Malaysian Insurance Law, Second Edition | 2023

Malaysian Insurance Law, Second Edition | 2023

The Second Edition of Malaysian Insurance Law offers a comprehensive exploration of the intricate realm of insurance law in Malaysia, providing invaluable insights into its principles, practical aspects, legal framework, and regulations. Building on the success of the First Edition published in 2018, which quickly became the go-to reference for Malaysian practitioners, students, regulators, supervisory authorities, and insurance industry professionals, this updated edition continues to cater to the essential knowledge required in insurance law.

This text delves into the historical context of insurance practices and the sources of insurance law in Malaysia. It extensively discusses fundamental principles and concepts central to insurance law, such as insurable interest, the formation of insurance contracts, warranties in insurance contracts, and the doctrines of misrepresentation and non-disclosure in insurance and takaful contracts. Additionally, the book explores key topics including the principle of indemnity, subrogation and contribution, the doctrine of proximate cause in insurance, claims processes, agents and brokers, as well as the legal and regulatory framework governing insurance practices in Malaysia.

In this updated Second Edition, the text emphasizes significant cases that have emerged since the release of the First Edition, particularly focusing on areas related to the principle of insurable interest and utmost good faith. The content has been meticulously reviewed and revised by two new authors, both distinguished legal scholars and insurance law researchers. Furthermore, this edition introduces two additional chapters that cover the intermediaries of insurance business and the regulation of insurance entities.

Malaysian Insurance Law, Second Edition, serves as an up-to-date and indispensable resource for insurance practitioners, legal professionals, academics, students, and anyone keen on comprehending the complexities of the insurance industry in Malaysia.

New Additions in this Edition of Malaysian Insurance Law, Second Edition:

• Thorough and careful examination of recent significant court rulings, integrating the latest revisions in case law related to the subject matter.
• Special focus on changes in legal interpretations concerning the concepts of insurable interest and utmost good faith in the field of insurance law.
• The addition of two extra chapters that elucidate the subjects of intermediaries (such as agents and brokers) and the regulatory aspects of insurance entities.
• Valuable input from two respected legal scholars and researchers who have joined the team of authors, enhancing the content with their academic expertise.

Contents of Malaysian Insurance Law, Second Edition:

1. A Brief History of Insurance and Sources of Insurance Laws in Malaysia
2. Formation
3. Temporary Cover: Cover Notes
4. Warranties
5. Insurable Interest
6. Misrepresentation and Non-Disclosure
7. The Principle of Indemnity
8. Subrogation and Contribution
9. Doctrine of Proximate Cause in Insurance
10. Claims
11. Insurance Intermediaries
12. Regulation of Insurance Entities

About Author(s) of Malaysian Insurance Law, Second Edition:

Cheah You Sum, LLB (Hons), MSc, DBA, LLM, PhD, currently serves as a Professor at the Centre for Commercial Law and Justice, Sunway Business School, Sunway University. With extensive experience in the financial services industry, including roles in established banks and insurance companies, he has held positions in middle- to senior-management levels. His expertise spans technical knowledge to business development, and he has previously served as a Chief Executive Officer, overseeing the overall performance of the company. Cheah has collaborated with diverse teams from different backgrounds, beliefs, and cultures, working with local and foreign-based companies, as well as international university partners. He is actively involved as a Technical Committee Member of the Finance Accreditation Agency under the auspices of Bank Negara Malaysia and the Securities Commission. Additionally, he serves on the Academic Committee of the Malaysian Insurance Institute. Cheah was the lead author of Malaysian Insurance Law since its First Edition in 2018 and co-authored Law For Business (First Edition published in 2014, Second Edition in 2018, and Third Edition in 2022) published by Thomson Reuters.

Hasani Mohd Ali, LLB (Hons), LLM, PhD, is currently a Professor of Law at the Faculty of Law, Universiti Kebangsaan Malaysia. He joined the faculty in 1994 as a tutor and began teaching in 1996. Hasani specializes in company law and related areas, including corporate governance, securities regulation, and insolvency. His research focuses on corporate governance and corporate responsibility aligned with the Sustainable Development Goals (SDGs). He actively participates in various committees at the Companies Commission of Malaysia, the Ministry of Higher Education, and the Public Services Department of Malaysia. Hasani is frequently invited as a keynote speaker and thesis examiner at universities and research institutions in Malaysia and abroad, including Indonesia, the People’s Republic of China, Australia, and Japan. He also served as a Visiting Professor for International Corporate Law and Practices at the Global Master Program (GMAP), Graduate School, Faculty of Law, Kobe University, during the 2016/2017 session. Hasani is a member of the panel of expert contributors to the Malaysian Legislation Series: The Annotated Malaysian Companies Act 2016, published by Thomson Reuters, with the first edition released in 2017 and revised in 2020.

Ruzian Markom, LLB (Hons), LLB (Hons) (Shariah), LLM, PhD, started her academic career at Universiti Kebangsaan Malaysia in 1994 and currently holds the position of Associate Professor at the Faculty of Law. She has contributed significantly to the University and Faculty in various roles, including Deputy Research Cluster, Deputy Dean, and Head of Quality Assurance. Ruzian teaches Muamalat, Islamic Banking, Takaful, and Islamic Financial System. She has conducted research on these subjects and published her works in local and international journals. Ruzian has authored articles, book chapters, and books such as "Diversity of Islamic Financing Contracts" (UKM Press, 2021), "Takaful Contract" (UKM Press, 2020), "The Uniqueness of Islamic Transaction" (UKM Press, 2019), and "Financing Build Operate Transfer Project: An Islamic Legal Analysis" (Lambert Publication, 2014).