Under the proposed rules, insurers and takaful operators would have to check customer understanding before underwriting and stop sales that cannot meet a customer's needs.
Domestic systemically important insurers would need larger boards, while insurers with less retail reach or lower systemic importance would face fewer approvals.
The regulator will also review funeral insurance in the first half of 2027 and report on life insurer service issues, while continuing to monitor cash settlements and motor premium disclosure.
The proposed commission caps have pushed PB Fintech to weigh a move into insurance manufacturing, while some insurers need little or no cost cutting to meet the proposed EoM limits.
