PERSATUAN INSURANS AM MALAYSIA (General Insurance Association of Malaysia)
Frequently Asked Questions on E-Payment “WHY YOU SHOULD CHOOSE TO RECEIVE CLAIM PAYMENTS VIA DIRECT DEPOSIT INTO YOUR BANK ACCOUNT (E-PAMENT)"? Note: policyholder for insurance companies to personalize the message and modify to suit individual company’s processing requirements are indicated in square bracket [ ].
Why should I choose to receive funds via e-payment? · · ·
Faster - funds are available on the same day or latest by the following day of payment date Convenient - removes the need to travel and deposit the cheque at the bank as payments are credited directly into your bank account Safer - misplaced, lost, fraud or expired cheques will no longer be an issue [Note :The response time is based on the general accepted banking practices. However, each company should provide an indication based on their respective experience.]
Will there be any registration fee imposed if I want to use e-payment? No, you can enjoy the service free of ANY charges.
What do I have to do to receive funds via e-payment? You must indicate in the claim form or inform your insurance company when you first take out a policy with them. You will be required to provide your bank account information to the insurance company in writing or fill it up in your claim. The claim form is the document to be submitted with other necessary supporting documents when you make a claim. If you have informed your insurance company of your intention to use e-payment when you first purchased a policy with them, you must remember to update them if there are any changes to your bank account.
3 Sep 2013
What are the required supporting documents if I choose to receive e-payment? The following original documents are required for verification: Ø NRIC, passport, or other acceptable identification documents; and Ø A (a) bank statement; OR (b) bank account passbook; OR (c) bank slip; (d) details of your account printed from your bank’s website that has been certified by your bank; OR (e) letter from your bank confirming your bank account details.
Is there any restriction on the type of bank account that can be assigned for epayment? You can assign any of your existing active saving or current account held under your name or in the case of a joint account that has your name as one of the accountholders. The saving or current account must be maintained with one of the financial institutions offering MEPS Inter-Bank GIRO (IBG) service. Please refer to the following website for a current list of IBG members http://www.myclear.org.my/faqs/interbank-giro-faqs/
Can I change my bank account information? Yes, you are allowed to change your bank account details by submitting the relevant prescribed form together with the required supporting documents substantiating your request to your insurance company. No cost will be charged for this purpose.
When will my bank account be credited? Payment will be made electronically into your bank account by your insurance company as soon as your claim has been approved. Generally, funds will be made available in your bank account within the same day of payment. However, depending on the processes adopted by your bank, you may receive the payment on the same day or a day after.
Will I be notified once the insurance company has made the payment? Yes, a notification letter will be sent to you once your claim has been approved and the payment has been made. You are also encouraged to provide your email address or mobile phone number for receiving electronic notification at the discretion of your insurance company. [This should be revised by respective insurance company subject to its arrangement with panel banker]
3 Sep 2013
How will my bank account information be used and will it remain confidential? Your bank account details and other related information: Ø Will be used solely for the purpose of enabling payments to be credited directly into your bank account; and Ø Is protected under the Banking and Financial Institutions Act (BAFIA) 1989 that strictly prohibits the disclosure of such information to any person unless customer or his personal representative has given written permission. It should be noted that by signing the relevant form to provide your bank account information, you will be authorising the disclosure of your bank account information to parties’ necessary to effect a payment to you e.g. insurance company, financial institutions.
What will happen to funds that cannot be credited into my bank account? If funds cannot be credited into your bank account due to, for example, incorrect bank account number, closed or inactive bank account, you will be contacted by your insurance company to validate your bank account details. However, this may lead to unnecessary delay to the payment process. To avoid this issue, please ensure that your bank account is correct and active upon providing such information to your insurance company. Otherwise, arrangements will be made by your insurance company to remit the payment to you via cheque.
Do I need to provide my bank account information separately for e-payment for each of my policy if I have more than one policy? If you want all your payments to be paid to the same bank account, you need to indicate so to your insurance company at the point of submitting your claim form or when you purchase the policies. Alternately, you can opt to assign different bank accounts for each of your policy maintained with the same insurance company. To do so, you will need to provide your insurance company with the details of the bank accounts for each of your policy. If you have more than one insurance company, you will need to inform every insurance company separately as bank account information is not shared with other insurance companies.
What if I die before the insurer pays out my claims proceeds and the bank has frozen my account. Where does the money go then? All monies due to a policyholder in the event of his death will go to the administrators of his estate of his named beneficiaries.
3 Sep 2013
I have previously claimed from an insurer and already provided my bank details. Do I need to re-submit all the bank supporting details to insurer every time I submit a claim? You can on the onset when you purchase a policy or policies with your insurance company inform them that you want all your claims to be settled via e-payment together with the supporting documents. With this arrangement you will not be required to inform them every time you make a claim. However, you must always remember to update your account details with the insurance company if there are any changes.
Is it compulsory for a claimant/applicant to fill up the bank a/c section of the claim form. What If I do not wish to reveal my banking details – how do I get paid? E-payment is the most efficient and safest mode of payment. However, in the event you do not wish to receive payments directly to your bank account, you need not provide your bank account details. Payments will still be made to you in the form of cheques or bank drafts.
I am a foreign worker. I do not have bank account. Can I authorize payment to my employer’s bank account. It is always advisable for an employee, either a Malaysian or a foreign worker to open a bank account. However, if a foreign worker does not have a bank account, he can request for a cash cheque to be made out for the claim amount. Alternatively, he can authorize the payment to the employer’s bank account. This, however, is a private arrangement between the foreign worker and the employer. The insurance company will not be liable in the event the payment is not paid out by the employer to the employee.
I have been blacklisted by the Bank/adjudicated a bankrupt and unable to open a bank account. How do I get paid? Your claims will be settled via cash cheque or alternatively you can provide your spouse/relative’s bank account details for the amount to be credited. The arrangement to use someone else’s account is your own private arrangement. The insurance company will not be liable in the event the payment is not paid out to you.
3 Sep 2013