World Bank2014-01-272014-01-272013-02https://hdl.handle.net/10986/16615This assessment provides an understanding of the significant regulatory and supervisory framework for the insurance sector of Malaysia. The assessment was conducted by Mark Causevic (external expert from OSFI Canada) during April 2012. Malaysia is undertaking the Financial Sector Assessment Program (FSAP) for the first time, and it includes a formal assessment of its observance with the Insurance Core Principles (ICPs) issued by the International Association of Insurance Supervisors (IAIS). The Malaysia market has been growing for Islamic insurance products (family takaful, general takaful, and re-takaful). The ICPs were not specifically developed with Islamic insurance products in mind. Consequently, based on the scope that was agreed upon prior to the start of the assessment work, details on the regulation, supervision and various workings of Malaysian Islamic insurance market are included in this report, but they do not form part of the ICP assessment ratings for Malaysia.en-USCC BY 3.0 IGOACCOUNTABILITYACCOUNTANTACCOUNTINGASSET-LIABILITY MATCHINGAUDIT COMMITTEEAUDITINGAUDITORSAUTONOMYBALANCE SHEETBANK NEGARA MALAYSIABANKING SECTORBANKRUPTCYBOND ISSUANCESBONDSBROKERSBUSINESS RISKSCAPITAL ADEQUACYCAPITAL MARKETSCAPITAL RATIOCAPITAL REQUIREMENTCASH FLOWCENTRAL BANKCODE OF CONDUCTCOMMERCIAL BANKSCOMMON LAWCONFIDENTIALITYCONFLICT OF INTERESTCONFLICTS OF INTERESTSCONSOLIDATED SUPERVISIONCONSOLIDATIONCONSUMER EDUCATIONCONSUMER PROTECTIONCONTINGENCY PLANSCORPORATE DEBTCORPORATE DEBT SECURITIESCORPORATE GOVERNANCECREDIT ENHANCEMENTCREDIT GUARANTEECREDIT RATINGSCREDIT RISKCREDIT RISK EXPOSURESCROSS-BORDER COOPERATIONCUSTOMER BASEDEBTDEBT SECURITIESDEBT SECURITIES MARKETDEBTSDEPOSITDEPOSIT INSURANCEDEPOSITSDERIVATIVESDEVELOPMENT BANKSDIRECT INSURANCEDISCLOSURE REQUIREMENTSDIVESTMENTDOMESTIC BANKDOMESTIC BANKSDOMESTIC BONDDUE DILIGENCEECONOMIC CONDITIONSEMPLOYMENTENFORCEMENT POWERSENVIRONMENTAL FACTORSEQUITIESEQUITY MARKETEXCHANGE CONTROLEXCHANGE RATEEXTERNAL AUDITORSFAILURE RESOLUTIONFINANCIAL ADVISORFINANCIAL ADVISORSFINANCIAL DEVELOPMENTSFINANCIAL INSTITUTIONFINANCIAL INSTITUTIONSFINANCIAL INTEGRATIONFINANCIAL MARKETSFINANCIAL PERFORMANCEFINANCIAL SECTORFINANCIAL SERVICEFINANCIAL SERVICESFINANCIAL SERVICES INDUSTRYFINANCIAL STABILITYFINANCIAL STATEMENTSFINANCIAL STRUCTUREFINANCIAL SYSTEMFIXED RATEFOREIGN BANKSFOREIGN EQUITYFOREIGN EXCHANGEFOREIGN EXCHANGE MARKETSFOREIGN OWNERSHIPFRAUDFUND ASSETSFUND MANAGEMENTGLOBAL MARKETGLOBAL MARKETSGOVERNANCE PRACTICESGUARANTEE FUNDHOLDINGHOLDING COMPANIESHOLDING COMPANYHOLDINGSINFORMATION SHARINGINFORMATION SYSTEMSINSURANCEINSURANCE ACTIVITIESINSURANCE COMPANIESINSURANCE CORPORATIONINSURANCE INDUSTRYINSURANCE MARKETINSURANCE MARKETSINSURANCE PENETRATIONINSURANCE POLICIESINSURANCE POLICYINSURANCE PRODUCTSINSURERINSURERSINTEREST RATEINTEREST RATE RISKINTEREST RATE RISKSINTERNAL CONTROLINTERNAL CONTROLSINTERNATIONAL ACCOUNTING STANDARDSINTERNATIONAL BANKINTERNATIONAL STANDARDSINVESTMENT BANKSINVESTMENT MANAGEMENTISLAMIC BANKINGISLAMIC FINANCIAL SERVICEISLAMIC FINANCIAL SERVICESISLAMIC INSURANCEJUDICIAL SYSTEMJURISDICTIONJURISDICTIONSLAWSLEGAL AUTHORITYLEGAL FRAMEWORKLEGAL PROTECTIONLEGAL PROVISIONSLEGISLATIONLEGISLATIVE FRAMEWORKLIABILITYLIBERALIZATIONLIFE INSURANCELIQUIDITYLOCAL LAWSMARKET CAPITALIZATIONMARKET DEPTHMARKET PARTICIPANTSMARKET RISKMARKET STRUCTUREMATURITYMATURITY STRUCTURESMINIMUM CAPITAL REQUIREMENTMONETARY FUNDMONETARY POLICYMONEY LAUNDERINGNEW ENTRANTSOPERATING LOSSESOPERATIONAL RISKOWNERSHIP INTERESTSPAYMENT SYSTEMSPENALTIESPENETRATION RATEPENSIONPENSION FUNDPENSION FUNDSPORTFOLIOPRESENT VALUEPRIMARY INSURERSPRIVATE DEBTPRIVATE PENSIONSPRIVATE SECTOR DEVELOPMENTPROFITABILITYPROPERTY RIGHTSPROTECTION OF POLICYHOLDERSREGULATORREGULATORY AGENCIESREGULATORY AUTHORITIESREGULATORY AUTHORITYREGULATORY CAPITALREGULATORY FRAMEWORKREGULATORY OBJECTIVESREGULATORY REGIMEREGULATORY REQUIREMENTSREGULATORY STANDARDSREINSURANCEREINSURANCE ARRANGEMENTSREINSURANCE CAPACITYREPUTATIONRESERVESRISK EXPOSURERISK EXPOSURESRISK MANAGEMENTRISK PROFILERISKY ASSETSSECURITIESSECURITIES INDUSTRYSECURITIES MARKETSETTLEMENTSETTLEMENT SYSTEMSSHARE OWNERSHIPSHAREHOLDERSSOLVENCYSUBSIDIARIESSUBSIDIARYSUKUKSUPERVISORY AUTHORITIESSUPERVISORY FRAMEWORKSUSTAINABLE GROWTHSYSTEMIC RISKSYSTEMIC RISKSTAXTAX INCENTIVESTERRORISMTRACK RECORDTRANCHETRANSPARENCYTURNOVERVOLATILITYWorld Bank10.1596/16615