Tender called to sell Tahan

Tahan Insurance will be sold through a tender to be called in January 2010. The company is currently under control of BNM due to failure to comply with minimum CAR of 130% under RBC.

Under BNM's control, Tahan implemented a turnaround plan that focuses on a few key areas including:

• tightening management and accountability
• strengthening organisation's people and agents
• reducing exposure to loss making motor business
• managing claims and management expenses, including settling claims promptly
• recovering old debts from agents, reinsurers and insurers
• tightening underwriting terms

Source: Business Times 1 & 2