Latest news with #SimTzeTzin
New Straits Times
05-08-2025
- Business
- New Straits Times
Over 90pct of insurance premium adjustments under 10pct, says Finance Ministry
KUALA LUMPUR: More than 90 per cent of revised insurance policies saw premium increases of less than 10 per cent as of April 30, the Finance Ministry said. The ministry said that over 200,000 policies had benefited from deferred premium adjustments, while more than 14,000 lapsed policies were reinstated. "The adjustment of Medical and Health Insurance and Takaful (MHIT) premium rates is symptomatic of the broader issue of medical cost inflation, which is the main contributing factor. "This inflation is driven by factors such as the rise in non-communicable diseases, investment costs in cutting-edge medical technologies and the largely unchecked cost of providing and utilising healthcare services," he said. It said this in a written reply to Pang Hok Liong, addressing concerns over the government's action on rising private medical insurance premiums, which many Malaysians can no longer afford, forcing some to cancel their policies. The ministry attributed the spike in MHIT premiums in 2024 to a surge in claims following the Covid-19 pandemic, compounded by a delay in premium rate adjustments by insurance and takaful operators during the pandemic. In a separate response to Sim Tze Tzin (PH–Bayan Baru), the ministry said stakeholder engagement is ongoing to consider all views on the development of a basic MHIT product under the Reset strategy, aimed at tackling medical cost inflation and expanding access to affordable coverage. "While the basic MHIT product aims to enable more individuals to obtain affordable insurance coverage, the decision to purchase this product remains voluntary and subject to individual choice. "As with other insurance and takaful products, policyholders may pay the basic MHIT premiums using any financial resources at their disposal," it said. While contributors may use their Employees Provident Fund Sejahtera Account, previously known as Account 2 to pay for premiums, the ministry said there is no compulsion to do so. It said the product's framework has yet to be finalised, with the concept expected to be completed by December and implementation targeted by end-2026.
New Straits Times
31-07-2025
- Business
- New Straits Times
Live pig prices up 4.4 per cent in June, says agriculture minister
KUALA LUMPUR: The farm price of live pigs rose 4.4 per cent year-on-year to RM17.78 per kg in June 2025 due to the effects of the 2022 African Swine Fever outbreak. Agriculture and Food Security Minister Datuk Seri Mohamad Sabu said following the African Swine Fever outbreak, the farm price of live pigs has continued to rise. "In June 2024, the price stood at RM17.03 per kg and increased to RM17.78 per kg in June 2025 — marking a 4.4 per cent increase," he said in a written parliamentary reply to Sim Tze Tzin (PH-Bayan Baru). Nonetheless, he said that the ministry has introduced intervention measures to ensure sufficient pork supply in the nation. "To ensure sufficient domestic pork supply, the Agriculture and Food Security Ministry, through the Department of Veterinary Services (DVS), has introduced several intervention measures. "First, facilitating the export of live pigs from Sarawak to Selangor for slaughter. The ministry and the Sarawak government have finalised the export procedures. "Second, Implementing Modern Pig Farming (MPF) and Pig Farming Area (PFA) models in pig-rearing states. "State governments regulate pig farming through State Pig Farming Enactments to ensure the industry remains controlled, environmentally safe, and sustainable," he said. He added that Penang, Perak, Selangor and Sabah have adopted the MPF model, while Sarawak and Negeri Sembilan have implemented the PFA model. Mohamad said that these policies promote sustainable farming through closed-house systems, effective waste management, buffer zones, and good farming practices. The ministry is also conducting engagement sessions with pig farmers, butchers, and importers to address challenges in farming and disease control more effectively.
Barnama
21-07-2025
- Business
- Barnama
Govt Urged To Set Up Credit Scoring Agency To Regulate Eligibility Of Borrowers
BUSINESS KUALA LUMPUR, July 21 (Bernama) -- The government should establish a creditworthiness or credit scoring agency to regulate the eligibility of consumers taking loans, according to Member of Parliament (MP) Sim Tze Tzin (PH-Bayan Baru). He said that with transparent creditworthiness, it can help reduce consumers' financial pressure as well as reduce borrowing money from unlicensed money lenders or syndicates. 'Although in Malaysia we have credit reporting companies such as CTOS, the average citizen does not understand credit scores and does not know his/her own credit scores. "Hence, a transparent creditworthiness or credit score can determine good borrower discipline and be offered other financial facilities such as credit cards, personal loans and others," he said when debating the Consumer Credit Bill (RUUKP) 2025 during its second reading at the Dewan Rakyat here today. Meanwhile, MP Rodiyah Sapiee (PH-Batang Sadong) proposed that the government establish a special 'Buy Now, Pay Later' (BNPL) data centre to ensure the effectiveness of the micro-instrument is maintained. 'All information related to BNPL is collected in a special data centre which is not combined or reported in conventional credit systems such as the Central Credit Reference Information System (CCRIS). 'This is because CCRIS is directly linked to large loan eligibility such as housing and vehicle loans, and if BNPL is included in this system, it could affect the opportunities of low-income consumers to obtain future financing,' he said. He also said that this special data centre could be established under the Consumer Credit Commission to enable specific monitoring of BNPL's credit risk including consumer exposure limits and payment behaviour without disrupting key financial records. -- BERNAMA
Free Malaysia Today
11-07-2025
- Business
- Free Malaysia Today
PAC chief chides PH duo for commenting on MAHB proceedings
Bersatu MP Mas Ermieyati Samsudin chairs the PAC while DAP's Teresa Kok is her deputy, and Sim Tze Tzin is a committee member. PETALING JAYA : Public Accounts Committee chairman Mas Ermieyati Samsudin has indirectly chided two committee members from Pakatan Harapan for commenting on its proceedings involving the privatisation of Malaysia Airports Holdings Bhd (MAHB). This comes after DAP MP Teresa Kok and PKR MP Sim Tze Tzin were quoted in news reports as saying the proceedings had gone smoothly with finance minister II Amir Hamzah Azizan cooperating well. Mas Ermieyati, the Bersatu MP for Masjid Tanah, said the remarks by Kok and Sim were in their personal capacities and did not represent the PAC. 'I want to stress that every finding, discussion and document submitted during PAC proceedings are subject to Standing Order 85 and should not be made known to the media by anyone involved in the proceedings,' she said in a statement. Standing Order 85 states that evidence taken before a parliamentary committee shall not be released by any committee member before the panel presents its report to the Dewan Rakyat. Mas Ermieyati said the PAC has yet to finalise its recommendations from its proceedings, with several more witnesses to be summoned again, including a former independent director of MAHB. She said there were some matters that needed to be clarified after going through the testimonies by witnesses who were called up so far. The committee had held 16 sessions of proceedings up till now. 'The PAC appreciates the good cooperation that every witness has given,' she said. The PAC is looking into the management of public airports involving MAHB, the finance ministry, and Khazanah Nasional Bhd. Amir, former MAHB CEO Raja Azmi Raja Nazuddin, Hong Leong Investment Bank Bhd CEO Lee Jim Leng, and Retirement Fund Inc (KWAP) CEO Nik Amlizan Mohamed are among the witnesses it summoned.
New Straits Times
10-06-2025
- Business
- New Straits Times
MP urges insurers to extend reinstatement application period
KUALA LUMPUR: Insurance companies have been urged to extend the policy reinstatement period by another 60 days, beyond its current expiry on June 30. Bayan Baru member of parliament Sim Tze Tzin said Bank Negara Malaysia's (BNM) interim measures have been crucial in helping policyholders revive terminated insurance plans following rising premiums. "I would like to urge those who have terminated their policies due to financial stress or premium increases, to immediately contact their respective insurance companies to review their cases for the possibility of reinstating their policies. "This period is important. Lapsed policies may still be able to be revived without any adverse impact on existing coverage, but action must be taken before the expiry date," he said in a statement today. He said that BNM's measures allow reinstating insurance policies without underwriting or a waiting period, just by signing a special form and paying a three-month premium. He cited the story of a man who took out a comprehensive insurance policy in 2014 at age 27, covering life, critical illness, personal accident and medical plans, with a starting premium of RM200 that rose to RM273.24 by 2023 after two revisions while also paying for his family's insurance. The man eventually terminated the policy in late 2024 due to financial struggles —only to suffer a stroke while uninsured — but was later able to revive it under Bank Negara Malaysia's Interim Measures, without underwriting or a waiting period, by signing a special form and paying three months' premium, Sim said, underscoring the need to revive terminated policies immediately. KW: nst, nation, malaysia, news, Bank Negara Malaysia, BNM, sim tze tzin, bayan baru, insurance, premiums
