Malaysia regulator to cover insurance aggregators

Bank Negara Malaysia is soon starting to regulate businesses that deal with insurance and takaful aggregation under the Financial Services Act of 2013. Insurance marketplaces in the country will have to register under the Financial Services Act once the rule becomes operational. The central bank is seeking comments on an exposure draft, which defines aggregators as digital platforms that source, compile, compare and facilitates the sale of insurance and takaful products. The proposed law would also cover those under the fintech regulatory sandbox.