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Malaysia: Free national health insurance scheme launched

Source: Asia Insurance Review | Feb 2019

The National B40 Protection Scheme was launched on 1 January with an initial fund size of MYR2bn ($486m). 
 
The scheme is available free to around 4.1m low-income households or the bottom 40% of the population, the Ministry of Finance announced. The scheme’s registration and customer support services will be in operation from 1 March 2019.
 
The scheme offers medical insurance and takaful protection from 36 critical illnesses with payments up to MYR8,000. It covers people aged between 18 and 55 for five years.
 
Finance minister Lim Guan Eng said in a statement, “The scheme also gives daily payments as income replacement in the event of hospitalisation for up to 14 days at MYR50 per day or MYR700 per year.” 
 
Mr Lim has also said that Great Eastern Life Assurance (Malaysia) is exempted from Bank Negara Malaysia’s requirement for foreign shareholders of local insurers to cut their stakes in the insurers to at most 70%.
 
Great Eastern, 100% owned by its Singapore parent, is granted the exemption as it has pledged a minimum contribution of MYR2bn to the scheme.
 
Mr Lim said that other foreign insurance companies which contribute to the scheme will also be exempted from having to comply with the 70% equity ceiling. A 
 
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