KUALA LUMPUR: PKR members of Parliament (MPs) are urging Bank Negara Malaysia (BNM) to investigate and review the practices of insurer and takaful operator (ITO) companies, and to intervene in the ongoing issue of rising insurance premiums.
At a press conference in Parliament today, the MPs called for reforms in the medical and health insurance financing sector to establish a sustainable model for all parties.
The MPs included Sim Tze Tzin (Bayan Baru), Jimmy Phuah (Tebrau), Dr. Taufiq Johari (Sungai Petani), R. Yuneswaran (Segamat), and Chiew Choon Mun (Miri).
"Recently, we have received numerous complaints from the public about the sharp increase in medical and health insurance premiums.
"In just 14 days, we have received 147 complaints via email, phone, and WhatsApp, reflecting public outrage over the price hikes," Sim said.
He said the Life Insurance Association of Malaysia (LIAM), representing ITO companies, had announced on Dec 3 that the insurance premium hikes would be maintained, contradicting the Nov 28 statement from BNM requiring ITOs to review pricing strategies to ensure fairer implementation.
"We want to know if ITOs will comply with BNM's instructions or delay implementing price revisions in the future. Does LIAM represent all insurance companies?"
"We urge insurance companies to issue their own statements soon to clarify their positions. ITO companies are accountable to policyholders, who deserve clear and definitive answers," he added.
Sim also called on BNM to clarify the situation and questioned whether the central bank would require ITOs to review the price hikes.
"Our goal is not to blame any particular party, but to bring the people's concerns to the relevant authorities.
"We have collected significant data and urge those who have experienced extreme premium increases to come forward and report to us. Please include your insurance policy and premium increase notice for data collection. You can contact us at aduan.pkr.hospital.insurans@gmail.com."