Document background
The Inter Company Agreement On General Insurance Business is essential for insurance companies operating in Malaysia who wish to establish formal collaborative arrangements for general insurance operations. This agreement is particularly relevant when insurance companies need to define their relationship for purposes such as co-insurance, risk-sharing, or operational cooperation. It must comply with Malaysian regulatory requirements, particularly the Financial Services Act 2013 and Bank Negara Malaysia guidelines. The document typically covers areas such as underwriting authorities, premium handling, claims management, commission structures, and regulatory compliance obligations. It's commonly used when expanding insurance operations, entering new markets, or establishing strategic partnerships within Malaysia's insurance sector. The agreement ensures clear delineation of responsibilities while maintaining compliance with local insurance regulations and corporate governance requirements.
