On October 26th, 2022, the Annual General Meeting for the CAB stakeholders has been held at the Concorde Hotel, Kuala Lumpur. The objective of the AGM is to provide the annual report of production through CAB for the year 2022.
The agendas of the meeting are as below:
For the period between 1 April 2021 until 31 March 2022, CABFAC business has recorded a total number of transactions of 14,799 and the total net premiums recorded are RM 406 million. Meanwhile, the total number of transactions for CABCO was recorded at 44,186 with total net premiums at RM 531 million. The report was accepted with no rejection by the stakeholders.
The bureau manager reported that as at 31st March 2021, the total current registered CAB membership comprises 21 insurance companies, 7 reinsurers, 5 takaful operators, 2 re-takaful operators and 9 Labuan reinsurers. In addition, 35 brokers have administration agreements signed with CAB for supplementary support. In regard to the CAB performance between 1st April 2021 to 31st March 2022, the total volume of transactions increased by 1.2% compared to the previous financial year. However, the volume does not reflect the total premium as there is a declining of 0.6% compared to the same period. The broker business recorded an increase of 64%. The report was accepted with no rejection by the stakeholders.
As per Article 8.6 (vii) of the Collective Agreement, the Supervisory Board at its meeting held on 28th February 2019 had considered the income of the CAB and budget for the forthcoming year.
| FYE2022 | CABFAC (RM) | CABCO (RM) | TOTAL (RM) |
| Total operating income | 1,560,345 | 1,122,762 | 2,683,107 |
| Total operating expenses | (1,339,143) | (796,340) | (2,135,483) |
| Surplus from operation | 221,202 | 326,422 | 547,624 |
| Tax on interest income | (51,129) | (39,892) | (91,021) |
| Net surplus | 170,073 | 286,530 | 456,603 |
| FINANCIAL YEAR ENDED (FYE) | CABFAC (RM) | CABCO (RM) | TOTAL (RM) |
| 2012 | - | (195,562) | (195,562) |
| 2013 | 163,637 | 9,589 | 173,226 |
| 2014 | 429,966 | 707,569 | 1,137,535 |
| 2015 | 398,156 | 247,660 | 645,816 |
| 2016 | 157,445 | 261,340 | 418,785 |
| 2017 | 411,889 | 413,343 | 825,232 |
| 2018 | 323,051 | 405,912 | 728,963 |
| 2019 | 160,052 | 295,299 | 455,351 |
| 2020 | (533,092) | 225,050 | (308,042) |
| 2021 | (284,041) | 347,581 | 63,540 |
| 2022 | 41,623 | 229,580 | 271,203 |
| Total amount | 1,268,686 | 2,947,361 | 4,216,047 |
| Transaction Charges @ RM1.00 per transaction |
| Transaction levy @ 0.20% on net accepted premium but for CABCO with ceiling of RM5,000 whichever is lower |
| Annual Fee @ RM7,195 per member |
| Annual Fee @ RM1,500 per broker |
| Monthly fee of RM50 for brokers |
| BUDGET FYE2023 | CABFAC (RM) | CABCO (RM) | TOTAL (RM) |
| Total operating income* | 1,431,985 | 1,018,000 | 2,449,985 |
| Total operating expenses | (1,519,903) | (1,171,617) | (2,691,520) |
| Loss from operation | (87,918) | (153,617) | (241,535) |
| Tax on interest income | (49,000) | (44,000) | (93,000) |
| Net surplus | (136,918) | (197,617) | (334,535) |
*Including transaction charges, annual fee and interest income
The report and proposal were accepted with no rejection by the stakeholders.
The members of Supervisory Board for tenure 2019/20 as below:
| No. | Company | CEO Name | Role |
| 1 | Pacific & Orient Insurance Co. Bhd | Mr. Noor Muzir Mohamed Kassim | CAB Chairman |
| 2 | AIG Malaysia Insurance Berhad | Mr. Antony Lee | PIAM Representative |
| 3 | Malaysian Reinsurance Berhad | Mr. Zainudin Ishak | Permanent Member |
| 4 | Lonpac Insurance Berhad | Mr. Looi Kong Meng | Board Member |
| 5 | Etiqa General Takaful Berhad | Mr. Shahrul Azuan Mohamed | Board Member |
| 6 | Allianz General Insurance Co. (M) Berhad | Mr. Sean Wang Wee Keong | Board Member |
| 7 | Kuwait Reinsurance Company | Mr. Abdallah Badaoui | Board Member |
One of the Supervisory Board members, Mr. Looi Kong Meng from Lonpac Insurance Berhad has just completed his 2-years tenure as the board member in 2021. On this AGM, Mr. Looi Kong Meng has been re-nominated as the Supervisory Board members for year 2020-2022. The nomination was accepted with no rejection by the stakeholders.
As all agendas has been discussed, the meeting opened for Q&A session to all participants including those who watch through video conference.
The meeting then concluded at 12.00 noon as there is no further matter arose.
