|
Fomca: More than 1,500 complaints on insurance industry received over past year |
 |
 |
 |
|
Monday, 19 July 2021 12:59 |
|
  Friday, 16 Jul 2021 6:25 PM MYT
PETALING JAYA: The Federation of Malaysian Consumers Associations (Fomca) received more than 1,500 complaints regarding insurance companies last year, a number of them involving the substantial increase of medical insurance premiums.
Fomca national consumer complaints centre senior manager S. Baskaran said some of the increases were so steep that consumers could not afford the premium under short notice.
"Even more so during the pandemic when people have lost their jobs or taken drastic pay cuts.
“It's not fair to increase the premiums as it (medical insurance) is an important thing to have," he told a press conference on Friday (July 16).
Baskaran said one complainant, a 60-year-old physically challenged woman who bought her policy 12 years ago and was paying a monthly premium of RM159, received a notification that it had been increased to RM459, an increase of 188%.
"If the premium increases by too much, there is a possibility that the policy may lapse and eventually be terminated if the holder is unable to keep up with the payments," he said.
Fomca had on Friday submitted a memorandum to Bank Negara deputy president Abdul Rasheed Ghaffour on the issue and six other matters regarding insurance.
It urged the central bank to look into the complaints, saying that consumers need policies that are able to protect them and their families.
"The onus is on the insurance industry to develop and revamp in the areas where there are many weaknesses.
"It has to cover every angle so as not to put policyholders in a difficult situation. Bank Negara must be more vigilant and ensure that consumers are well protected,“ said Baskaran.
The other complaints Fomca received included cash values accumulated over time being utilised to cover revised total premiums without the consent of the policyholder; consumers told to pay first and claim later; disputes on claimd; as well as misleading terms in policies.
Source: https://www.thestar.com.my/news/nation/2021/07/16/fomca-more-than-1500-complaints-on-insurance-industry-received-last-year |
|
Facebook Collaborates On #TakNakScam Campaign |
|
|
|
|
Friday, 16 July 2021 16:37 |
|
 July 16, 2021
KUALA LUMPUR, July 12 – As part of the industry effort to fight financial fraud, Royal Malaysian Police’s Commercial Crime Investigation Department (CCID) and Facebook Malaysia, in partnership with government agencies, industry and consumer associations today launched a nationwide #TakNakScam awareness campaign to educate the public on how to identify, check and report against highly deceptive tactics employed by scammers.
In a statement, Facebook said this ongoing campaign held from July till the end of September is a joint effort between CCID, Royal Malaysian Police, Ministry of Domestic Trade and Consumer Affairs (KPDNHEP), Securities Commission Malaysia (SC), Bursa Malaysia Bhd, Malaysian Communications and Multimedia Commission (MCMC), CyberSecurity Malaysia (CSM), The Association of Banks in Malaysia (ABM), Federation of Malaysian Consumers Associations (FOMCA) and the Education and Research Association for Consumers, Malaysia (ERA Consumer Malaysia).
“More people than ever before are now online and social media helps people stay connected with communities, families, and friends around the world,” Facebook Malaysia Acting Country Director Justin Murugaya said.
“However, it is not just the good guys that are online.
“With the rising scam cases across Malaysia, we hope that this campaign will help support various law enforcement and government agencies, industry and consumer associations and the financial services sector in building and ensuring a safer online ecosystem in Malaysia.”
Many Malaysian have become victims of frauds and scams since the beginning of the Movement Control Order (MCO), financial scams being most prevalent, as scammers exploit increasing reliance on technology.
According to PDRM, cybercrime fraud in Malaysia is on the rise at a concerning level.
Over the last five years, a total of 67,552 cyber scam cases were reported between 2017 till this June 20, recording a total loss of RM2.23 billion.
Of the total, e-commerce scams top the chart with 23,011 cases, followed by illegal loans 21,008 cases and investment scams, 6, 273 cases.
|
|
Read more...
|
|
|
Regulate steep hike in insurance premiums, Bank Negara told |
|
|
|
|
Monday, 19 July 2021 12:55 |
|
 July 16, 2021 6:43 PM
PETALING JAYA: The National Consumer Complaints Centre (NCCC) has urged Bank Negara Malaysia (BNM) to regulate the steep increase in insurance premiums.
In a memorandum sent to BNM, NCCC, a division under the Federation of Malaysian Consumers Associations, said insurance companies were increasing premiums at such a rapid rate that consumers were unable to pay at short notice.
Its senior manager, Baskeran Sithamparam, said the time frame given for the increase in premium to take effect is often rather short.
“Policyholders need time to adjust to the premium increase.”
Baskeran said that if the premium increase was too big, there was also a high possibility that the policy may lapse, with the policyholder being unable to keep up with payments.
“BNM should regulate the insurance premiums very strictly. If there is any increase, the justification must come from BNM as insurance companies are under its purview.”
Baskeran added that although patients had medical cards, there had been numerous instances when insurance companies denied approval for certain treatments.
In fact, he said insurance companies would insist that the policyholders pay the expenses first and claim later in certain cases.
Baskeran said it was unfair for insurance industries to expect policyholders to pay first as they had been paying their premiums promptly.
“Consumers paying their premiums but being unable to use their medical card will lead to distrust in insurance companies.
“The ‘pay first, claim later’ practice should be abolished. It should not be applicable when a medical card has been provided,” he said.
Baskeran also said BNM should ensure there are affordable medical insurance policies for those in the lower-income bracket.
“In short, BNM must be more vigilant and ensure consumers who buy insurance policies are well protected,” he said.
Source: https://www.freemalaysiatoday.com/category/nation/2021/07/16/regulate-steep-hike-in-insurance-premiums-bank-negara-told/ |
|
MEDIA INVITATION: PRESS CONFERENCE ON MEMORANDUM SUBMISSION TO BANK NEGARA MALAYSIA ON CONSUMER COMPLAINTS RELATED TO INSURANCE INDUSTRY |
|
|
|
|
Friday, 16 July 2021 16:33 |
|
MEDIA INVITATION: PRESS CONFERENCE ON MEMORANDUM SUBMISSION TO BANK NEGARA MALAYSIA ON CONSUMER COMPLAINTS RELATED TO INSURANCE INDUSTRY
Referring to the matter, Federation of Malaysia Consumers Associations (FOMCA) and National Consumer Complaints Centre will be submitting a Memorandum regarding CONSUMER COMPLAINTS RELATED TO INSURANCE INDUSTRY to Bank Negara Malaysia.
Almost every consumers has some form of insurance these days. Policies ranging from housing, motorised vehicles, endowment, medical, life and many more have been evolving in different packages. Consumers are also investing in medical policies due to the increase of communicable and non-communicable diseases that have been constantly evolving. Having a medical insurance policy will be an added advantage as policy holders can seek medical attention or treatment at a private hospitals.
Nevertheless, the insurance industry has been identified as more of a bane than a boon by a big group of consumers. Numerous complaints have been voiced and lodged at the National Consumer complaints Centre (NCCC) with regards to insurance. NCCC which is a partner of Federation of Malaysian Consumers Associations (FOMCA) has been and continues to be concerned on the transparency of the procedures of insurance industry when handling consumers concerns and issues. This memorandum aims to highlight the ongoing types of complaints received from consumers in regards to insurance and the recommendations for a well-functioning industry alongside with well-informed consumers.
The event shall be held as follows;
Date : 16th July 2021 (Friday)
Time : 3.00pm – 3.30pm
Venue : ZOOM Platform: https://us06web.zoom.us/j/87337488858?pwd=WlcrZnR2cCtRU3JEZVZBUDg3RE1QZz09
Received By : YBhg. Encik Abdul Rasheed Ghaffour, Deputy Governor of Bank Negara Malaysia.
With regards to the above, we would like to extend a kind invitation to your organization to send media representatives. For further information please contact MR BASKARAN SITHAMPARAM |
|
Last Updated on Thursday, 10 November 2022 11:56 |
|
