Journal of Legal, Ethical and Regulatory Issues (Print ISSN: 1544-0036; Online ISSN: 1544-0044)

Abstract

Annuitant Legal Protection Associated With Act No 40 of 2014 about Insurance Business

Author(s): Faridatul Fauziah

The business of insurance thrives on legal protection to the insured as well as retrieving funds from the public. The annuitants may not be direct beneficiaries of such public funds legally but a protection may be granted to them against any financial loss as guaranteed under Act No 40 of 2014. The purpose of this study was to assess legal protection available for annuitants in different types of insurance plans and the extent to which insurance claims are addressed under the Act No 40 of 2014. A normative juridical methodology was adopted in this qualitative study. Data of this empirical study was collected through documentation search, direct interviews with annuitants and observations. Two insurance companies were sampled for this study viz. Bumiputra Insurance Inc. and Takaful Keluarga Insurance Inc. A comparative content analysis of their policies, plans and claims settlement was made. Findings and results reveal that insurance companies though are regulated by Act No 40 of 2014 but often claims are settled through mediation, arbitration and court of laws.