CONDITIONS EMPLOYMENT ENFORCEMENT POWERS ENVIRONMENTAL FACTORS EQUITIES EQUITY MARKET EXCHANGE CONTROL EXCHANGE RATE EXTERNAL AUDITORS FAILURE RESOLUTION FINANCIAL ADVISOR FINANCIAL ADVISORS FINANCIAL DEVELOPMENTS FINANCIAL INSTITUTION FINANCIAL INSTITUTIONS FINANCIAL INTEGRATION FINANCIAL MARKETS FINANCIAL PERFORMANCE FINANCIAL SECTOR FINANCIAL SERVICE FINANCIAL SERVICES FINANCIAL SERVICES INDUSTRY FINANCIAL STABILITY FINANCIAL STATEMENTS FINANCIAL STRUCTURE FINANCIAL SYSTEM FIXED RATE FOREIGN BANKS FOREIGN EQUITY FOREIGN EXCHANGE FOREIGN EXCHANGE MARKETS FOREIGN OWNERSHIP FRAUD FUND ASSETS FUND MANAGEMENT GLOBAL MARKET GLOBAL MARKETS GOVERNANCE PRACTICES GUARANTEE FUND HOLDING HOLDING COMPANIES HOLDING COMPANY HOLDINGS INFORMATION SHARING INFORMATION SYSTEMS INSURANCE INSURANCE ACTIVITIES INSURANCE COMPANIES INSURANCE CORPORATION INSURANCE INDUSTRY INSURANCE MARKET INSURANCE MARKETS INSURANCE PENETRATION INSURANCE POLICIES INSURANCE POLICY INSURANCE PRODUCTS INSURER INSURERS INTEREST RATE INTEREST RATE RISK INTEREST RATE RISKS INTERNAL CONTROL INTERNAL CONTROLS INTERNATIONAL ACCOUNTING STANDARDS INTERNATIONAL BANK INTERNATIONAL STANDARDS INVESTMENT BANKS INVESTMENT MANAGEMENT ISLAMIC BANKING ISLAMIC FINANCIAL SERVICE ISLAMIC FINANCIAL SERVICES ISLAMIC INSURANCE JUDICIAL SYSTEM JURISDICTION JURISDICTIONS LAWS LEGAL AUTHORITY LEGAL FRAMEWORK LEGAL PROTECTION LEGAL PROVISIONS LEGISLATION LEGISLATIVE FRAMEWORK LIABILITY LIBERALIZATION LIFE INSURANCE LIQUIDITY LOCAL LAWS MARKET CAPITALIZATION MARKET DEPTH MARKET PARTICIPANTS MARKET RISK MARKET STRUCTURE MATURITY MATURITY STRUCTURES MINIMUM CAPITAL REQUIREMENT MONETARY FUND MONETARY POLICY MONEY LAUNDERING NEW ENTRANTS OPERATING LOSSES OPERATIONAL RISK OWNERSHIP INTERESTS PAYMENT SYSTEMS PENALTIES PENETRATION RATE PENSION PENSION FUND PENSION FUNDS PORTFOLIO PRESENT VALUE PRIMARY INSURERS PRIVATE DEBT PRIVATE PENSIONS PRIVATE SECTOR DEVELOPMENT PROFITABILITY PROPERTY RIGHTS PROTECTION OF POLICYHOLDERS REGULATOR REGULATORY AGENCIES REGULATORY AUTHORITIES REGULATORY AUTHORITY REGULATORY CAPITAL REGULATORY FRAMEWORK REGULATORY OBJECTIVES REGULATORY REGIME REGULATORY REQUIREMENTS REGULATORY STANDARDS REINSURANCE REINSURANCE ARRANGEMENTS REINSURANCE CAPACITY REPUTATION RESERVES RISK EXPOSURE RISK EXPOSURES RISK MANAGEMENT RISK PROFILE RISKY ASSETS SECURITIES SECURITIES INDUSTRY SECURITIES MARKET SETTLEMENT SETTLEMENT SYSTEMS SHARE OWNERSHIP SHAREHOLDERS SOLVENCY SUBSIDIARIES SUBSIDIARY SUKUK SUPERVISORY AUTHORITIES SUPERVISORY FRAMEWORK SUSTAINABLE GROWTH SYSTEMIC RISK SYSTEMIC RISKS TAX TAX INCENTIVES TERRORISM TRACK RECORD TRANCHE TRANSPARENCY TURNOVER VOLATILITY
Online Access:	http://documents.worldbank.org/curated/en/2013/02/18015231/malaysia-insurance-core-principles-detailed-assessment-observance http://hdl.handle.net/10986/16615

Description
Summary:	This assessment provides an understanding of the significant regulatory and supervisory framework for the insurance sector of Malaysia. The assessment was conducted by Mark Causevic (external expert from OSFI Canada) during April 2012. Malaysia is undertaking the Financial Sector Assessment Program (FSAP) for the first time, and it includes a formal assessment of its observance with the Insurance Core Principles (ICPs) issued by the International Association of Insurance Supervisors (IAIS). The Malaysia market has been growing for Islamic insurance products (family takaful, general takaful, and re-takaful). The ICPs were not specifically developed with Islamic insurance products in mind. Consequently, based on the scope that was agreed upon prior to the start of the assessment work, details on the regulation, supervision and various workings of Malaysian Islamic insurance market are included in this report, but they do not form part of the ICP assessment ratings for Malaysia.

Malaysia - Insurance Core Principles : Detailed Assessment of Observance

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