On 25 November 2022, Bank Negara Malaysia (BNM) issued an exposure draft on the licensing framework for digital insurers and takaful operators (DITOs) inviting feedback by 28 April 2023.
The exposure draft sets out, among other things:
- the eligibility requirement and application procedures; and
- specific requirements on the eligible business models and distribution channels of DITOs.
BNM indicated that it intends to issue up to five licences to qualified applicants that meet all the requirements.
For further information on this topic please contact Pamela Kung at Shearn Delamore & Co by telephone (+60 3 2027 2911) or email ([email protected]). The Shearn Delamore & Co website can be accessed at www.shearndelamore.com.