Malaysian MP Sim Tze Tzin calls for Bank Negara Malaysia (BNM) to limit health insurance and takaful premium increases to 10 percent, citing 256 complaints about excessive hikes affecting M40 and B40 groups. He also proposes a task force to study the MHIT industry.
The Petaling Jaya MP, Sim Tze Tzin, urged Bank Negara Malaysia (BNM) to limit the increase in health insurance and takaful premiums to no more than 10 percent. He said this should be implemented as an interim measure in line with the national health inflation rate. Sim stated that 256 complaints had been received in the past month regarding the excessively high increase in health insurance and takaful premiums.
The complainants were mostly from the middle-income (M40) and low-income (B40) groups, including retirees and cancer patients. As a long-term measure, Sim suggested that BNM and the Ministry of Health establish a task force to comprehensively study the medical health insurance and takaful (MHIT) industry, encompassing policies, legislation, supervision, and enforcement. Following reports in Utusan Malaysia on November 26th, indicating a projected 40 to 70 percent rise in medical insurance premiums next year, based on notices sent by insurers informing users of the increase, BNM directed insurance companies and takaful operators to review their pricing strategies to ensure they are reasonable. BNM is expected to announce solutions to the issue of rising health insurance premiums soon to control the increase in health insurance and takaful
HEALTH INSURANCE PREMIUM INCREASES BANK NEGARA MALAYSIA MALAYSIA MHIT INDUSTRY
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