On Dec. 30, MLY CB issued a medical insurance/takaful business draft.
MLY CB issued an exposure draft titled Medical and health insurance/takaful (MHIT) business, setting out guidance for licensed insurers and takaful operators (ITOs).
Exposure Draft
Seeks to address developments in MHIT business and promote more innovative, inclusive, sustainable MHIT business models to better respond to consumer needs.
Aims to update the requirements on the conduct of MHIT business, in line with key strategies outlined in MLY CB’s Financial sector blueprint 2022-2026, see #127446.
Feedback
MLY CB invites written feedback on proposed requirements and guidance incl areas that should be clarified further, and/or alternative proposals MLY CB should consider.
Feedback should be supported with clear rationale, accompanying evidence or illustrations, where appropriate, to facilitate an effective review of this exposure draft.
In addition to providing general feedback, licensed ITOs are expected to provide responses to the specific questions set throughout the exposure draft.
Effectiveness
Responses to the exposure draft must be submitted by Mar. 15, 2023.
Feb. 2024 Policy Document
On Feb. 29, 2024, MLY CB released the revised guidance to licensed insurers and licensed takaful operators carrying the medical insurance/takaful (MHIT) business.
Incorporates feedback received from 53 respondents during the consultation period; respondents were broadly supportive of the proposed requirements in the exposure draft, and the feedback/suggestions received have been incorporated in the policy.
The requirements seek to address developments in the MHIT business and aim to promote more innovative and inclusive MHIT coverage for sustainable sector growth.
The policy document comes into effect on Jun. 1, 2024 except for specified provisions.
