What does LIAM mean in COMPANIES & FIRMS
LIAM stands for the Life Insurance Association of Malaysia. It is a non-profit organization formed under the Societies Act 1966 that represents all life insurance companies in Malaysia. LIAM was established in 1975 as an industry representative body and works closely with BNM, Bank Negara Malaysia, to ensure that life insurers operate within responsible limits. The organization also works to promote efficient operations in the industry and provide education and information on various matters related to life insurance.
LIAM meaning in Companies & Firms in Business
LIAM mostly used in an acronym Companies & Firms in Category Business that means Life Insurance Association of Malaysia
Shorthand: LIAM,
Full Form: Life Insurance Association of Malaysia
For more information of "Life Insurance Association of Malaysia", see the section below.
What Does LIAM Stand For
Starting its operations in 1976 and formerly known as the Life Insurance Association of Malaysia (LIAM), it is currently known as PIAM or Persatuan Insurans Am Malaysia in Malay or the Malaysian Insurance Institute (MII) in English. PIAM is a non-profit organization set up with objectives to represent and protect members’ interests, serve as an effective forum for consultation between members and relevant government authorities such as BNM, promote efficiency of operations by its members, undertake research projects on behalf of its members and provide training, education and information services on risk management issues and related topics.
Essential Questions and Answers on Life Insurance Association of Malaysia in "BUSINESS»FIRMS"
What is Life Insurance Association of Malaysia (LIAM)?
LIAM is an industry association established in 1988 to represent the collective interests of life insurers in Malaysia. The aim of the association is to harmonize and promote sound practices within the insurance industry, and also represent and lobby on behalf of its members.
What are the benefits of being a member of LIAM?
Being a member of LIAM brings many benefits such as gaining access to best practices and training materials, networking opportunities, and representation in national advocacy campaigns. Members also gain access to a variety of publications that offer insights into trends, developments, regulations, and other important aspects related to the Malaysian insurance industry as a whole.
How do I become a member?
To become a member you must complete an Application Form for Membership with supporting documents. The form can be downloaded from the website at www.liam.org.my or requested by contacting LIAM directly via email or telephone. Approval from existing members is required before membership is granted.
Does LIAM provide any training programmes for members?
Yes, LIAM provides customised training programmes that are tailored specifically to meet the individual needs of each insurer or reinsurer operating in Malaysia. Training topics range from technical knowledge related to life insurance policies & procedures to more generic courses like customer service and professional ethics & standards among others; providing members with up-to date training resources essential for their professional development.
Do I need to pay any fee if I want to join LIAM?
Although there are no upfront fees for joining LIAM, all members are expected to abide by the rules laid out by the association and pay annual dues according to their size of operations at rates determined by the association's board of directors.
Final Words:
In conclusion, LIAM plays an important role in regulating lifesaving products before these are released into a market with adequate protections against any unfair practices that could otherwise be practiced by unscrupulous operators. As much attention should be paid to how policies are managed services well beyond sales activities so customers may benefit from informed decisions regarding their needs before committing their money into these instruments. All parties involved stand to benefit from a more regulated environment through which everybody can feel safe investing their funds accordingly while attaining peace of mind knowing their interests will be protected at all times.