Regulations and by-laws for the general insurance sector are developed by the General Insurance Association of Malaysia (GIAM) in consultation with Bank Negara Malaysia (BNM).  GIAM is the statutory association recognised by the Government for all registered insurers who transact general insurance business in this country. The association was formed in May 1979 in compliance with Section 3(2) of the Insurance Act 1963. This provision has been superceded by Section 22 of the Insurance Act 1996.

The Life Insurers Association of Malaysia (LIAM) has a total of 18 members, of which 16 are life insurance companies and 2 life reinsurance companies. It is a statutory requirement under Section 22(1) of the Insurance Act 1996 for all life insurance companies to be members of LIAM.

Malaysia offers two types of insurance coverage, namely conventional and takaful, or Islamic insurance. 

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