Zurich Takaful Malaysia Bhd. shifted its general takaful business to a newly incorporated entity, Zurich General Takaful Malaysia Bhd., effective June 1.
Employees, assets and liabilities, distributors and contracts of the business were transferred. The company named Zuhairi Ismail, former audit director of Zurich Malaysia, as CEO of the new entity.
The terms and conditions of the general takaful certificates previously issued by Zurich Malaysia will not change. The new company will manage all claims incurred from existing and new general takaful contracts, beginning June 1.
The move was made in compliance with Malaysia's regulatory norms for Islamic finance, which prohibit such institutions holding composite licenses from offering family takaful and general takaful under a single entity.
