If you received a repricing notice between 1 August 2024 and 31 December 2024, BNM’s interim measures apply to your policy from 15 January 2025. You may be entitled to a credit for any excess charges your insurer collected between the date of repricing and the date your insurer implemented the capped amount — but you need to act, not wait.
What “Repriced Before 2025” Means for You
The interim measures were formally announced in late 2024. Insurers who had already issued repricing notices — and collected the full, uncapped increase — were required to retroactively bring those policies into compliance with the new rules.
The mechanics work like this: if your insurer applied a 25% increase in, say, October 2024, and BNM’s interim measures cap the allowable increase at 10% for your pool, then 15 percentage points of that increase were collected in excess of what the interim measures permit. That excess — the difference between what your insurer charged and what the cap allows — may be credited back to you or deposited into your policy account value once your insurer’s systems are updated.
The word “may” is doing work here. The mechanism exists, and BNM has directed insurers to process it. But the crediting does not happen automatically on a fixed date. It depends on your insurer’s administrative timeline, how they have structured the credit, and whether they have correctly applied the interim measures to your specific policy.
The 15 January 2025 Effective Date
BNM’s interim measures for policies repriced between 1 August 2024 and 31 December 2024 took effect on 15 January 2025. From that date, the capped premium — not the uncapped repriced amount — is the applicable premium for your policy.
There is one critical requirement during the transition: you must continue paying the newly stated (repriced) premium to keep your coverage active while the adjustment is processed. Do not reduce your payment unilaterally on the assumption that you should only be paying the capped amount. Your insurer’s systems may not yet reflect the adjusted figure, and a shortfall in your payment could create a policy lapse, which is the last thing you want.
Once your insurer has updated its records and applied the interim measures to your policy, you will either:
- Receive a revised renewal notice or premium statement showing the adjusted (lower) amount going forward
- Receive a credit note or a deposit into your policy account value for the months where the excess was collected
Keep your payment records during this period. If you receive a credit, verify that the amount matches your calculation — the number of months at the excess rate multiplied by the monthly excess charge.
How to Apply and What to Bring
The process is straightforward but requires you to initiate it:
- Locate your repricing notice — the letter or email from your insurer stating the new premium and the effective date. If you cannot find it, your insurer’s customer service team can retrieve a copy using your IC number and policy number
- Contact your insurer or agent — state clearly that you received a repricing notice between August and December 2024 and that you want to apply BNM’s interim measures, including any retroactive credit for excess charges collected
- Reference the effective date — BNM’s interim measures for this group apply from 15 January 2025. If your insurer tells you the measures only apply to future renewals, that is incorrect — push back with this date
- Ask for written confirmation — request a letter or email confirming that the interim measures have been applied to your policy, the adjusted premium amount going forward, and any credit amount for excess charges already collected
- Escalate if needed — if your insurer is unresponsive or disputes your entitlement, contact BNMLINK at 1-300-88-5465 or PIAM. Document your requests with dates and the names of anyone you spoke to
Do Not Wait on the Retroactive Credit
The retroactive credit has procedural timelines. BNM directed insurers to process these adjustments in an orderly way, but that does not mean there is an indefinite window. Insurers are working through large volumes of affected policies, and the earlier you formally request the application of the interim measures in writing, the stronger your position if any dispute arises later.
Some policyholders have assumed the credit will arrive automatically without any follow-up needed. In some cases it will — particularly for large insurers with efficient systems. But for policies where the repricing notice was issued close to the August 2024 start date, or where the policyholder’s file contains any administrative complexity, following up directly is the safer approach.
If you are reviewing your medical card coverage as part of this process, it is also worth considering whether the current plan configuration still makes sense given the repricing trajectory. Some policyholders who went through the 2024 repricing cycle are finding that adding a deductible or moving to a co-payment structure would reduce their base premium enough to make the ongoing cost manageable without any reduction in meaningful coverage.
What If You Already Cancelled Your Policy After the Repricing
If the premium hike caused you to cancel your policy rather than simply stop paying, the situation is different from a standard lapse. Policyholders who surrendered their policies specifically because of the 2024 repricing are eligible for reinstatement under the interim measures — without fresh medical underwriting. This is a separate provision from the retroactive credit discussed in this article.
If this applies to you, see our detailed guide on reinstating a lapsed or surrendered policy for the specific steps and timelines involved. The window for that reinstatement pathway is also time-sensitive.
For a comprehensive review of how your policy has been affected by the 2024 repricing, a policy review with an independent adviser is the most efficient way to get clarity across all the relevant provisions in one conversation.
Frequently Asked Questions
My repricing took effect in September 2024. When exactly do the interim measures apply?
The interim measures apply from 15 January 2025. This means your September 2024 repriced premium was in force from September to January 2025, and any excess collected between the repricing date and 15 January 2025 may be credited back. The credit calculation covers the period from your repricing effective date through 14 January 2025.
My insurer told me the interim measures only apply to my next renewal. Is that correct?
No. For policies repriced between 1 August 2024 and 31 December 2024, the interim measures take effect from 15 January 2025 — regardless of when your next renewal date falls. If your insurer has stated otherwise, request clarification in writing and reference the BNM announcement on interim measures for MHIT policyholders.
How do I calculate whether I am owed a credit?
Take the monthly excess charge (the difference between your repriced premium and the capped amount your insurer should have applied) and multiply it by the number of months from your repricing effective date to 14 January 2025. This gives you an estimate of the total excess collected. Your insurer’s calculation should match. If it does not, request a breakdown.
What if I already cancelled my policy because of the 2024 premium hike?
You may be eligible to reinstate your policy without fresh medical underwriting under a separate provision of BNM’s interim measures. This applies to policyholders who surrendered or allowed their policies to lapse specifically due to the 2024 repricing. Contact your insurer and reference the reinstatement provision — or read our full guide on reinstating a lapsed medical policy.
Where do I go if my insurer does not respond or refuses to apply the interim measures?
Escalate to BNMLINK at 1-300-88-5465 or contact PIAM (Persatuan Insurans Am Malaysia). Before escalating, make sure you have documented your request — a written email to the insurer with the date sent and a summary of what you asked for gives you a clear record to present to the regulator.
Have a question that wasn’t covered here? Our advisors at FINNO. offer free, no-obligation consultations — no hard sell, just honest answers about what’s right for your situation.