KUALA LUMPUR (July 29): Bank Negara Malaysia (BNM) fined The Pacific Insurance Bhd RM336,000 on May 28 for leaving its chief executive officer role vacant for 16 months and failing to submit a replacement candidate for approval.

In a statement on its website, BNM said the insurance company’s CEO position was vacant from Nov 21, 2024 to March 23, 2026. Florence Chang Siow Mei was officially appointed as the new CEO on March 24, 2026.

The company breached Section 54(1) of the Financial Services Act 2013, which requires insurers to have a CEO at all times.

Despite the vacant seat, BNM said the company kept daily business running smoothly via a temporary Appointed Representative as well as continuous oversight by its management bodies.

BNM said it will take strict action against any financial institutions that fail to meet legal or regulatory requirements.

The insurance company paid the fine on June 9, 2026. Pacific Insurance is wholly owned by Fairfax Asia Ltd, under the ultimate parent ownership of Toronto-based Canadian financial giant Fairfax Financial Holdings Ltd.

Pacific Insurance’s former CEO Marcus Hanrieder stepped down on Nov 21, 2024, after nine months in the role. He succeeded Gobinath Arvind Athappan, who led the company for nine years.