00:00A retiree has warned that he will take legal action against an insurance company and Bank Negara, Malaysia
00:06if they fail to respond to his demands over what he claims are excessive medical insurance premium hikes.
00:14Lawyer Ng Kian Nam said his client Wong Kee Chong is demanding that the insurers stop imposing premium hikes
00:20beyond the ranges stated in the policy illustration, that BNM issue a permanent circular to enforce this,
00:27and that both parties explain why insured patients are charged more than cash-paying patients.
00:34In the legal notice, Ng said Wong's premiums rose sharply over the past three years,
00:40including a jump from RM3,590 in November 2023 to RM7,956 in November 2024,
00:50exceeding the RM5,295 stated in the policy illustration.
00:55He said the insurer sent a notification on October 25, 2024,
01:01citing rising claims, higher average costs, and medical inflation of 4.9% as justification.
01:09Ng also said that despite BNM's interim 10% cap on premium increases until 2026,
01:16the insurer reportedly raised Wong's premiums by more than 50% in the third-year policy
01:21and applied a further 14% increase in the fourth to RM6,212.41.
01:28Wong noted that the interim cap is set to expire this year and raised concerns,
01:34as there has been no follow-up since a Public Accounts Committee hearing in February last year.
01:39FMT is withholding the insurer's identity pending comment.
01:43Panyu Zhou, FMT.
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