2-Day Workshop - Legal Aspects of Life Insurance

17th and 18th October 2012

Royal Lake Club, Kuala Lumpur

An Exclusive Workshop for:

• Heads of departments, managers and executives of Claims, Policy Servicing, Underwriting, Group Insurance, Training and Operations Department of Life Insurance companies and Takaful Operators.
• Managers and executives of banks and trust companies involved in Banccasurance.
• Trainers, lecturers, and moderators of insurance and financial planning courses
• Advocate & Solicitors and legal officers of insurance companies and takaful operators

Workshop Topics:

Legal Aspects of Life Insurance

Day 1 – 17th October 2012

I. Formation of Contract

• Offer and Acceptance
• Consideration and “Interim Coverage”
• Principle of Utmost Good Faith
• Basis Clause
• S.147(4) Insurance Act - Incontestable/Indisputable Clause

II. Takaful Principles

• Comparison with conventional insurance
• al-Gharar, al-Maisir & al-Riba

III. Insurable Interest

• S.152 Insurance Act
• Understanding Insurable Interest
• Industry Practices

IV. Duty of Disclosure

• Basis of the Duty
• Traditional View – Lambert’s Case
• The change in the law – S.150(1) Insurance Act
• Exceptions to the duty of disclosure – S.150(2) & (3) Insurance Act

V. Insurance Agents

• Principal – Agent Relationship
• Agent and the proposal form
• Position taken by the law
• Knowledge of the agent S.151 Insurance Act
• Liability of insurer on terminated agents

VI. Group Insurance

• Disclosure requirements and the insurer’s liability to individual members

Day 2 – 18th October 2012

VII. Nominations

• Nominees as Executors
• Payment to Nominees
• Retrospective implications

VIII. Trust Policies

• Nominees of Statutory Trusts –S.166 Insurance Act
• Appointment of Trustees
• Implication of “Credit-Proof” moneys

IX. Policies of Muslims

• S.167(2) Insurance Act
• Distribution of policy moneys
• Policies effected before 1st January 1997

X. Assignments

• Absolute/Conditional assignments
• Assignments and their uses
• S.168 Insurance Act

XI. Payment of Death Claims

• Statutory requirement of insurers
• When there are no named nominees
• Position taken by the law

XII. Bankruptcy

• Principles affecting life insurance policy administration and claims
• Fraud & S.166(5) Insurance Act
• Use of Absolute assignments and Applicant-Owner policies

     Highlights of the Workshop

• Nominations, trusts and assignments – their uses, legal implications and related sales and marketing ideas.
• Payment of claims and practical guidelines to avoid legal disputes
• Recommendations for preparing new business and policy servicing forms
• Guidelines for training administrative and agency personnel 

  Workshop Leader

   K KARUNAMOORTHY

   B.Sc (U.Mal), LL.B (Hons) (Lond), CLP

   AMII, ACII (Lond), CFP,Shariah RFP

      Karunamoorthy, an advocate and solicitor by qualification,has been a consultant and trainer in the financial services industry since 1979. His wide range of educational qualifications and vast experience has made him a leading authority on the subject of life insurance law and estate planning. He has provided his expertise to insurance companies, banks, unit trust companies, trust corporations and various professional associations in Malaysia. He is also a regular trainer and consultant in law and financial planning and has authored several books and publications on these subjects.

  Workshop Details

   Date : 17 and 18 October 2012 (Wednesday & Thursday)

   Time : 9.30am - 5.30pm

   Venue : Royal Lake Club , Perdana Room 2 , 2nd Floor

   Jalan Cenderamulia, off Jalan Parlimen

   50480 Kuala Lumpur.

   Fee : RM 795 per participant

           RM 745 each for three or four participants from the same organisation

           RM 695 each for five or more participants from the same organisation

(Fee inclusive of a comprehensive reference manual, lunch and tea-breaks)

   Closing date for registration – 11 October 2012

   Enquiries:

   Contact – Ms. Devi at 012-2547552 or Mr Prashant 017- 2669997

   Ans.Service/Fax: 03-26923045

   Participants are advised to bring along a copy of the Insurance Act 1996