MII as the Na­tional In­surance Pro­fes­sional Body and Ed­u­ca­tion Cen­tre

Insurance - - COVER STORY -

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.

Newspapers in English

Newspapers from Malaysia

© PressReader. All rights reserved.