MyCC to review BNM's statement before making final decision

PETALING JAYA: The Malaysia Competition Commission (MyCC) will review all evidence, including the central bank's statement before making a final decision on the case against the General Insurance Association of Malaysia (PIAM).

MyCC chairman Tan Sri Siti Norma Yaakob said during the representation process, the commission would be able to review evidence which it may not have been able to earlier.

Speaking to reporters at the Malaysia Competition Conference 2017 today, she said MyCC will also consider Bank Negara Malaysia's (BNM) statement during the review process.

"That is the purpose of the whole thing. We have to consider it as it is part of the process," she said.

Last week, MyCC announced a proposed decision to impose a RM213.45 million fine on PIAM and its 22 members due to an agreement between PIAM and the Federation of Automobile Workshop Owners' Association Of Malaysia (Fawoam).

The agreement was for fixed trade discount rates for parts of certain vehicle makes and labour hourly rates for workshops under the PIAM Approved Repairers Scheme.

Both PIAM and BNM responded saying that the agreement was reached on a BNM directive to resolve significant consumer complaints regarding repair times in the motor insurance industry.