MTA Subcommittees

 

To observe, evaluate and recommend appropriate solution to Management Committee (MC) on the development of accounting, tax, disclosure, administration and any other related in issue relation to the Takaful Industry.

Roles and Responsibility

  • To review, develop and recommend to the MC as well as adapt when necessary on the development of accounting, tax and investment that affecting the Takaful Industry.
  • To contribute to the development of accounting and financial reporting for Takaful industry by close working relationship accounting bodies; and
  • To communicate on a regular basis with members on issues and developments affecting Takaful practice in terms of accounting, tax and investment.

To provide advice and expertise in Family Technical Takaful areas or on particular industry issues and recommend the appropriate solution to the Management Committee

Roles and Responsibility

  • To recommend to the MC on industry technical initiatives for strengthen of Takaful Operators operations;
  • To formulate general methodologies and approaches for industry adoption;
  • To initiative and carry out research and development for the Takaful industry by way of reviewing new and existing regulations issues by Government Agencies, Bank Negara Malaysia (BNM) Perbadanan Insurans Deposit Malaysia (PIDM) etc.
  • Too communicate with the relevant regulators (i.e. Bank Negara Malaysia) and others industry [i.e. Life Insurance Association of Malaysia (LIAM)] and obtain feedback on the issues.

To provide advice and expertise in Family and General Takaful areas related to claims and servicing or on particular.

Roles and Responsibility

  • To recommend to the MC on industry initiatives to strengthen of Takaful Operators operations;
  • To formulate general methodologies and approaches for industry adoption;
  • Initiative and carry out research and development for the Takaful industry in creating wider range of innovative General Takaful plans and business environment, and
  • To create cohesiveness and synergies of operational, environmental between TOs to increase the market share of Takaful

To provide advice and expertise in business and operation of General Takaful and relevant issues in the industry and at the same time to recommend solutions to the Management Committee (MC)

Roles and Responsibility

  • Recommend to the Management Committee on industry initiatives for the strengthening of Takaful operators operations
  • Formulate general methodologies and approaches for industry adoption
  • Initiate and carry out research for the industry in creating wider range of innovative Family and General Takaful Plans and business environment;
  • Initiate and undertake research and development for the Takaful industry by way of reviewing new and existing regulation issues by government agencies. Bank Negara Malaysia (BNM) etc.
  • Communicate with relevant regulators and other industries (i.e. Life Insurance Association of Malaysia (LIAM) and Persatuan Insurans Am Malaysia (PIAM) and obtain feedback on the issues.
  • Look into the internal and external factors that influence claims cost and servicing. This includes identifying the drivers for the raising claims cost and the root cause for any servicing issues. To includes but not limited to product design and development, underwriting practices, claims practices, trends in hospitals and doctors. Customer Behaviours, Agency Force and Regulators, Ministry of Health, Association of Private Hospitals of Malaysia etc.
  • Provide advice, expertise and represent MTA in any joint committees with LIAM and/or PIAM and other related committees.
  • Initiate educational programs for consumers and partners to create and improve awareness in relation to Takaful claims and services.

 

To act as a high level oversight committee and communications platform for MTA and recommended the appropriate solution to the Management Committee (MC)

Roles and Responsibility

  • To plan and strategies public relation activities for MTA
  • To organize public relation functions for MTA
  • To handle public relations and media relations regarding industry issues
  • To formulate and coordinating activities, seminars and program for industry development

To recommend to the Management Committee (MC) on policies relating to human capital development and talent management of the Takaful industry.

Roles and Responsibility

  • To develop the industry’s minimum standard for continuous professional program and qualification for the human capital development and management in accordance to the competency framework
  • To formulate and coordinate activities, seminars and programs for human resource development; and
  • To monitor, review and provide recommendation to MC on suitable and industry related programs that will spur the human capital development
  1. To monitor the process and development of agent registration activity requirements as per regulations and compliance stated in MTA Inter Takaful Agreement.
  2. To review and recommend to the Management Committee (MC) particularly on agency registration related development and issues in the industry; and
  3. To advise and recommend to the MC on wide policy relating to learning and development of Takaful Intermediaries of the industry

Roles and Responsibility

  1. Guidelines and operations
    • The subcommittee may with approval from the MC make regulations to prescribe anything which may be prescribed or required to be prescribed
    • Subject to the provisions of these regulations, the subcommittee may make rules to carry out the objectives and purposes of these Regulations
    • In particular and without prejudice to the generality of the foregoing powers, the subcommittee may inter alia prescribe
      • The procedure to be adopted at meetings of the Board
      • The duties of the registrar
      • The form of the Register and the manner in which it shall be kept
      • any feed deemed necessary under these Regulations
      • The manner in which applications for registrations shall be kept
      • The procedure to be adopted at inquiries before the subcommittee
      • The forms of any Authorization Cards or other document required for carrying the purpose of these regulations; and
      • The appointment of and the payment of fees to legal advisers and inspectors
    • Rules made by the subcommittee under these regulations are subject to the approval of the MC and when approved such rules shall be published by circular to Members and shall take effect from date of such application
  2. Learning and Development
    • To recommend to the MC on the continued improvement and delivery of learning and development programs to intermediaries of the Takaful industry
    • To formulate and coordinate learning and development activities, seminars and programs for intermediaries.
  3. Administration
    • To keep and maintained a register containing the demographics (e.g. names, gender, addresses, identity card number, date of appointment, date left or terminated) of all Agents registered by Takaful Operators who are members of MTA.
    • For the purpose of administration of these regulations, the subcommittee shall appoint a Registrar who shall perform such duties in connection with the Register of Takaful Agents as may be prescribed by the subcommittee. The Registrar may be and individual or a film or a body corporate

The purpose is to review and discuss the requirements of all the relevant legislations namely, Takaful Act 1984, the Islamic Financial Services Act 2013 (IFSA), Policy Documents, Directives issued by BNM, Takaful Operational Framework (TOF), Shariah Governance Framework (SGF) and other policies / guidelines / regulatory requirement including BNM Shariah Advisory Subcommittee (SAC) Resolutions which are applicable to the industry (other than those legislations/[policies/framework/resolution or certain aspects of it which fall under the purview of other sub-committee(s) of MTA), and to regularly advise and recommend to the Management Committee (MC) on the actions needed. The scopes also include the Shariah related matters applicable to the Takaful industry.

Roles and Responsibility

  • To review and recommend to the MC on Regulatory and Shariah-related matters applicable to the Association and on issues in the Takaful Industry for further deliberations or approval;
  • To deliberate regulatory views on related issues in other MTA subcommittee / working committee if necessary;
  • To review and discuss work processes to be undertaken to ensure smooth implementation of the relevant regulatory into operational framework of the organisation;
  • To deliberate common industry issues that may have significant impact to the operation of the industry;
  • To provide feedback, endorse and validate relevant documentation for the Association’s initiatives, new products and services, including contracts, agreements or other documentation to be executed by MTA as an association with other parties;
  • To review and provide impact study on the new issuance guidelines/standards/concept papers/Act by BNM and other regulation bodies;
  • To vet through and advise on the changes of the all MTA guidelines / contracts / documents / agreement legal such as Inter Takaful Agreement (ITA) etc;
  • To assist and advise relevant parties on Shariah and Regulatory matters that serve the Association, such as its legal counsel, auditor or other consultants, upon request;
  • To communicate with the relevant regulators and obtain feedback on the issues;
  • To promote awareness of emerging regulatory and Shariah issues and provide support and coordination with other MTA subcommittees and other relevant parties.