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Kuala Lumpur, 1 March 2017 – PIAM and its members are disappointed with the proposed decision issued by MyCC on 22 Feb 17 against PIAM and all 22 general insurance companies, which found that PIAM and the insurance companies had infringed the Competition Act 2010 in relation to the agreement reached between PIAM and the Federation of Automobile Workshop Owners’ Association of Malaysia (FAWOAM) on the hourly rates and spare part prices chargeable for commonly used vehicles including Proton, Perodua, Naza, Nissan, Toyota and Honda.
PIAM has always worked in the best interest of the consumer and in full compliance with the directions of its regulator, Bank Negara Malaysia (BNM). The PIAM-FAWOAM agreement was reached on BNM’s directive to resolve significant consumer complaints regarding repair times in the motor insurance industry.
PIAM sincerely hopes that MyCC will reconsider its proposed decision and the imposition of the financial penalty against its members. It will be obtaining legal advice to defend its position that this was not an anti-competitive agreement.
