Achievements, include advocating the rights of its members and promoting the development of the life insurance industry
Whenever there are new regulations and life insurance guidelines introduced by Bank Negara Malaysia (BNM), GELFAAM will be actively involve in providing constructive feedback and negotiate with the management to safeguard the interests and benefits of the agency force
1987: Life Insurance Association of Malaysia (LIAM) framework
GELFAAM representatives negotiated with the company in Singapore on the restructuring of the agency model in line with LIAM’s framework
1991: Minimum Qualitative Guidelines for the Insurance Industry
GELFAAM formed alliance with agent’s associations of other insurance companies under NAMLIA, held dialogues with LIAM, Bank Negara Malaysia, and Ministers to formulate new guidelines for life insurance industry and agent’s activities
1996: Implementation of Insurance Act 1996 – Operation Cost Control Guidelines
Following the implementation of Insurance Act 1996, GELFAAM submitted Proposal on OCC implementation or OR apportionment to Mr Tan Eng Hooi (GELM Management) which was endorsed by 1300 ADOs who attended Mega ADO Convention at MCA Hall
2013: New Financial Services Act (FSA) and Islamic Financial Services Act (IFSA)
GELFAAM submitted Memorandum of Demand to Board of
Directors at Singapore
GELFAAM Proposed New Agency Contract Structure to
GELM Director Mr Lee Kong Yip at Menara GE
HIGHLIGHTS ON GELFAAM’S IMPACT
2005: GELFAAM successfully negotiated for the payment of long overdue 5% OR on D.U of HB & CAB backdated from 2004 onwards
Management agreed to pay the long overdue 5% OR on D.U of HB & CAB backdated from 2004
2010: Memorandum of Demand was submitted to GELM Management during a peaceful assembly held in Menara GE
GELFAAM handed a Memorandum of Demand to GE Management on 28 December 2010 on various outstanding matters during a peaceful assembly
2014: GELFAAM/GSMA commence negotiation with GELM on proposed new agency contract
GELFAAM/GSMA successfully negotiated to remove the 5 Year rules and also improvement to the Agency Business Continuity (ABC)
2018: Negotiation concluded leading to the signing of amended Agency contract
Signing off amended Agency contract with GE management in Singapore on 29/11/2018
2021: Realignment of Agency Benefits for GETB contract holders
Successfully negotiated for realignment of Agency Benefits for GETB contract holders
2022: Successfully negotiated for the Launch of Standalone Medical Plan (GMS)
Successfully negotiated for the launch of Standalone Medical Plan (GMS) which pays perpetual commission
1982
- 1st Consultative Meeting with Management, cornerstone of current relationship with the Management
1983-1984
- 1st Agency Compensation Restructuring Committee was formed comprising of representatives from across hierarchy to provide constructive proposals and negotiate with the company on remuneration structure for agency force.
- Association and management concluded the negotiation in 1984
- ‘C’ Contract was introduced (contract signing in 1984 with contract remuneration backdated to 01 January 1983)
- The first National Tamil Sales Seminar was organized
1986-1987
- LIAM framework was introduced to standardize commission and agency structure.
- Association representatives negotiated with the company in Singapore on the restructuring of agency under LIAM framework.
- An addendum to the ‘C’ Contract was implemented
1991
- Bank Negara Malaysia’s Directive on Minimum Qualitative Guidelines for the Insurance Industry
- Association form alliances with associations of other companies under NAMLIA and dialogue with LIAM, Bank Negara Malaysia, and the Minister to bring fresh insights into the life and activities of the agents.
1992
- 1st Leaders Convention attended by 900 leaders from various ranks.
- Association form strategic alliance with GSM Association as “Confederation”
- 1st Consultative meeting of “Confederation” and the Management held on 30th September 1992
- Contract Committee formed to negotiate with company on New Agency Guidelines
1995
- GELFAAM together with NAMLIFA and all other In-House associations gathered at BNM to submit memorandum on Operation Cost Control Guidelines postponement
1996
- Peaceful Gathering on 01/09/1996 against the implementation of OCC Guideline
- GELFAAM’s Proposal on OCC Guideline implementation and OR apportionment which was endorsed by 1300 ADOs attended Mega ADO Convention at MCA Hall were submitted to GELM management
1997
- ‘D’ Contract was introduced after the implementation of OCC Guideline
2000
- Association successfully convinced Management to have open tender for printing of GE management diary following which the price has been reduced from RM11.90 to RM5.20
2001
- Successfully negotiated for management to pay commission on OAC policies under APL effective Jan 2001
2002
- Company agreed to GELFAAM’s proposal to pay Deferred Benefit to field officers aged 60 and above wef 2003
- Company agreed wef 2003, those GSMs who are demoted within 5 years will rejoin their mother GSM as per D contract. Their breakaway daughter GSM’s breakaway OR will be passed-up to the grandmother GSM
2005
- Management agreed to pay the long overdue 5 % OR on D.U of HB & CAB backdated from 2004.
2006
- 5% CAB/HB OR that GE agreed to pay from 2004 onwards to those affected “C” contract field officers was finally paid in June 2006 when the system was ready
2009
- GELFAAM conducted Signatures Campaign to Remove Clause 18 in agency contract, a clause that allowed either party to terminate the agency contract without assigning any reasons (clause was rephrased in 2018)
2010
- Awareness Campaign – Nationwide Roadshows on various agency related issues were conducted by GELFAAM
- GELFAAM handed a Memorandum of Demand to GE Management on 28 December 2010 on various outstanding matters.
2011
- In February, the long outstanding 1997 to 2003 issue on 5% OR on D.U. of HB & CAB, a sum of RM10.8m was paid to about 1,000 affected ‘C’ contract field officers / managers.
- Awareness Campaign – One Company One Contract. Nationwide Roadshow focusing on building consensus to demand Company to provide same benefits to all field forces
2012
- GELFAAM handed a Memorandum of Demand on 13 requests to GE Management with a 2,000 strong support at Menara GE on 5th January 2012.
- Picketing at Menara GE and GE Branches Nationwide on 3rd September 2012
- GELFAAM/GSMA Negotiation Team meeting with Group CEO
2013
- Picketing at Menara GE on 26th March 2013
- Memorandum of demand to Board of Directors at Singapore
- Proposed New Agency Contract Structure to GELM Director Mr Lee Kong Yip at Menara GE
2014
- GELFAAM/GSMA successfully negotiated to remove the 5 Year rules and also improvement to the Agency Business Continuity (ABC)
- Confederation Contract Committee formed to meet with GE management to work out New Agency Contract
2015
- On-going negotiation with GELM management on GELM proposed New Agency Contract
2016
- Confederation Contract Committee submitted counter proposal on New Agency Contract to GE Management on 15 January 2016
2017
- New Agency Contract Think Tank Committee formed with involvement of cluster Group Leaders to study GELM Proposal on New Agency Contract
- Negotiation with GELM management on implementation of Balanced Score Card (BSC) and negotiated for BSC to be computed based on the cohort method instead of current method
2018
- Successfully negotiated for ILP cases on Premium Holiday to be counted as Inforce Cases in BSC normal and downside categories whilst our competitor treat such cases as lapsed
- Sign-off of New Agency Contract with Great Eastern Management at Singapore on 29 November 2018
- Highlights on Amended Agency Contract (AAC)
- Spin Off Benefits based on Whole Group
- Improvement on ILP Basic Commission payout 3% from 3rd & 4th year move to 1st & 2nd year
- Half Quota Maintain
- new criteria for new agents and those who are still an agent currently
- AOM remain unchanged
- Waiver of maintenance to enjoy Spin of Benefits For those who have six breakaways GM under AAC
- Amendment to Clause 18 (termination clause) Wording “without assigning any reasons” to terminate agency agreement has been remove
- Actively involved in meeting with NAMLIFA and contribute for the successful negotiation of BSC 2019 to maintained as per 2018 criteria
2019
- Actively involved in meeting with NAMLIFA and lead to the successful negotiation of Removal of No of Case and ANP as BSC Criteria effective 2020
- Successful negotiation for GELM to pay BSC upside on CFF Criteria with minimum number of cases
- GM : 6 cases / UM : 9 cases / Agents : 12 cases
- negotiating with OAC to launch Fidelity Guarantee Insurance (FGI) that cover liability roll up due to Fraud & dishonesty of downlines.
2020
- Successfully negotiated for Concessions on Maintenance Requirement for Year 2020 & 2021 (Relief during MCO of Covid-19 Pandemic)
- Successfully negotiated for relief measure for agent group scheme – monthly payment allowed for agent yearly renewable group term life and group H&S in 2020 & 2021 (Relief during MCO of Covid-19 Pandemic)
2021
- Successfully negotiated for Realignment of Agency Benefits for GETB Contract Holders with GELM Agency Contract
- Agency Office Maintenance (AOM) vs Agency Development Allowance (ADA) wef 01.01.2021
- Half Quota
- Agency Business Continuity for GM/GAM Circular 21.09.2021
- Successfully negotiated for restoring of GETB Overriding Commission Rates for i-Great Evoc
2022
- Successfully negotiated for the launch of Standalone Medical Plan (GMS) which pays with perpetual commission
2023
- Prevented the Operation Department from implementing “Preferred Agent” initiatives
- Negotiated with management to streamline and expedite the process of ROP
2025
- GELFAAM has been proactive in addressing gaps in the company’s medical plans, which has now resulted in improved key features in the SHP & SHPP launched in January 2025
- Highlighted issues:
- Since April 2022 GELFAAM brought up the issues to the Product Department that our medical plans exclude communicable diseases required quarantine by law as opposed to some of our competitors which do not
- Since December 2022, GELFAAM highlighted the shortcoming of our medical plan which excludes Congenital Conditions & Cost of blood and plasma transfusion