MyCC ready to listen to fresh evidence from PIAM, members
The General Insurance Association of Malaysia (PIAM) and its 22 members have been given a month from February 22 to forward evidence proving that they have not breached Section 4 of the Competition Act 2010.
Malaysia Competition Commission (MyCC) last week announced a proposed decision to impose a RM213.45 million fine on PIAM and the 22 local general insurers over an “anti-competitive agreement”.
MyCC chairman Tan Sri Norma Yaakob said the move was a proposed decision and the commission had not finalised it.
As such, the affected parties could come forward and make representations.
“There is a process being offered to PIAM and its affected members.
“We will listen to them. We can look at it again.
“We hope they will be able to give us fresh evidence which we never had an opportunity to consider previously,” she said on the sidelines of the Malaysia Competition Conference 2017, here, yesterday.
The MyCC action followed investigations into an alleged infringement by PIAM and the Federation of Automobile Workshop Owners’ Association of Malaysia over agreed discount rates for motor parts prices and the labour rate for repairs of motor vehicles involved in an accident.
The agreement was for the hourly rates and spare part prices chargeable for commonly used vehicles including Proton, Perodua, Naza, Nissan, Toyota and Honda.
In response to the proposed financial penalty, PIAM urged the MyCC to reconsider its decision, while Bank Negara Malaysia said it would severely impact consumer interest.