PIAM AND INSURERS CASE: MYCC IS WEIGHING ITS OPTIONS ON THE DECISION ISSUED BY THE COMPETITION APPEAL TRIBUNAL
13 November 2022
KUALA LUMPUR, 13 SEPTEMBER 2022 – The Malaysia Competition Commission (MyCC) refers to the media articles published recently commenting on the decision by the Competition Appeal Tribunal (CAT) in relation to MyCC’s decision. The recent articles on this case do not do justice to the decision of the CAT as they do not depict a complete picture of the said decision. It should be noted that in 20171 and again in 20202 , both Bank Negara Malaysia (BNM) and Persatuan Insurans Am Malaysia (PIAM) had asserted that the infringing agreement was made based on a directive by BNM. In fact, this was a defence that was put strongly by the insurers before the CAT, which was supported by BNM.