Malaysia: PruBSN converts its composite licence, transfers takaful business
Source: Middle East Insurance Review | Nov 2018
Prudential BSN Takaful Bhd (PruBSN) has announced the conversion of its composite licence to single licence and the transfer of its general takaful business to Syarikat Takaful Malaysia Am Bhd (STMAB), reported New Straits Times.
The conversion of its composite licence to single licence is in accordance with the legislative requirements of the Islamic Financial Services Act 2013 (IFSA).
PruBSN CEO Nor Azman Zainal said the move will give the company greater focus on its core family takaful business, supporting its commitment to narrowing the family takaful protection gap of Malaysians.
The operator will transfer general takaful certificates issued under its Long Term Takaful Rumahku, Takaful Rumahku and Pelindung plans to STMAB, a subsidiary of Syarikat Takaful Malaysia Keluarga Bhd (STMKB).
The transfer will not have any impact to certificate-holders’ contributions, as well as the benefits and coverage related to these plans. M