Kuala Lumpur, 3 May 2024 – PIAM, the General Insurance Association of Malaysia continues to anticipate the release of the Malaysian Standard – Motor Vehicle Aftermarket Smash Repair Requirements (“JSM MS”) by Jabatan Standard Malaysia (“JSM”) in Q2 2024. This standard is expected to elevate the quality and professionalism of motor vehicle smash repair services by promoting the adoption of best industry practices.
The general insurance industry also looks forward to the issuance of revised guidelines by Jabatan Pengangkutan Jalan (“JPJ”) which will ensure the latest automotive technology and repair methodology are adopted in the repair of accident motor vehicles.
In tandem, Bank Negara Malaysia (“BNM”) had completed a public consultation (Exposure Draft) on its Claims Settlement Practices policy document which sets out minimum requirements in ensuring fair, transparent, and timely claims outcomes.
These developments are in line with the Bank’s Financial Sector Blueprint 2022-2026 aspirations of transforming motor claims to achieve the desired outcomes of timeliness, transparency, and transformative customer experience.
PIAM is closely monitoring this and other important regulatory developments and will review their implications on the motor vehicle accident repair ecosystem and the way forward.
-END-
About General Insurance Association of Malaysia (PIAM)
PIAM is the national trade association of all licensed direct and reinsurance companies for general insurance in Malaysia. Currently, PIAM has 23 member companies. More information on PIAM can be obtained from its website: www.piam.org.my
Media Relations Contact:
Susanna G. Simon
Manager, Consumer Education, PR and Corporate Communications
Persatuan Insurans Am Malaysia (PIAM)
Tel : +603-2274 7399
Fax : +603-2274 5910
E-mail : susanna.simon@piam.org.my
