(From left) Hamann, Ng and Yap Mun Loong of CityLife hold the signed document.
KUALA LUMPUR: QBE Insurance (Malaysia) Bhd started the new year by signing a Memorandum of Understanding (MoU) with the Federation of Chinese Physicians and Acupuncturists Association of Malaysia recently.
QBE Insurance chief executive officer Karl Hamann signed on behalf of his company while Prof Ng Po Kok signed on behalf of the association.
The MoU will see all 3,000 members of the association being insured for either RM250,000 or RM500,000 in Professional Indemnity.
QBE’s maximum protection of various categories of Traditional Chinese Medicine (TCM) practitioners such as in acupuncture, chiropractic, orthopedic, reflexology, naturopathy, Qi Gong and Tuina.
Hamann said in an environment of increased responsibility and accountability, Professional Indemnity insurance was an essential component of risk management.
“We can provide all the practitioners the assurance of doing business with peace of mind. The scope of the protection includes the practitioner, the threat of litigation and potential damages, thus allowing them to operate confidently.”
Ng concurred that comprehensive insurance for their members was crucial.
He said the Traditional and Complimentary Medicine Act 2013 was gazetted in February 2013 and all practitioners were required to be registered.
“The Professional Indemnity cover is necessary to safeguard the professionalism of this industry.
“While it helps to protect our members from financial losses in the event of professional negligence and when law suits are served we are also protecting the interest of our customers by assuring them the accountability of our practitioners.”
The association was founded in 2001 and is registered under the Health Ministry.
It lists 3,000 registered members which include more than 1,200 doctors of acupuncture.
According to the Traditional and Complementary Medicines Division of the Ministry of Health, traditional and complementary medicines are defined as a form of health-related practice designed to prevent, treat, or manage illnesses and preserve the mental and physical well-being of individuals.
It is a known fact that most TCM practices have been handed down from generation to generation for over hundreds of years.
TCM plays a huge part in treating and healing patients of all kinds of ailments.