The National Association of Malaysian Life Insurance and Family Takaful Advisors (Namlifa) has urged the government to implement measures to protect policy holders and agents.
In a statement today, the association said it had made 12 recommendations to Bank Negara based on a survey of 17,123 respondents carried out over the past weekend.
Among others, Namlifa recommended a no-lapse guarantee for investment-linked policies (ILP) for a period of six months until September, as long as premiums are paid.
They are also recommending lower management and policy fees for ILP due to the lackluster equity market and a reduction in interest rates charged on automatic premium loans and policy loans to four percent.
For agents, Namlifa recommended a relaxation of all maintenance of contract requirements for agents in 2020.
Namlifa also urged the government to reduce continuous professional development (CPD) hours to 15 hours, down from 30.
Lastly, Namlifa urged the government to provide grants for insurance agencies in crisis.
"The grant would curb the attrition rate of the agency force, which has been alarming over the last two decades," said Namlifa president Lim Kim Poi.
Lim said that the life insurance industry was an important part of the financial sector and they must be considered for relief measures as well.
"To reiterate our prime minister’s message to assist all Malaysians, 'not to leave anyone behind', we have the confidence that with a 'prihatin rakyat' government, the aforesaid relief measures recommended above will be met positively to ensure long term sustainability of the life insurance and family takaful industry," said Lim. - Mkini
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