Question submitted to Minister of Finance on 02 June 2008.
YB TUAN WEE CHOO KEONG [WANGSA MAJU] meminta Menteri Kewangan menyatakan kenapakah AMERICAN INTERNATIONAL ASSURANCE CO LTD [AIA], satu-satunya syarikat insuran 100% milik asing, boleh beroperasi selama bertahun-tahun di Malaysia tanpa “locally incorporated”, dan baru-baru ini telah menukar namanya kepada American International Assurance Bhd, dan siapakah rakan kongsi tempatannya dan samada ia telah membayar kos saham sepenuhnya.
Note:
The answer to this question should have been replied earlier because the question was submitted on 02-06-08. At about 4:15 pm I had to invoke Point of Order and ask Tan Sri Speaker of the House to direct the Ministry concerned to reply to my question as today is the last day of Parliament. Tan Sri Speaker did direct the Ministry to submit their reply by today. As for the answer to the above question, I have just received it at about 6:55 pm.
Jawapan:
Tuan Yang di-Pertua,
Untuk makluman Yang Berhormat, semua syarikat insurans asing yang beroperasi di Malaysia tertakluk kepada keperluan pemerbadanan tempatan (local incorporation). Bank Negara Malaysia tidak mengecualikan American International Assurance Berhad (AIA) daripada keperluan tersebut dan mereka telah pun melaksanakan pemerbadanan tempatan pada 1 Jun 2008. Kini, semua syarikat insurans di Malaysia, termasuk AIA telah Berjaya melaksanakan pemerbadanan tempatan dan mempunyai moedal berbayar tersendiri bagi operasi perniagaan insurans di Malaysia.
2. Pada masa ini, AIA belum mempunyai rakan kongsi tempatan. Kerajaan secara berterusan menggalakkan Pembabitan dan pemilikan ekuiti tempatan yang lebih dalam sector insurans di Malaysia, selaras dengan usaha membangunkan industri insurans tempatan di Malaysia.
Note:
1. The Minister did not properly answer my question.
2. The Minister did not answer why AIA was allowed to operate in Malaysia all these years (until 01-06-2008) with 100% foreign equity. From the answer, you will note the obvious omission of this aspect of my question. The Ministry knew that they have no answer because AIA’s presence here contravened Government policy and regulations for the insurance industry. I shall pursue this matter during the next Parliamentary session until I get the answer.
3. How can AIA be allowed to be locally incorporated without local equity or local shareholder. This is very strange. This point has to be pursued to the hilt.
4. From the the answer given, I smell a rat!
