# GUIDELINES FOR INSURER MEMBERS ON SUBMISSION OF PRODUCT INFORMATION

**ISSUE DATE : 30 MARCH 2020**

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**Ref No:** TIPS/GL17-A2/2020(IPI) **Issued on:** 30 March 2020
**TITLE:** Guidelines for Insurer Members on Submission of Product Information

## TABLE OF CONTENTS

SECTION 1: INTRODUCTION ............................................................................................ 1
SECTION 2: REQUIREMENTS RELATING TO COMPLETION OF THE WORKSHEET ................ 2
SECTION 3: SUBMISSION TO PIDM .................................................................................. 9

Appendix I: Examples of Product and the Description .................................................... 10
Appendix II: Class of Takaful or Insurance, Fund Type and Plan Type ............................. 20
Appendix III: Format for Certification of Submission by CEO .......................................... 26

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## SECTION 1: INTRODUCTION

### BACKGROUND

1.1 These Guidelines are applicable to insurer members as defined under Section 2 of the Malaysia Deposit Insurance Corporation Act 2011 (“MDIC Act 2011”).

1.2 Perbadanan Insurans Deposit Malaysia (“PIDM”) requires information on takaful and insurance products sold or offered by the insurer members in order to support effective engagement with the public in addressing queries relating to PIDM’s protection. In this regard, these Guidelines are issued under Sections 202 and 209 of the MDIC Act 2011 to require the submission of information on all takaful and insurance products sold or offered by insurer members.

1.3 These Guidelines shall supersede the Guidelines for Insurer Members on Submission of Product Information issued on 26 February 2020.

1.4 Unless expressly stated otherwise, any information or document required to be submitted to PIDM under these Guidelines including any letter, report, form, worksheet, returns, action plan, takaful or policy contract, or marketing materials, shall be submitted online through PIDM’s portal. The original hard copy shall be kept by the insurer member.

1.5 A reference to a statute or other law includes regulations and other instruments under it and consolidations, amendments, re-enactments or replacements of any of them.

1.6 PIDM may specify such other periods or dates for compliance with any of the provisions in these Guidelines, or for any act to be done, in such form and subject to such terms and conditions as PIDM thinks fit.

### ENQUIRIES

1.7 Enquiries relating to these Guidelines may be directed to Ms Suhaida Mohd Sulaiman at 03-2265 6418, Ms Hoh Li Yun at 03-2173 7561 or email to [email protected].

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## SECTION 2: REQUIREMENTS RELATING TO COMPLETION OF THE WORKSHEET

2.1 Insurer members are required to provide PIDM with a list of all the products sold or offered to its customers with a brief description of the product and its coverage, on an annual basis. For an insurance company or a takaful operator who has become an insurer member after the issuance of these Guidelines, the first submission year for such insurer member shall be the immediate year following the year in which it becomes an insurer member.

2.2 The requirement covers a comprehensive range of all takaful and insurance products including riders sold or offered as extensions of basic family takaful certificate or life insurance contracts, group products, personal takaful or insurance products and commercial takaful or insurance products. The submission must contain information on all products of insurer members that:

(a) are currently marketed in Malaysia, including products that are ready to be sold or offered to the public at any time (either because it has received Bank Negara Malaysia’s (“BNM”) approval, the 30-days file-and-use limit has lapsed or it is a product that is not new to market); and

(b) had been withdrawn from the market but with in force certificates or policies or outstanding claims in the books of the insurer members (“withdrawn products”), including products that were launched as closed-end fund that are not open for sale currently.

2.3 In relation to paragraph 2.2(b), for the first submission year:

(a) Insurer members are required to report all withdrawn products with a launch date of five (5) years or less prior to the reporting date¹ for the first submission year; and

(b) To minimise operational burden, for withdrawn products with a launch date of more than five (5) years prior to the reporting date for the first submission year, information for such withdrawn products is not required to be reported if the aggregate of the in force certificates or policies of the products reported under paragraphs 2.2(a), 2.2(b) and 2.3(a) account for at least 70% of the entire in force certificates or policies (“≥70% reporting threshold”). For insurer members who do not met the ≥70% reporting threshold, information for such withdrawn products under paragraph 2.3(b) is only required to the extent that the aggregate of the in force certificates or policies of the products reported under paragraphs 2.2 and 2.3 account for at least 70% of the entire in force certificates or policies (“minimum requirement”). For clarity, an illustration is provided in Table 1 below:

¹ As defined in paragraph 3.1.

| Table 1 : Illustration on products information to be submitted to PIDM for the first submission year (e.g. submission to PIDM by 31 March 2020) | Reference | Scenario 1 | Scenario 2 | Scenario 3 |
| :--- | :--- | :--- | :--- | :--- |
| Profile of Total In Force Certificates or Policies (“IFP”) as at reporting date of 31 December 2019 | | | | |
| (1) Products that are currently marketed | Paragraph 2.2(a) [Mandatory] | 70% | 50% | 30% |
| (2) Products that had been withdrawn and were launched between 1 January 2015 to 31 December 2019 | Paragraphs 2.2(b) and 2.3(a) [Mandatory] | 10% | 20% | 30% |
| **Total (1) + (2)** | | **80%** | **70%** | **60%** |
| **Meet 70% reporting threshold?** | Paragraph 2.3(b) | **Yes** | **Yes** | **No** |
| (3) Products that had been withdrawn and were launched before 1 January 2015, and required to be reported to PIDM(a), (b), (c) | Paragraphs 2.2(b) and 2.3(b) [Minimum requirement] | 0% out of 20% IFP | 0% out of 30% IFP | 10% out of 40% IFP |
| **Total (1) + (2) + (3)** | | **80%** | **70%** | **70%** |

**Note:**
(a) In the above illustration, for Scenario 1 and Scenario 2, information for IFP under (3) is not required to be reported. For Scenario 3, 10% out of 40% IFP under (3) is required to be reported.
(b) Minimum requirement is set so that in total at least 70% of all IFP is reported to PIDM [i.e. (1) + (2) + (3) ≥ 70% of the total number of IFP].
(c) Notwithstanding paragraphs (a) and (b) above, insurer members may report all IFP for products that have been withdrawn from the market.

2.4 For subsequent submissions, insurer members shall continue to add on to the list all new products introduced since the last submission, so that PIDM will have a complete listing of all the products. All new products introduced must be reported, including those that were introduced and subsequently withdrawn during the same year, but with in force certificates or policies in the books as shown in Table 2 below. Where applicable, insurer members shall remove from the list, products that had been completely withdrawn from the market without any liability (in the form of in force certificates or policies or outstanding claims), for example maturity of a close-end fund where all the liabilities had been fully settled.

| Table 2 – Requirement to Report All New Products for Subsequent Submissions | | |
| :--- | :--- | :--- |
| **List of New Products (January - December 2019)** | **New Products Withdrawn (January - December 2019)** | **Products to be Reported (for reporting date as at 31 December 2019)** |
| (1) AAA Plus | (1) Income Plan 1 (withdrawn in June 2019 with in force certificates or policies) | (1) AAA Plus |
| (2) Income Saver | | (2) Income Saver |
| (3) LadyCare Rider | | (3) LadyCare Rider |
| (4) Income Plan 1 | | (4) Income Plan 1 |
| (5) Income Plan 2 | | (5) Income Plan 2 |
| (6) Smart Saver | | (6) Smart Saver |

2.5 Notwithstanding paragraph 2.3, insurer members may be required to submit information on all of the products with outstanding liability (in the form of in force certificates/policies or outstanding claims) in the books of insurer members, on case-by-case basis, if deemed necessary by PIDM.

2.6 Insurer members are required to submit the information in a Microsoft Excel worksheet provided by PIDM which can also be downloaded from PIDM’s website or the industry portal (“Worksheet”). A snapshot of the Worksheet for both general takaful or insurance and family takaful or life insurance is shown in Table 3 and 4 below.

### Table 3 - Submission Worksheet for General Takaful or Insurance

**LIST OF PRODUCTS FOR GENERAL TAKAFUL OR INSURANCE**

| Insurer Member: | |
| :--- | :--- |
| **Reporting Date:** | |
| **Contact Person:** | Name: Designation: Tel: E-mail: |

| (A) NO. | (B) PRODUCT NAME & MARKETING NAME | (C) BRIEF DESCRIPTION OF THE PRODUCT | (D)* BUSINESS CLASS | (E)* CURRENCY |
| :--- | :--- | :--- | :--- | :--- |
| 1 | Fire | This product covers loss or damage to the insured property caused by perils insured (fire, lightning, domestic explosion etc.). Insured property includes: • building • stocks (raw materials, finished and unfinished goods, packaging materials etc) • contents (plant & machinery, furniture, fittings and fixtures, office equipment and tools, plans, documents etc) | Fire | Ringgit Malaysia |
| 2 | Fire Consequential Loss | This product covers loss of insured of profits, gross revenue, gross rental, standing charges and wages and salaries and increase in cost of working due to business interruption as a result of fire or insured perils (fire etc.). | Fire | Ringgit Malaysia |
| 3 | Goods In Transit | This product covers loss of or damage to goods whilst being loaded or unloaded from vehicles or goods train or while temporarily housed in the course of transit from perils insured (fire, theft, accident etc.). | Cargo | Ringgit Malaysia |

### Table 4 - Submission Worksheet for Family Takaful or Life Insurance

**LIST OF PRODUCTS FOR FAMILY TAKAFUL OR LIFE INSURANCE**

| Insurer Member: | |
| :--- | :--- |
| **Reporting Date:** | |
| **Contact Person:** | Name: Designation: Tel: E-mail: |

| (A) NO. | (B) PRODUCT NAME & MARKETING NAME | (C) BRIEF DESCRIPTION OF THE PRODUCT | (D)* FUND TYPE | (E)* PLAN TYPE | (F)* INDIVIDUAL OR GROUP | (G)* CURRENCY |
| :--- | :--- | :--- | :--- | :--- | :--- | :--- |
| 1 | Total Life Care | This is a whole life policy that provides cover up to age 100. It is a participating plan with annual cash dividends and surrender/terminal dividends. This plan provides: • Death, Total and permanent disability and Maturity benefit • Surrender/Terminal dividend - non-guaranteed dividends payable when policy ends upon death, maturity or surrender • Annual dividend - non-guaranteed dividends payable annually on policy anniversary. It can be withdrawn or left with the Company to accumulate interest • Cash surrender value payable upon cancellation/surrender | Participating Ordinary Life | Whole Life | Individual | Ringgit Malaysia |
| 2 | Income-linked Growth | This is a regular premium investment-linked plan with 2 accounts, namely Protection Account and Savings Account. The plan provides: • Death benefit and Total and permanent disability benefit • Anniversary bonus - additional annual increase in sum assured payable upon death, total and permanent disability • Investment in preferred fund | Investment-linked | Endowment | Individual | Ringgit Malaysia |
| 3 | Cash Income Plan | This is a rider that provides: • monthly income for 60 months upon death of life insured • additional amount payable in the event of total and permanent disability or diagnosis of critical illness | Non-participating Ordinary Life | Rider | Individual | Ringgit Malaysia |

2.7 The product related information that is required from the insurer members includes:

(a) **Insurer member** refers to name of the insurer member.

(b) **Reporting date** refers to the date mentioned in paragraph 3.1.

(c) **Contact person** refers to the name of the officer in-charge of completing the submission. It should be a staff, holding at least managerial position and able to provide explanation with regard to the information contained in the submission, when contacted.

(d) **Product name and marketing name.** Product name refers to the name of the product used in the takaful certificate or insurance policy contract. Insurer members are also required to provide the marketing name of the product if the product is marketed or distributed with a different name than that used in the takaful or policy contracts. Insurer members are required to include all the products sold or offered to its customers as explained in paragraph 2.1 to 2.4 above.

(e) **Brief description of the product.** To describe briefly the features of the product and the benefits insured under the product. For reference, a list of products commonly available in the market is provided in Appendix I that can be used as a guide in ascertaining the level of details to be provided. The list should only be used as a guide as it is not an exhaustive list of all the products available in the market and the description provided may not be reflective of the actual coverage and benefits provided under the product of the insurer member.

(f) **Business class** refers to the class of takaful or insurance as provided below (Table 5) and a detailed explanation for each class is provided in Appendix II. For products with a combination of more than one business class,² the business class should be consistent with that reported to BNM under the Insurance Companies Statistical Submission (“ICSS”) or Takaful Operators Statistical System (“TOSS”) reporting forms, where relevant. For PIDM’s reporting, insurer members are not required to unbundle the product and report based on the respective classes of business. These products can be reported based on the major class i.e., the business class which constitutes the major portion of the product.

² For example, products with a combination of Fire, Public Liability and Personal Accident class of business.

| Table 5 - Business Class for General Takaful or Insurance | |
| :--- | :--- |
| • Aviation | • Medical & Health |
| • Bonds | • Motor |
| • Cargo | • Offshore Oil-related |
| • Contractor's All Risks & Engineering | • Personal Accident |
| • Fire | • Workmen's Compensation & Employers' Liability |
| • Liabilities | • Others |
| • Marine Hull | |

(g) **Fund type and Plan type** refers to classification of the product as provided in Table 6 and 7 below and a detailed explanation for each item is provided in Appendix II. For products with a combination of more than one fund type,³ the fund type should be consistent with that reported to BNM under the ICSS and TOSS reporting forms, where relevant. For PIDM’s reporting, insurer members are not required to unbundle the product and report based on the respective fund types. These products can be reported based on the major fund type i.e. the fund type which constitutes the major portion of the product.

| Table 6 - Fund Type and Plan Type for Family Takaful | Table 7 - Fund Type and Plan Type for Life Insurance |
| :--- | :--- |
| **Fund Type** | **Fund Type** |
| • Ordinary Family Takaful | • Participating Ordinary Life |
| • Annuity Takaful | • Non-participating Ordinary Life |
| • Investment-linked Takaful | • Participating Annuity |
| | • Non-participating Annuity |
| | • Investment-linked |
| **Plan Type** | **Plan Type** |
| • Endowment • Others | • Whole Life • Rider |
| • Term - Mortgage | • Endowment • Immediate Annuity |
| • Term - Others | • Term - Mortgage • Deferred Annuity |
| • Medical and Health | • Term - Others • Others |
| • Rider | • Medical and Health |

(h) **Individual or Group.** This is only applicable for family takaful and life insurance products as explained in Table 8 below.

| Table 8 - Individual or Group for Family Takaful and Life Insurance | |
| :--- | :--- |
| **Family Takaful** | • Individual refers to a family takaful certificate which provides cover on death and total permanent disability and on a single person or joint persons. • Group refers to a family takaful certificate which provides cover on death and total permanent disability on a group of three or more participants under a master certificate. A group family takaful certificate will continue to be classified as group family takaful certificate even if the number of participants is less than three due to withdrawal of the person covered from the group after the certificate was issued. |
| **Life Insurance** | • Individual refers to a life policy which covers a single life or a joint life including home service life. • Group refers to a life policy which covers three or more lives under a single contract and where withdrawal from the group automatically terminates the insurance contract. A group life policy will continue to be classified as group life policy even if the number of lives insured is less than three due to withdrawal of the lives insured from the group after the policy was issued. |

³ For example products with combination of participating fund and non-participating fund.

(i) **Currency** refers to the currency in which the product is denominated. This can be in Ringgit Malaysia, Foreign Currency or both (Ringgit Malaysia and Foreign Currency).

A drop-down list is provided in the Excel spreadsheet for items (f) to (i) to improve the accuracy of the submission and ease of data entry.

2.8 The product related information reported to PIDM should be consistent with that reported to BNM under the ICSS and TOSS reporting forms, where relevant.

2.9 Insurer members are required to use the General Takaful or Insurance Products Worksheet to furnish information relating to general takaful or insurance products and Family Takaful or Life Insurance Products Worksheet for family takaful or life insurance products.

2.10 Insurer members may be required to submit takaful or policy contracts and marketing materials such as brochures, flyers, product information sheet and product fact sheet to PIDM, on case-by-case basis, if deemed necessary by PIDM, to gather further information and understanding of the product and for verification of the accuracy of the submission.

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## SECTION 3: SUBMISSION TO PIDM

3.1 Insurer members are required to submit the information as at 31 December of a preceding year (“reporting date”), in accordance with the Worksheet provided by PIDM.

3.2 The submissions must be certified by the Chief Executive Officer or any person of equivalent position (“CEO”) to be true, correct and complete as per the format provided in Appendix III and the template may be downloaded from PIDM’s portal.

3.3 The completed Worksheet together with the scanned copy of the signed certification must be submitted to PIDM online through PIDM’s portal by 31 March of each year (or the immediately preceding working day if 31 March falls on a weekend or a public holiday in Kuala Lumpur). The original hard copy shall be kept by the insurer member.

Perbadanan Insurans Deposit Malaysia
30 March 2020

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## Appendix I
### Examples of Product and the Description

#### (1) GENERAL TAKAFUL OR INSURANCE PRODUCTS

| No | Product Name & Marketing Name | Brief Description of the Product and the Benefits Insured |
| :--- | :--- | :--- |
| 1 | Fire | This product covers loss or damage to the insured property caused by perils insured (fire, lightning, domestic explosion etc.). Insured property includes: • building • stocks (raw materials, finished and unfinished goods, packaging materials etc.) • contents (plant and machinery, furniture, fittings and fixtures, office equipment and tools, plans, documents etc.) |
| 2 | Fire Consequential Loss | This product covers loss of profits, gross revenue, gross rental, standing charges and wages and salaries and increase in cost of working due to business interruption as a result of fire or insured perils (fire etc.). |
| 3 | Houseowner/ Householder | This product covers loss or damage to the building and contents caused by insured perils (fire, lightning, explosion, flood etc.). It covers: • Loss of or damage to building or contents and loss of rent • Liability to third party - bodily injury and property damage • Property temporarily removed for sale/exhibition • Damage to mirrors and servant’s property • Compensation for fatal injury |
| 4 | Home Partner | This product covers: • Household Contents - Loss of or damage to household contents and personal effects caused by perils insured (fire, lightning, burglary, theft etc.). The property insured can be extended to include mountain bikes, personal properties within fenced compound, servant’s property, cash/coins collections, currency notes, bank notes, mirror, frozen & perishable food, replacement of external locks and key, reimbursement of rental expenses, removal of debris, fire department charges and property temporarily removed from private dwelling. • Personal Accident - covers the insured and immediate family members for death, permanent disablement, loss of hands, feet, sight and hearing due to accident. • Personal Liability - covers damages legally payable for bodily injury and property damage of a third party in respect of accident occurring within private dwelling or within Malaysia. |
| 5 | Growing Tree | This product covers loss or damage to plantation caused by perils insured (fire, lightning etc.). It covers the establishment costs of oil palm, rubber and cocoa plantation. |
| 6 | Goods In Transit | This product covers loss of or damage to goods whilst being loaded or unloaded from vehicles or goods train or while temporarily housed in the course of transit from perils insured (fire, theft, accident etc.). |
| 7 | Warehouse and Carrier’s Liability | This product covers • Damages payable for loss of or damage to third party property stored in warehouse or whilst on vehicle in the course of transit • Legal costs and interest accruing after entry of judgment. |
| 8 | Carrier’s Liability & Indemnity | This product indemnifies insured against: • legal liabilities arising from loss of or damage to goods or merchandise placed in the care, custody or control whilst on motor vehicle in the course of transit • Legal costs and interest accruing after entry of judgment. |
| 9 | Marine Cargo | This product covers goods or subject matter insured from physical loss or damage while being transported by conveyances. |
| 10 | Pleasure Craft | This product covers: • Pleasure Craft - loss or damage to pleasure craft whilst being used for private purposes caused by perils insured (perils of sea, fire, jettison, piracy etc.). It covers hull, machinery, boats, gear and equipment that would normally be sold together with the craft. • Third Party Liability - damages legally liable to pay for (i) loss of or damage to other vessel or property; (ii) loss of life, personal injury or illness of third party; (iii) removal or destruction of the wreck or cargo; (iv) legal costs incurred in contesting liability; and (v) cost for representation at coroner’s inquest or enquiry. |
| 11 | Marine Hull - Hull & Machinery | This product covers loss of or damage to vessel’s hull and machinery caused by perils insured (perils of sea, fire, jettison etc.). |
| 12 | Motor Comprehensive | This product covers damage to vehicle caused by insured perils (accident, fire, theft etc.). It covers: • loss of or damage to own vehicle, compensation for loss of use of vehicle, windscreen damage • liabilities to third party for bodily injury, death or property damage The coverage can be extended to include passenger liability. |
| 13 | Third Party Motor | This product provides coverage against liabilities to third party for bodily injury, death or property damage. The coverage can be extended to include passenger liability. |
| 14 | Third Party Fire & Theft Motor | This product covers: • loss of or damage to own vehicle caused by insured perils (fire, explosion, lightning, burglary, housebreaking or theft) • liabilities to third party for bodily injury, death or property damage The coverage can be extended to include passenger liability. |
| 15 | Foreign Workers Guarantee | This product provides guarantee to the Immigration Department to cover the repatriation expenses of foreign workers to their country of origin if required by the authorities for: (i) breach of Immigration Act; (ii) involvement in illegal activities; or (iii) insolvency of employer. |
| 16 | Golfer | This product indemnifies loss or damage occurring whilst playing or practicing golf at golf club or golf course. It covers: • Liability to Public - damages legally liable to pay to third party for injury, death and property damage. • Personal Accident - covers insured against bodily injury resulting in death, loss of sight, hands, feet and medical and surgical treatment for accident. • Golfing Equipment and Personal Effects - loss of or damage to golf clubs, bags, bag trundles, accessories and personal effects. • Buggy - loss of or damage to the Buggy • Hole-In-One - reward for scoring Hole-In-One |
| 17 | Hole-In-One | This product indemnifies insured for the assumed liability to pay the prize award to the participant who achieves a Hole In One in golf tournament. |
| 18 | Glass | This product insures breakage of plate glasses in showrooms, offices and buildings as a result of an accident or perils not excluded under the policy. |
| 19 | Burglary | • This product covers loss of or damage to the property insured whilst contained in the specified premises arising from theft. Property insured includes stock-in-trade, furniture, fittings and fixtures, goods held in trust or on commission, machinery and tools, designs, patterns and moulds, office equipment. • It also covers damage to the premises due to theft. |
| 20 | Fidelity Guarantee | This product indemnifies employer against any direct pecuniary loss incurred due to acts of dishonesty by employees such as forgery, embezzlement, larceny or fraudulent conversion. |
| 21 | Money Policy | This product covers loss of money whilst in transit and whilst in the premises. It covers: • Loss of money outside the premises - loss of money while being conveyed by authorised personnel • Loss of money outside the premises - loss of money kept in locked safe, strong room and other receptacles. It also covers repair or replacement costs of safe, strong room or other receptacles due to theft. |
| 22 | Personal All Risk | This product covers loss of or damage to personal property and valuable items caused by perils insured (fire, theft, accident etc.) within the Territorial Limit. Valuable items include computer, notebook, camera, watches, antique, jewellery, artwork, collectibles etc. |
| 23 | All Risk | This product covers loss of or damage to office equipment, computer and electronic equipment, renovation works and office partition not forming part of a building or equipment, plant or machinery used in industrial or business premises or mobile items such as notebook, camera or phone caused by perils insured (fire, theft, accident and perils not specifically excluded) within the Territorial Limit. |
| 24 | Equipment | This product covers loss of or damage to mobile equipment (such as forklifts, excavators, mobile cranes, tractors or other self-propelled vehicles) that is not licensed for road use and static heavy equipment designed to operate in the open or within premises. |
| 25 | Professional Indemnity | This product indemnifies insured against damages payable due to negligent act, error or omission in the professional conduct of Business/Profession and legal costs incurred in defence. |
| 26 | Products Liability | This product indemnifies insured against legal liability for damages payable for bodily injury or property damage caused by products manufactured, sold or distributed. It also covers legal costs incurred in defence. |
| 27 | Public Liability | This product indemnifies insured against damages payable for personal injury and loss of or damage to property of a third party arising from accident occurring in connection with business operations. It also covers legal costs incurred in defence. |
| 28 | Warehousemen’s Legal Liability | This product covers legal liability payable for physical loss or damage to goods and merchandise of others that are held in care, custody or control while temporarily stored in warehouses operated by insured. It also covers legal costs incurred in defence. |
| 29 | Employer’s Liability | This product indemnifies insured against liability to pay compensation to employees for accidental bodily injury or disease during employment. It also covers legal costs incurred in defence. |
| 30 | Foreign Workers Compensation Scheme | This product indemnifies insured under the Workmen’s Compensation Act in respect of compensation for employment injury as well as non-employment injury sustained by the foreign worker. It covers: • Workmen’s Compensation - death, funeral expenses, permanent total disablement and temporary disablement • Repatriation Expenses incurred for repatriation of remains or permanently disabled worker back to his country • Personal Accident (Off Working Hours) – death, permanent disablement, permanent partial disablement, temporary disablement and medical expenses |
| 31 | Clinical Trial | This product indemnifies insured (trial sponsor e.g. pharmaceutical companies and contract research organisation) against legal liability to pay damages for injury to trial participant of the Clinical Trial. |
| 32 | Directors and Officers Liability | This product provides financial protection for directors and officers against litigation in the course of performing their duties. It covers damages payable and the legal costs incurred in defence. |
| 33 | Boiler and Pressure Vessel | This product covers: • Loss or damage to boiler or pressure vessel or other apparatus due to explosion or collapse • Damage to auxiliaries and surrounding property e.g. buildings and machinery • Death, bodily injury and loss or damage to property of a third party |
| 34 | Contractors’ All Risks | This product provides protection for building and civil works during the contract period. It covers: • Loss or damage to contract works, property or items insured • Third party liability - accidental bodily injury, illness, loss of or damage to property of a third party |
| 35 | Deterioration of Stock | This product covers: • Deterioration of chilled, refrigerated or frozen stocks in cold storage due to breakdown of refrigeration unit. • Expenses incurred for transfer of threatened goods to alternate cold storage to minimise deterioration |
| 36 | Erection All Risk | This product covers: • Physical loss or damage involved in erection and installation of machinery, plant and steel structures. • Third party liability - accidental bodily injury, illness, loss of or damage to property of a third party |
| 37 | Electronic Equipment | This product covers loss or damage to computers and other electronic equipment. It covers: • Material Damage - loss of or damage to hardware installation including peripheral equipment and accessories • Data Media - loss of or damage to data media (disc and tapes external to the computer system) while kept in the premises • Increase in cost of working - indemnity for increase in cost of working following material loss or damage |
| 38 | Machinery Breakdown | This product covers physical loss of or damage to machinery at work, rest or during maintenance. Machinery includes (i) electrical equipment such as alternators, generators, motors, switchgears ; (ii) mechanical plant such as engines, turbines, blowers, compressors, pumps, machine tools; and (iii)process machinery used in paper/pulp making industry, printing industry, rubber/plastic, textiles industry etc. |
| 39 | Machinery Breakdown Loss of Profit | This product covers financial loss resulting from machinery breakdown and must be issued concurrently with Machinery Breakdown Takaful or Insurance. It compensates the: • Loss of gross profit • Continuing business expenses including salaries and wages • Increase in cost of working incurred to avoid reduction in turnover |
| 40 | Storage Tank | This product covers damage to storage tanks (mainly bulk storage tanks e.g. palm oil tanks, fuel oil tanks) caused by bursting, splitting, rupture or collapse. Cover can also be extended to cover the loss of contents of the tanks. |
| 41 | Civil Engineering Completed Risks | This product covers loss of or damage to completed civil engineering properties and structures (road, bridges, tunnel, dam etc.) |
| 42 | Hospital and Surgical | This product covers medical costs incurred for hospitalisation due to accident or sickness and also provides medical card facility for admission and discharge. • Hospital room & board, Surgical fees, Anaesthetist fees, Intensive Care Unit, Day care surgery, Hospital services & supplies, Operation theatre • In-hospital physician visit, Pre-hospitalisation diagnostic test, specialist fees etc., Post-hospitalisation treatment • Emergency accidental outpatient and dental treatment and Outpatient physiotherapy treatment • Ambulance fees and government tax • Organ transplant, Insured’s child daily guardian benefit • Daily cash allowance at government hospital • Outpatient cancer or kidney dialysis, Home nursing care • Accidental death benefit • Emergency Medical Assistance Service |
| 43 | Group Hospital and Surgical | This product covers medical costs incurred by employee for hospitalisation due to accident or sickness and also provides medical card facility for admission and discharge. It covers: • Hospital room & board, Surgical fees, Anaesthetist fees • Intensive Care Unit, Day care surgery, Hospital services & supplies, Operation theatre • In-hospital physician visit, Pre-hospitalisation diagnostic test and specialist fees, Post-hospitalisation treatment • Emergency accidental outpatient and dental treatment • Ambulance fees and government tax • Daily cash allowance at government hospital • Outpatient cancer treatment and Bereavement allowance |
| 44 | Foreign Worker Hospitalisation & Surgical | This product covers hospitalisation and surgical costs incurred by foreign workers if admitted into Non-Corporatised Malaysian Government Hospital due to accident or sickness. It covers: • Hospital room & board, Intensive Care Unit, Hospital services & supplies, Operation theatre • Surgical fees, Anaesthetist fees, In-hospital physician/specialist consultation visit • Ambulance fees, medical report and government tax |
| 45 | Travel Care | This product offers wide range of coverage for events occurring during travel. It provides: • Personal Accident – Death, Permanent Disablement, payment for child’s education fund in the event of accidental death, funeral, burial or cremation expenses • Medical & Other Expenses - surgical, hospital charges, emergency dental treatment charges, payment for expense of friend or relative to accompany insured during hospitalisation or assist with burial/cremation or for child care while insured is hospitalised, Dispatch of Medication, Emergency Medical Evacuation & Repatriation and payment if quarantined due to pandemic influenza • Hospitalisation income payable if confined to hospital for injury or illness sustained during journey. • Travel Inconveniences - compensate irrecoverable expenses paid due to curtailment/cancellation of trip due to hospitalisation/injury/death; Loss of luggage/personal effect/travel documents (passport etc.); purchase of essential items if luggage is delayed; costs incurred for failure to return hired car due to hospitalisation; compensate loss of airfare due to insolvency of airlines; payment for fraudulent usage of credit card; personal liability (legal liability to third party for injury or damage to property); loss of cash or travellers’ cheques; damage to home contents due to burglary/fire when house left vacant during travel and ransom payment due to kidnapping and hostage outside Malaysia. |
| 46 | Drive Care PA | This product protects the driver and passengers against loss of life or permanent disablement while entering, riding or alighting from vehicle. It covers: • Death, permanent disablement, loss of sight, hands, feet, toes, speech, total paralysis, insanity, loss of hearing and use of limbs • Medical expenses including hospital room, and board, clinical, medical and surgical treatment • Bereavement allowance in the event of death of driver/passenger • Burial/cremation expenses • Daily income benefit payable for duration confined to hospital • Increase in sum assured if no claims has been incurred |
| 47 | Group Personal Accident | This product provides compensation for bodily injury sustained by insured (employees, workers, members etc.) resulting in death and permanent disablement. It can be extended to cover temporary total/partial disablement, medical and surgical treatment and hospital income. |
| 48 | Individual Personal Accident | This product covers: • Personal Accident - compensation payable for accidental death and permanent disablement. It can be extended to cover temporary total/partial disablement, medical and surgical treatment and hospital income. • Personal Liability - indemnifies insured against legal liability to pay third party for accidental bodily injury or damage to property. |
| 49 | Traveller’s Personal Accident | This product provides compensation for bodily injury caused by accidental means resulting in death, disablement or necessitates medical treatment occurring during the journey. The cover can be extended to include loss of or damage to baggage. |
| 50 | Tender Bond | This product provides guarantee that the Contractor submits a bona-fide tender, stands by it and is capable of providing Performance Bond in the event the tender is accepted by the Principal. |
| 51 | Performance Bond | This product provides guarantees that the Contractor is able to fulfil the contractual obligations towards completion of the contract. |
| 52 | Advance Payment Bond | This product provides guarantee that the Contractor is able to repay the advance payment taken from Principal to fund the contract works. |

#### (2) FAMILY TAKAFUL OR LIFE INSURANCE PRODUCTS

| No | Product Name & Marketing Name | Brief Description of the Product and the Benefits Insured |
| :--- | :--- | :--- |
| 1 | Total Life Care | This is a whole life policy that provides cover up to age 100. It is a participating plan with annual cash dividends and surrender/terminal dividends. This plan provides: • Death, total and permanent disability and Maturity benefit • Surrender/Terminal dividend - non-guaranteed dividends payable when policy ends upon death, maturity or surrender • Annual dividend - non-guaranteed dividends payable annually on policy anniversary. It can be withdrawn or left with the Company to accumulate interest • Cash surrender value payable upon cancellation/surrender |
| 2 | Essential Savings | This is a non-participating plan with flexibility to choose either level death benefit or increasing death benefit. This plan covers the insured up to age 100 provided that the accumulation value (premiums paid less charges accumulated at interest rate specified) is sufficient to cover all the charges up to age 100. |
| 3 | Ideal Living Plan | This is a non-participating whole life plan that provides: • Death and total and permanent disability • Savings and protection that provides increasing cash surrender value • Short premium payment term where premium is only payable until age 55 or 20 years, whichever later • Cash surrender value payable upon cancellation/surrender |
| 4 | Supreme Care | This is a whole life protection plan which offers death protection up to age 100 with guaranteed cash surrender value. The plan provides: • Death, total and permanent disability and Maturity benefit • Cash surrender value payable upon surrender of policy |
| 5 | Income Protection | This is a whole life plan that is a package where 80% of sum assured is participating and 20% is non-participating. It covers: • Death benefit • Total and permanent disability benefit • Guaranteed cash payment where 4-5% of sum assured is payable annually from 5th policy year. The cash payment can be withdrawn or left with the Company to accumulate interest • Accidental Guaranteed Cash Payment where 16% of sum assured is payable for 20 years for covered accidental injuries. The cash payment can be withdrawn or left with the Company to accumulate interest • Maturity benefit - sum assured payable upon maturity of policy • Surrender/Terminal dividend - non-guaranteed dividends payable when policy ends i.e. upon total and permanent disability, death, maturity or surrender • Annual dividend - non-guaranteed dividends payable annually on policy anniversary. It can be withdrawn or left with the Company to accumulate interest • Short premium paying duration - premium is only payable for 20 years • Cash surrender value payable upon surrender of policy |
| 6 | Income-linked Growth | This is a regular premium investment-linked plan with 2 accounts, namely Protection Account and Savings Account. The plan provides: • Death benefit and total and permanent disability benefit • Anniversary bonus - additional annual increase in sum assured payable upon death, total and permanent disability and critical illness (if critical life rider is attached). • Investment in preferred fund |
| 7 | Maxi Protector | This is a single premium investment-linked plan that provides: • Death benefit • Total and permanent disability benefit • Investment in preferred funds |
| 8 | Save Assured Plan | This is a savings and protection plan up to age 85 with cash dividends and surrender/terminal dividends. It is a participating plan that provides: • Death, total and permanent disability and Maturity benefit • Surrender/Terminal dividend - non-guaranteed dividends payable when policy ends upon death, maturity or surrender • Annual dividend - non-guaranteed dividends payable annually on policy anniversary. It can be withdrawn or left with the Company to accumulate interest • Critical illness benefit - advance payment upon diagnosis of critical illness or for any covered surgery • Increase in sum assured without health review based on policy year. • Cash surrender value payable upon cancellation/surrender |
| 9 | Medik Plus | This plan covers hospitalisation and surgical expenses incurred and offer protection up to age 100. It covers: • Hospital room and board, ICU, Hospital supplies and services • Surgical fees, Operating theatre fees, Anaesthetist’s fees, In-hospital physician’s visit • Pre-hospitalisation and Post-hospitalisation treatment benefit • Day procedure, Home nursing care, Organ/bone marrow transplant • Daily cash allowance at government hospital and guardian benefit • Emergency accidental outpatient treatment and follow-up treatment • Emergency accidental outpatient dental treatment • Emergency evacuation benefit, Outpatient kidney dialysis and cancer treatment |
| 10 | Female Dread Disease | This is a rider designed to protect women that can be attached to an investment-linked plan. It provides: • female dreaded illness benefit where sum assured is payable as female organs cancer benefit • treatment benefit for female related diseases (e.g. rheumatoid arthritis, fracture, loss of reproductive organ, mastectomy etc.) • reimbursement for psychotherapy in the event of death of spouse/child • referral service for assistance on household/automobile services in towns • maternity benefits payable for pregnancy complications, still birth, neo-natal death, congenital anomalies and death during child delivery |
| 11 | CI Early Advantage | This is a critical illness rider that can be attached to a basic plan that covers: • wide range of critical illnesses where claims can be made up to three (3) different critical illnesses • waiver of future premiums of the rider upon diagnosis of first critical illness |
| 12 | Cash Income Plan | This is a rider that provides: • monthly income equivalent to the sum assured of the rider for 60 months upon death of life insured • additional amount payable in the event of total and permanent disability or diagnosis of critical illness |
| 13 | Max Shield Plan | This product offers accident protection and double protection on serious injuries and it covers: • Accidental death and dismemberment benefit payable for accidental death, dismemberment or loss and permanent total disability. • Double living benefit - one-off cash payment in the event of loss of sight, use of limbs, speech, hearing, incurable insanity, total paralysis or total and permanent disability due to an accident • Reimbursement of medical and surgical expenses for inpatient and outpatient treatment due to an accident • Weekly indemnity benefit - weekly payment for temporary total disability sustained from an accident • Payor benefit - waiver of premiums (for juvenile plan only) due to an accidental death or total and permanent disability of payor • Special anniversary bonus will be added to the amount covered for accidental death and dismemberment benefit for the 1st and 2nd anniversary of the policy |

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## Appendix II
### Class of Takaful or Insurance, Fund Type and Plan Type

#### (A) GENERAL TAKAFUL OR INSURANCE

**(1) Class of Takaful or Insurance**

(a) **Aviation**
Refers to all takaful or insurances underwritten in the Aviation Department including Aviation Hull and Liabilities, Satellites, Airport Operator’s Liabilities, Aircraft Refuelling Liabilities and Pilot’s Loss of Licence.

(b) **Bonds**
Refers to all types of bonds which insurers are permitted to underwrite, including contract bonds, advance payment guarantees, immigration bonds, customs bonds, administration bonds and other types of bonds.

(c) **Cargo**
Refers to all business underwritten in the Cargo Takaful or Insurance Department including Marine Cargo, Air Cargo, Land Transit, Marine Cargo Loss of Profits, Cargo Throughput Policies, Port Operator’s Liability, Freight Forwarder’s Liability etc. Freight takaful or insurance shall be included under this item.

(d) **Contractor’s All Risks and Engineering**
Refers to all business underwritten in the Engineering Takaful or Insurance Department including Contractor’s All Risks, Erection All Risks, Advance Loss of Profits, Machinery Breakdown, Boiler Explosion, Related Loss of Profits, Computer All Risks and Storage Vessels but excluding contract bonds.

(e) **Fire**
Refers to all business underwritten in the Fire Takaful or Insurance Department including Industrial All Risks, Fire and Allied Perils Material Damage and Loss of Profits, Houseowners/Householders.

(f) **Liabilities**
Refers to all takaful or insurances of liabilities such as Public Liability or General Third Party Liability, Products Liability, Professional Indemnity, Errors and Omissions Cover, Directors’ and Officers’ Liability and other forms of liability takaful or insurance.

(g) **Marine Hull**
Refers to all business underwritten in the Marine Hull Department including Marine Hull Loss of Profits, Loss of Hire and Builder’s risk.

(h) **Medical and Health**
Refers to a policy that provides specified benefits against risks of person becoming totally or partially incapacitated as a result of sickness or infirmity. Medical and health takaful or insurance packaged with personal accident policies where the medical and health portion constitutes the major proportion of the takaful or insurance shall be included here.

(i) **Motor**
Refers to a certificate or policy insuring a motor vehicle, including liabilities arising and other specified benefits against risks from the use of the motor vehicle. It includes both Motor “Act” and Motor “Others”.

(j) **Offshore Oil-related**
Refers to takaful or insurances of oil and gas exploration, development (including construction) and production risks, offshore or onshore, for account of owners or operators of such risks, or offshore oil and gas contractors.

(k) **Personal Accident (PA)**
Refers to individual PA, group PA and travel PA takaful or insurances. Travel takaful or insurance packages with a significant PA element should also be shown under this class.

(l) **Workmen’s Compensation and Employers’ Liability**
Refers to all takaful or insurances indemnifying employers in respect of their liabilities to workmen either under Workmen’s Compensation Act or under common law.

(m) **Others**
Refers to all other types of miscellaneous takaful or insurances not falling within any of the above classifications.

#### (B) LIFE INSURANCE

**(1) Fund Type**

(a) **Participating**
Participating life policy means a life policy conferring a right to the policy owner to participate in allocations, of which the amount or timing is at the discretion of the insurer member.
It can be classified as:
(i) **Participating Ordinary Life**
Ordinary life refers to a life policy which is not an investment-linked policy or annuity policy.
(ii) **Participating Annuity**
Annuity refers to a contract that provides periodical payments at intervals of one year or less and includes deferred annuities. Contracts combining life insurance and annuity benefits should be classified as Ordinary Life insurance.

(b) **Non-participating**
It can be classified as:
(i) **Non-participating Ordinary Life**
Ordinary life refers to a life policy which is not an investment-linked policy or annuity policy.
(ii) **Non-participating Annuity**
Annuity refers to a contract that provides periodical payments at intervals of one year or less and includes deferred annuities. Contracts combining life insurance and annuity benefits should be classified as Ordinary Life insurance.

(c) **Investment-linked**
Refers to a contract of insurance on human life or annuity where the benefits are, wholly or partly, to be determined by reference to the value of, or the income from, property of any description or by reference to fluctuations in, or in an index of, the value of property or any description.

**(2) Plan Type**

(a) **Whole Life**
Refers to all insurance products which cover the life assured for the whole of life or up to the age of 80 years or more regardless of the period over which premium is payable and regardless of any benefit payments at different terms or ages during the currency of the policy.

(b) **Endowment**
Refers to all insurance products which cover the life assured for a specified term and provide for payment of a maturity benefit on survival up to the end of the term regardless of how the benefits are named. An “endowment” policy providing for maturity at age 80 or higher age should be classified as “whole life”.

(c) **Term**
Term refers to term life insurance contracts covering the risk of death only. It includes:
(i) **Term - Mortgage**
Mortgage refers to term life policies sold as security for mortgage loans and includes such policies even where the sum insured does not decrease.
(ii) **Term - Others**
Others refers to term life contracts not related to mortgage loans. However, term life cover sold as a rider on a life policy of another category should be reported as a rider.

(d) **Medical and Health**
Refers to a policy that provides specified benefits against risks of person becoming totally or partially incapacitated as a result of sickness or infirmity.

(e) **Riders**
Refers to additional insurances which are sold as extensions of basic life insurance contracts. However, where a rider is compulsory and attaches to a policy on a predefined basis, it should be reported together with the basic contract and not as a rider. It includes term assurance, personal accident or disability, medical and health, dread disease and other riders.

(f) **Immediate Annuity**
Refers to annuity contracts where payment of annuities commences immediately upon conclusion of the contract.

(g) **Deferred Annuity**
Refers to annuity contracts where payment of annuities commences at a future date specified in the contract.

(h) **Others**
Refers to products which could not be classified under items (a) to (g) above.

#### (C) FAMILY TAKAFUL

**(1) Fund Type**

(a) **Ordinary Family Takaful**
Refers to a family takaful certificate which is not Annuity or Investment-linked business.

(b) **Annuity Takaful**
Refers to a family takaful certificate which provides periodical payments to be made or received at regular intervals.

(c) **Investment-linked Takaful**
Refers to a takaful certificate which combines takaful protection with investment in a unitised underlying portfolio of assets.

**(2) Plan Type**

(a) **Endowment**
Refers to all family takaful certificates which cover the participant for a specified term and provide for payment of a maturity benefit on survival up to the end of the term.

(b) **Term**
Term refers to family takaful certificates covering the risk of death. It includes:
(i) **Term - Mortgage**
Mortgage refers to family takaful certificates sold as security for mortgage financing and includes such certificates even where the sum participated does not decrease.
(ii) **Term - Others**
Others refers to temporary takaful certificates which are not related to mortgage financing.

(c) **Medical and Health**
Refers to a takaful certificate that provides specified benefits against risks of a person becoming totally or partially incapacitated as a result of sickness or infirmity.

(d) **Riders**
Refers to additional takaful which are sold as extensions of basic family takaful certificates. However, where a rider is compulsory and attaches to a certificate on a pre-defined basis, it should be reported together with the basic certificate and not as a rider. It includes personal accident or disability, medical and health, dread disease and other riders.

(e) **Others**
Refers to takaful products which could not be classified under items (a) to (d) above.

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## Appendix III
### Format for Certification of Submission by CEO

**Submission of Product Listing as at [reporting date]**

[Name of company]

I hereby certify that:

(a) the product listing submission has been completed in accordance with the requirements specified in “Guidelines for Insurer Members on Submission of Product Information”; and
(b) all the information provided in this submission is true, correct and complete.

(Signature)___________________
(Name of Chief Executive Officer or any person of equivalent position)
Date: