Term of Business
Information About Us
Polisea Sdn. Bhd. is incorporated in Malaysia under company number 201601041144 (1212085 – T) and has its registered office at Unit D-18-3A, Menara Suezcap 1, KL Gateway, No. 2 Jalan Kerinchi, Gerbang Kerinchi Lestari, 59200 Kuala Lumpur. We are duly approved and regulated by Bank Negara Malaysia (BNM) under sections 11 and 15 (1) of the Financial Services Act 2013 (“FSA”) to carry out financial advisory and Islamic financial advisory activities.
We are a registered member of the Association of Financial Adviser (“AFA”). We offer intermediate general and life insurance and family and general takaful through both our web-based platform and through our financial adviser representatives.
Terms Of Business
These Terms of Business set out the basis and extent to which we will provide you with services in relation to each and every contract of insurance/takaful which we arrange on your behalf. Our duties and obligations herein, are for all material purposes, in due compliance with the “Code of Ethics for the Financial Services Industry” issued by the Financial Services Professional Board. Please read these terms carefully. In the event you choose to engage our services, you are deemed to have read, understood and agreed to the Terms of Business as set forth hereunder.
All work carried out by us is subject to these terms except where changes are expressly agreed in writing by both parties.
We give advice and make recommendations on insurance and takaful products. Where we do not give advice, you will be informed at the outset. We will ask questions to narrow down the selection of policies available and will supply details of them. You will then make your own choice on how to proceed.
Transactions Concluded Through Our Site
We offer insurance policies/takaful certificates through our website www.PolicyStreet.com from a wide range of insurers and takaful operators.
We are acting as your financial adviser and Islamic financial adviser in placing contracts on insurance/takaful with an insurer/takaful operators. However, please refer to the section on conflict of duties below. We are not the insurer and we do not guarantee the availability of any insurance policy/takaful certificate or the solvency of any insurer.
All insurance policies/takaful certificates described on our website or placed by us on your behalf are subject to the terms and conditions of any applicable agreements with the applicable insurer. In case of doubt the user should seek assistance directly from the insurer or by contacting us at email@example.com
The information on our website is directed at residents of Malaysia. Insurance policies/takaful certificates accessed through our website should only be bought by persons residing in Malaysia.
Duty Of Disclosure
All quotations are given on the basis of “utmost good faith”.
You must act with utmost good faith toward the insurer and comply with your statutory pre-contractual duties of disclosure under the FSA by ensuring that you provide to the insurer honest and accurate information at all times. This obligation applies at the time of applying for the policy and continues throughout the duration of the policy as well as any renewal thereof.
The insurer may require you to answer any specific question that are relevant for the purposes of the insurer’s determination as to whether to accept the risk entailed by the issuance of any policy to you as the insured as well as the rates and terms to be applied in connection thereof. The insurer may pose such specific questions prior to the renewal of any policy previously issued to you or to request you to confirm information which you previously provided or update them if necessary. Insurers must be presented with a fair and complete statement of the nature of any risk submitted to them. You are required to take reasonable care not to make any misrepresentation to the insurer when answering any question posed to you in relation to the issuance of any policy to you. If you do not provide complete and accurate information, containing all material facts and circumstances, then your policy may not be valid in the event of a claim or a higher premium may be payable.
You are obliged to take reasonable care to disclose to the insurer any matter, other than that those relating to the questions posed to you by the insurer, that you know is of material relevance to the decision of the insurer as to whether to accept the commercial risk of issuing a policy to you as well as its determination as to the policy terms and applicable rates thereof. In other words, a circumstance is material if it would influence the judgment of a prudent insurer in calculating the premium or assessing whether he would accept the risk. Accordingly, you must provide all the facts material within such a submission and update this information where relevant between initial enquiry and attachment of any cover and during the term of any policy. This applies equally to new orders, adjustments, renewals, extensions of cover, endorsements and claims.
For certain classes of business you may be required to complete a proposal form or questionnaire as requested by the respective insurer/takaful operator. We will be happy to provide guidance concerning the comprehension of such a document but we are not able to complete it on your behalf. You must satisfy yourself of the contents of the proposal form or questionnaire. Please note that your obligation to provide material information to insurers is an overriding obligation. Where insurers do not request specific information within a proposal form or questionnaire, this does not mean that such information is not material. If you are in doubt as to whether information is material, please contact us.
In this connection, you should take note that any quotation issued by us is based on information provided by you in relation to matters such as your age, gender, life style, health conditions and financial situation. Any failure on your part to duly comply with your pre-contractual duties of disclosure may result in our quotation being subject to subsequent changes and/or the invalidation of your policy or the imposition of higher premium charges as mentioned above.
Given the consequences of any misrepresentation on your part, we would advise that you carefully and diligently answer any question posed to you by the insurer. In any event we shall not be held liable or deemed responsible for any loss or damage howsoever arising, whether directly or indirectly, from any misrepresentation made by you and the resulting cancellation of your policy or the revision of the terms thereof.
We are obliged to ensure that any statement which we make is not in any way misleading, false or deceptive, whether fraudulently or otherwise. In addition we are prohibited from fraudulently concealing any material fact. Therefore, you represent to us that all information that you are furnishing or have furnished to us is not in any way misleading, false or deceptive, whether fraudulently or otherwise and that you are not fraudulently concealing any material fact.
Know Your Client
We are required to take all reasonable steps to establish the true and full identity of our clients in order to comply with our obligations as a reporting institution under the applicable anti-money laundering and anti-terrorist financing legislation. We shall inform you of what know your clients details and documents that we shall require you to provide to us.
Before assisting you with any non-motor, individual and corporate (employee benefits and commercial) policy, or recommending any policy to you, we ask you to provide certain information so that we can conduct an analysis of your needs and provide you with a reasoned recommendation as to the level of coverage that is appropriate for you. If you opt not to provide such information to us, preventing us from conducting a needs analysis, we may contact you by e-mail or telephone to discuss your choice with you.
We shall arrange for the insurance policy/takaful certificate, a certificate of insurance/takaful and if applicable any placing slip of cover note to be issued to you as soon as is practicable, where an insurer has approved issuing a policy to you.
You must retain copies of all policy documentation as this will be required to administer your policy and process any claims.
Your Right To Change Your Mind
In accordance with the Guidelines on Medical and Health Business issued by BNM, you have the right to cancel any medical insurance policy/takaful certificate within the applicable cooling-off period of 15 days.
In relation to life insurance policies/takaful certificates, paragraph 2 of Schedule 8 of the FSA also provides for a 15 days cooling-off period during which you may cancel such policies whereupon any premium paid shall be refunded in full to you subject to the deduction of any expenses incurred in relation to the requisite medical examination. We will notify you of this cooling off-period and the applicable process at the time of placing your policy through us.
With regard to other forms of insurance policies/takaful certificates, the availability of any cooling-off period would depend on the terms and conditions of the relevant product or service. You should take note that the availability of cooling period and the duration thereof are governed by the terms and conditions of your insurance policy/takaful certificate as determined by the insurer. Accordingly we would advise that you take note of this issue by properly perusing the terms and conditions in the insurance policy/takaful certificate before purchasing it.
We may contact you prior to the expiry of any policy to consider if you wish to make a renewal and to notify you of the then current premium for such policy and any changes that have been made to the policy terms. If the insurer no longer offers such a policy, or you have ceased to be eligible for such policy we may introduce to you other policies which may be of interest, from that insurer and/or from other insurers.
You must notify us immediately in writing or any claim, or circumstance likely to give rise to a claim. Failure to notify within applicable timescales set out in your insurance policy/takaful certificate may entitle your insurer to deny cover in respect of your claim.
Where we handle a claim on your behalf, we will do so fairly and reasonably promptly.
We will inform you of the cost of your insurance policies/takaful certificates and our charges prior to the conclusion of contract or before you become liable to pay them, whichever comes first. Where we do not know them in advance we will tell you how they are to be calculated.
You agree to pay all premiums plus any premium payment tax, government levy or similar tax, duty or stamp in full before the due date stipulated for the applicable policy, renewal or endorsement.
Premiums for policies are immediately payable in full on their specified due date (or on their monthly due date for premiums specified to be payable monthly).
Premiums for motor insurance policies/takaful certificates are, unless other specified, directly payable to us by payment options available through our website.
Premiums for non-motor, individual and corporate (employee benefits and commercial) policies are, unless otherwise specified, directly payable by direct debit to us.
We will not accept payment by any other method unless mutually agreed to by us and you.
No policy is issued until the insurer notifies you that they have issued a policy to you. If the insurer declines to accept your application, any premium refund will, where possible be refunded to the same card or same payment method that made the payment.
We shall endeavour to ensure that the pricing, terms of policy and other information on our website in respect of policies are accurate, reliable and up to date, but we do not guarantee their accuracy, completeness or reliability. The actual premium payable in respect of a policy and the terms of a policy and other information shall be such premium, terms and other information as the applicable insurer notifies to you, when they accept your application.
In the event that there is a discrepancy between the information posted on our website and the premium net of any discounts or offers provided by us, policy terms and other information that the insurer notifies to you except for, then provided that you notify us of the same within 7 days (the “Cancellation Period”), we shall at your request arrange for the insurer to cancel your policy and refund your premium. If you do not cancel the policy, then any additional premium specified by the insurer is payable. We shall notify you of the amount and method of such payment and you shall pay such additional premium within the specified timeframe.
We will notify you of the method for payment of endorsements or renewals and the dates on which they are due.
If any policies contain premium payment warranties or premium payment conditions, we will notify you, explain to you how to comply with them, when they need to be complied with. Failure to comply with a premium payment warranty or condition could lead to the insurer cancelling your policy.
Any insurance premium/takaful contribution payment tax, government levy or similar tax, duty or stamp shall be payable in addition to your premium. We shall notify you in advance if this is applicable.
Client Account Or Risk Transfer
In accordance with section 125(1) of the FSA, we will hold any money received from you or on your behalf in our segregated client account at a bank in Malaysia. We keep such client money separate from our own money.
If we have a risk transfer terms of business agreement in place with an insurer, then we may hold premiums received from you, and any claims moneys and premium refund received from the insurer as agent of the insurer, in which case such monies shall not be client monies.
As section 125(3) of the FSA provides that any money received from you or on your behalf shall be held on trust for your benefit, the interest accrued on such monies will be deemed as part of the trust in accordance with the norms applicable to subject matter of trusts under the law.
We are remunerated for our services by the receipt of commission paid by insurers. Your agreement to proceed with this insurance/takaful transaction shall constitute your consent to the receipt of commission by us.
Our total liability to you shall be limited to the amount of the commission we receive in respect of the policy that you have place through us.
We accept no liability (whether in tort (including negligence), contract, statute or otherwise) for any indirect, special or consequential loss or damage whatsoever arising from or in connection with the services.
This does not affect our liability for death or personal injury arising from our negligence, nor our liability for fraud or any other liability which cannot be excluded or limited under applicable law.
You agree that any claims shall only be brought against Polisea Sdn. Bhd. and no claim shall be brought against any of its employees, directors or officers.
We shall treat all information which you pass to us as private and confidential and will only disclose such information for the purpose of negotiating, maintaining or renewing the insurance/takaful which we have been instructed to place, unless you have consented otherwise.
Disclosure may also be made to our external auditor and our regulator to fulfil their regulatory functions or where we are otherwise legally obliged to disclose the information.
Choice Of Law And Jurisdiction
These Terms of Business and any dispute or claim arising out of or in connection with them or their subject matter or formation (including non-contractual disputes or claims) shall be governed by and construed in accordance with the law of Malaysia.
The Malaysian courts will have exclusive jurisdiction over any claim arising from, or related to, a visit to our website although we retain the right to bring proceedings against you for breach of these conditions in your country of residence or any other relevant country.
Our complaints procedure is available on request. All complaints should be addressed to our contact details set out above in the Information about Us section of these Terms of Business.
If we are unable to settle your complaint with us, you may be entitled to refer it to:
Ombudsman for Financial Services
Level 14, Main Block
Menara Takaful Malaysia
No. 4, Jalan Sultan Sulaiman
50000 Kuala Lumpur
Tel : +603-2272 2811
Fax : +603-2272 1577