industry well or competitive. for existing talents, continuous professional and skills enhancement programmes organised by professional bodies like mii, would help the insurance and takaful industry in meeting the industrys ’ needs. conclusion let me conclude my remarks. as we advance forward into the future, the economic and financial landscape would evolve and it would evolve very rapidly. our duty as industry leaders is to build on the existing foundation that got us here. but moving the industry to next level would require strategic change. it would require fundamental rethinking to stay ahead of the curve and to meet the difficult challenges. the highest of priority needs to be given to raising performance standards, improving customer experience and retention, as well as bis central bankers ’ speeches attract new and fresh talent. but all this can only be achieved if we embark on a collective effort. only effective effort would ensure an industry that is vibrant and resilient. thank you, and enjoy the rest of the evening. bis central bankers ’ speeches

##ries including introduction of an approval and registration regime. the changes made were more reflective of the risks presented by such entities, with the regulatory oversight focusing primarily on promoting professional conduct in activities that relate to businesses that are approved or registered. we had recently issued a concept paper on life insurance and family takaful framework. this framework is set to transition the life insurance and family takaful industry into a new operating environment, characterised by changing market dynamics including demand for greater transparency, and driven by advancement in technology and changing consumer behaviour. the framework ’ s main aim is to increase insurance and takaful penetration, and ensuring a fair deal to consumers. the framework is supported by three main pillars ; the liberalisation of operating limits, diversification of delivery channels and strengthening of market conduct practices. the framework will be implemented in two phases to allow the industry and the public sufficient time to adjust to the new operating environment before further liberalisation is bis central bankers ’ speeches considered. under the first phase, greater operational flexibility is given to life insurers and family takaful operators to operate in a more competitive environment and allow greater product innovation to be delivered through a wider range of delivery channels. the framework proposes for the current commission and other operating cost limits for investment - linked products to be removed. in addition, the commission limit for pure protection products, namely pure term, critical illness and medical and health is also proposed to be removed subject to certain preconditions. while allowing greater operational flexibility, the bank will ensure consumers ’ interest remains protected. among the safeguards to be introduced include requiring a certain percentage of premiums paid by policyholders in respect of investment - linked policies to be placed in the policyholders ’ unit fund in order to preserve policy values. consumers will also be given a wider choice of delivery channels to obtain insurance and takaful products. this includes the availability of additional channels so that consumers have more choices and options. in addition, the enhanced disclosure standards will increase transparency, enabling consumers to make more informed decision and become more empowered to make investment decisions over the longer term. we shall raise the level of professionalism in the industry with new requirements and expectations placed on intermediaries in their conduct of business. needless to say, that the reputation of the industry will be positive when industry players discharge their respective roles in an appropriate manner that enhance the image, integrity and professionalism of all of us here today. a good reputation is beneficial to the industry. an industry that