Monday, November 20, 2017

MyCC issue a misunderstanding, says AIA

AIA Malaysia recently defended itself from allegations it participated in an anti-competitive agreement in the country.

The insurer said it cooperated with the Malaysian Competition Commission (MyCC) and, in fact, provided the agency pertinent documents in its investigation on the General Insurance Association of Malaysia (PIAM) and its 22 members.

AIA chief executive officer Anusha Thavarajah said the insurer is working to resolve the matter with MyCC, adding that it might have been a case of misunderstanding between the parties, and hopefully will be resolved soon.

AIA was one of the 22 PIAM-member organisations that were told to submit evidence to the commission for the investigation over an alleged participation of the association’s members in an anti-competitive agreement.

The deal, which was agreed with the Federation of Automobile Workshop Owners’ Association of Malaysia, stipulates fixed discount rates for prices of certain motor parts as well as labour hourly rates for workshops under the PIAM-approved Repairers Scheme.

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