It was a pleasure to host Taneeya Vicknesri, Manager in the Consumer and Market Conduct Department of the Central Bank of Malaysia at Victorian Automotive Chamber of Commerce | VACC.
The Central Bank of Malaysia are currently working to develop a National Motor Vehicle Insurance and Repair Industry Code of Conduct in Malaysia. Their proposed Code is modelled after the recommendations by Former Deputy Chairman of the Australian Competition & Consumer Commission, Dr Michael Schaper.
The Australian Motor Vehicle Insurance and Repair Industry Code of Conduct Committee (CAC) in May 2023 received Dr Michael Schaper’s final report on the independent review of the Australian National MVIRI Code. The report provided 15 recommendations in response to the review’s terms of reference, whereby the CAC is now working with its membership bodies to implement Dr Schaper’s recommendations.
Motor vehicle repairs are the largest single insurance claim for Australian consumers, with over 1.7 million motor vehicle claims lodged each year.
We were happy to share our learnings and make recommendations to the Central Bank of Malaysia and we wish them all the best in operationalising their new Code.