A BRIEF HIS­TORY OF LIAM

Insurance - - FEATURE -

As a re­sult of the ex­pan­sion of the life in­sur­ance in­dus­try and to bet­ter serve and cater for life in­sur­ance com­pa­nies in par­tic­u­lar, the As­so­ci­a­tion set up its own Sec­re­tariat, ad­min­is­tered by salaried em­ploy­ees in Fe­bru­ary 1985. In 1996, the LIAM Sec­re­tariat moved to its own build­ing at No 4 Lorong Medan Tuanku Satu, Medan Tuanku, 50300 Kuala Lumpur. This build­ing was pur­chased through the con­tri­bu­tion of all mem­ber com­pa­nies and a com­pany, L.I.A.M Prop­erty Sdn Bhd was formed to hold this in­vest­ment. Prior to 1974, ‘Life In­sur­ance As­so­ci­a­tion’ was reg­is­tered in Sin­ga­pore cater­ing for both Sin­ga­pore and Malaya. The main ob­jec­tive for es­tab­lish­ing the As­so­ci­a­tion was to have a body to look into the in­ter­est of life in­sur­ance in­dus­try in Malaysia. In July 1974, a Spe­cial Gen­eral Meet­ing was con­vened to ap­prove amend­ments to its Con­sti­tu­tion re­mov­ing all ref­er­ence to Sin­ga­pore and sub­se­quently ‘Life In­sur­ance As­so­ci­a­tion’ be­came a sep­a­rate as­so­ci­a­tion in Malaysia. Broadly, LIAM's ob­jec­tives are to pro­mote a pro­gres­sive life in­sur­ance in­dus­try; to en­hance public

un­der­stand­ing and ap­pre­ci­a­tion for life in­sur­ance; to up­grade the im­age and pro­fes­sion­al­ism of the life in­sur­ance in­dus­try and to sup­port the reg­u­la­tory au­thor­i­ties in de­vel­op­ing a strong in­dus­try. Malaysian life rein­sur­ance com­pany in Malaysia in 1997. Through our part­ner­ship with Rein­sur­ance Group of Amer­ica, LIAM formed an in­vest­ment hold­ing com­pany, L.I.A.M Hold­ing Sdn Bhd to es­tab­lish the Malaysian Life Rein­sur­ance Group Ber­had. This is a unique part­ner­ship whereby all life in­sur­ance com­pa­nies hold a to­tal of 70% of the shares of Malaysian Life Rein­sur­ance Group Ber­had with the re­main­der 30% held by RGA Amer­ica. The for­ma­tion of Malaysian Life Rein­sur­ance Group Ber­had was a re­sponse to the gov­ern­ment’s ob­jec­tives of re­tain­ing the flow of rein­sur­ance pre­mi­ums in Malaysia as well as to de­velop rein­sur­ance skills and knowl­edge among Malaysians. To­day, LIAM is rep­re­sented by 14 di­rect in­sur­ers and 2 pro­fes­sional life rein­sur­ers. One of our ma­jor ac­com­plish­ments is the set­ting up of the first

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