Parliamentarians Call for Better Regulation of Government-Linked Investment Companies and Health Insurance Sector
Call for Committee to Coordinate Forex Risks
A member of parliament, Lee Chean Chung (PH-Petaling Jaya), has called on the government to set up a committee to coordinate foreign currency exchange (forex) risks to the operations of government-linked investment companies (GLICs). He highlighted that forex is one of the big factors in determining the profit and loss of a company or financial institution, citing the example of utility companies such as Tenaga Nasional Bhd, whose profits and losses were greatly influenced by foreign currency translation factors.
Amendments to Bank Negara Malaysia Act 2009
Datuk Iskandar Dzulkarnain Abdul Khalid (Kuala Kangsar) suggested that the government make amendments to the Bank Negara Malaysia Act 2009 to strengthen regulatory actions against the health insurance sector. He proposed that the amendment would help regulate the premiums set by insurance and takaful companies to ensure that the people are not burdened with excessive premium payments.
Establishment of Health Commission
Sim Tze Tzin (PH-Bayan Baru) suggested that a health commission be established to regulate the health sector, including issues related to health insurance and charges imposed by private hospitals. He emphasized that there is no synergy to regulate and ensure the market is stable, and that the Health Ministry, Bank Negara Malaysia, and the Finance Ministry can work together to regulate insurance companies and private hospitals.
Conclusion
The call for better regulation of government-linked investment companies and the health insurance sector highlights the need for effective governance and oversight. The establishment of a committee to coordinate forex risks and the proposed amendments to the Bank Negara Malaysia Act 2009 would help ensure that the government is better equipped to manage the risks associated with foreign currency exchange and regulate the health insurance sector.
FAQs
Q: What is the purpose of setting up a committee to coordinate forex risks?
A: The purpose of setting up a committee is to ensure that government-linked investment companies are better equipped to manage the risks associated with foreign currency exchange.
Q: What are the benefits of amending the Bank Negara Malaysia Act 2009?
A: The benefits of amending the act include regulating premiums set by insurance and takaful companies to ensure that the people are not burdened with excessive premium payments.
Q: What is the purpose of establishing a health commission?
A: The purpose of establishing a health commission is to regulate the health sector, including issues related to health insurance and charges imposed by private hospitals.