Page 47 - LIAM Annual Report 2021

AnnuAl RepoRt 2021 45

rePort of tHe ManageMent coMMittee

ifrs/ Mfrs 17 ProJect

LIAM’s engagement with Ernst & Young (EY) since October 2018 as
part of its initiative to prepare the industry for the implementation
of IFRS/MFRS 17 (accounting aspect) in January 2023, ended on
31 December 2021. During that period, EY had conducted 20
forums and completed 14 Guidance Notes.

Separately, LIAM also appointed EY on 5 October 2021 to look into
the tax aspect for the implementation of MFRS 17 in January 2023
and to propose a holistic tax proposal that would encompass the
tax structure changes.

A preliminary meeting was held on 13 December 2021 between
EY, KPMG (consultant of PIAM), LIAM, PIAM, MTA with MOF and IRB.

The meeting discussed the high-level impact of the
implementation of MFRS 17 on the Insurance and Takaful industry
to MOF and IRB. The parties have agreed to set up a taskforce to
work out the impacts of the two tax regimes, i.e. current MFRS
4 and the new MFRS 17 and to draw up a tax matrix for further
discussion with regulators. BNM would also be invited to join the
taskforce meeting as observer.

east MaLaysia LocaL cHaPter

engageMent WitH LiaM saBaH and LiaM
saraWak Liaison coMMittees

The LIAM Sabah and Sarawak Liaison Committee Meeting was held
virtually on 3 December 2021.

During the meeting, LIAM welcomed the new chairman of LIAM
Sabah, Jonathan Wong, and the new chairman of LIAM Sarawak,
Hon Kah Fui – both from Hong Leong Assurance Berhad – and
wished them all the best in their new role.

Despite the challenges brought about by the pandemic, the
committee members were advised to continue with their awareness
programmes, to bring the industry closer to the community in East
Malaysia. The LIAM Sabah and Sarawak Committee could continue
to play their role in establishing a strong presence of LIAM in East
Malaysia by working together as a strong team.

Each committee shared its proposed activities planned for the
year 2022 which include educational roadshows on Perlindungan
Tenang for the B40 group, talks with secondary school students,
collaboration with insurer network of hospitals to organise health
talks, and a blood donation campaign.