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Bank Negara Malaysia (BNM) is working on refining several aspects of the Licensing and Regulatory Framework for Digital Insurers and Takaful Operators (DITO Framework). The central bank plans to finalise the framework by the first half of 2024, it says in a statement.
The statement provides an update on the outcome of the consultation paper on the Exposure Draft of the DITO Framework.
The Exposure Draft, published in November 2022, outlines the proposed framework to facilitate the entry of DITOs in Malaysia that can offer strong value propositions to realise the policy outcomes of inclusion, competition, and efficiency.
Feedback from more than 50 stakeholders was received during this consultation period, which ended on 28 April 2023. In the months that followed, BNM continued to engage various stakeholders extensively to consider the feedback received from the Exposure Draft, particularly in relation to alternative business and operational models, as well as on the approach to the foundational phase. The input and feedback received have been insightful in providing additional perspectives, including market trends, to shape the final version of the policy document, says BNM.
Having carefully considered the feedback and additional insights gained, BNM is taking the opportunity to refine several aspects of the DITO Framework. This includes enhancements to provide clarity for emerging and innovative business models such as embedded insurance and insurance-as-a-service. This aims to encourage wider participation from players in the insurance and takaful value chain that can deliver the intended policy outcomes of the DITO Framework.
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