Kuala Lumpur, 3 June 2019 – It has recently come to PIAM’s attention that several press statements have erroneously reported and/or suggested that an adverse final decision has been made against the Association and the 22 General Insurers or that they are appellants or potential appellants of an adverse decision against them by the Malaysia Competition Commission (‘MyCC’). These press statements are incorrect.
PIAM and the 22 insurers are currently making their oral representations to the Chairman and Commissioners of MyCC following a decision of the Commission to conduct a re-hearing of the oral representations. The said proceedings commenced on 19 February 2019. More sessions will be held later this month and the decision of Commission will only be delivered thereafter. As such any statement that PIAM and the 22 insurers as having been found to have infringed the Competition Act 2010 and/or that they are appealing or potentially appealing a decision of the Commission is incorrect.
We have released this statement to ensure that accurate information is provided to the public.