Bank Negara Malaysia said it regrets the decision by the Malaysia Competition Commission to penalise Persatuan Insurans Am Malaysia over the application of trade discounts on parts prices and hourly labour rates for motor vehicle repairs by workshops under the PIAM Approved Repairers Scheme.
The central bank highlighted that arrangement was put in place through its facilitation and direction to the general insurers to address disputes between workshops and general insurance companies that had adversely impacted consumers. In light of the decision by MyCC on Sept 14, 2020, BNM said it will follow due process and review its options to safeguard the interests of the motoring public.
“After three years, PIAM is deeply disappointed that MyCC has released a decision that does not fully take into consideration the voluminous evidence tendered and legal arguments submitted.
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