MII as the National Insurance Professional Body and Education Centre
MII was set up by BNM in 1968 as an insurance training unit. In 1977, BNM exercised its power under the Central Banking of Malaysia Act 1958, S30 (A1) to corporatise the training unit as a company limited by guarantee named Pusat Latihan Insurans Malaysia. In 1984, it was renamed as The Malaysian Insurance Institute (MII).
A scrutiny of MII’s Memorandum and Articles of Association (M&A) reveals that MII has two key mandates, namely as the national insurance professional body and insurance education centre.
The M&A also stipulated that its Board of Directors shall include five mandatory representations; each from BNM, LIAM, PIAM, MITBA and AMLA - BNM being the statutory body and regulator of the Insurance Act 1963 repealed in 1996, while LIAM, PIAM, MITBA and AMLA are statutory industry associations recognised by the said Insurance Act.
MII has been offering education programmes for its prescribed examinations leading to the professional awards of Associate and Fellow of MII (AMII and FMII). It has had a long standing collaboration and reciprocal recognition with the UK Chartered Insurance Institute (CII) since 1984.
'Insurance' is a gazetted word in Malaysia and can only be used by entities and natural persons allowed for by the Insurance Act and Regulations 1996 which recognises MII insurance qualifications.