PruBSN converts its composite licence to single licence

KUALA LUMPUR: Prudential BSN Takaful Bhd (PruBSN) has announced the conversion of its composite licence to single licence in accordance with the legislative requirements of the Islamic Financial Services Act 2013 (IFSA).

PruBSN said the conversion of its composite licence to single licence also witnessed the transfer of its general takaful business to Syarikat Takaful Malaysia Am Bhd (STMAB), a wholly-owned subsidiary of Syarikat Takaful Malaysia Keluarga Bhd, pursuant to the approval by Bank Negara Malaysia (BNM) on June 29 and a High Court order on Sept 12.

Its chief executive officer, Nor Azman Zainal said that the move would give PruBSN greater focus on its core family takaful business, supporting its commitment to narrowing the family takaful protection gap of Malaysians.

“Our decision to transfer the general takaful business to STMAB is based on the company’s excellent reputation and ability to manage the business going forward, while continuing to provide a comprehensive support to our customers.

“We believe that our customers will continue to have access to the best solutions and service in meeting their general takaful protection needs with STMAB,” he said in a statement yesterday.

The general takaful certificates that will be transferred to STMAB are those issued under PruBSN’s Long-term Takaful Rumahku, Takaful Rumahku and PruBSN Pelindung plans.

The transfer will not have any impact to certificateholders’ contributions, as well as the benefits and coverage relating to these plans.