This legislation has been repealed. Do not cite it as law in force.
Text recovered by OCR from a scanned copy — section numbers and wording may be wrong. Check the official PDF on lom.agc.gov.my before citing.
s 17
(1) The assets of any takaful fund under this Act shall be kept separate from all other assets of the operator, and shall not include assets comprised in a deposit under this Act, nor any amounts on account of goodwill, the benefit of development expenditure or similar items not realizable apart from the business or part of the business of the operator.
(2) Subject to section 24 the assets of any takaful fund shall be such that-
(a) the value of Malaysian assets as specified in the First Schedule, with any such additions as are permitted by subsection (4), is not less than eighty per cent of the total value of the assets of the fund; and
(b) the value of investments in securities of the Federal or State Government issued in Malaysia is not less than fifteen per cent of the total value of the assets of the fund at any time.
(3) For the purposes of subsection (2) there may be added to the value of items specified in the First Schedule the amount or value of any assets of the fund of the following descriptions:
(a) outstanding contributions on family solidarity certificates on which future liabilities may be met out of the assets of the fund; fu
own on the the making treated for he amount he deposit it of either he takaful f business to those r for any operator siness in rator so laintain lass. tis Act of the 1 in a unt of Ire or eSS or kaful 1 the are han sets sia tal )e st d (Langkah - Laugkah Pencogahan khas) [Pt. II, S. 17-18]
(b) sums representing claim recoveries from retakaful operators in or outside Malaysia.
(4) The Minister may, in respect of assets of any takaful fund, require an operator-
(a) not to make investments of a specified class or description;
(b) to realise, before the expiration of a specified period or such extended period as the Minister may allow, the whole or a specitied proportion of investments of a specified class or description held by the operator when the requirement is made.
(5) For the purposes of this section the assets from to time representing any re-takatul operator's deposit held by the takaful operator to meet liabilities of a takaful fund shall be treated with the agreement of the re-takaful operator as assets of the fund. Restrictions
Malay text (authoritative)
(1) Aset sesuatu kumpulan wang takaful di bawah Akta ini hendaklah disimpan berasingan dari semua aset lain kepunyaan pengendali, dan tidaklah boleh termasuk aset yang terkandung dalam deposit di bawah Akta ini, dan juga tidaklah boleh termasuk apa-apa amaun atas akaun muhibah, faedah perbelanjaan pembangunan atau butiran-butiran serupa itu yang tidak diperolehi selain dari perniagaan atau sebahagian dari perniagaan pengendalí. um) Tanakluk kepada seksyen 24 • asel mana-mani
(a) nilai aset Malaysia sebagaimana yang dinyatakan dalam Jadual Pertama, dengan apaapa tambahan sebagaimana dibenarkan oleh subseksyen (4), adalah țidak kurang daripada lapan puluh peratus daripada jumlah nilai aset kumpülan wàng; dan
...rede [Bah, II, S. 17-18)
(b) nilai pelaburan dalam sekuriti Kerajaan Perubuhuarga, eh disertarakan 1g diakhir 1-apa klah, u dỉ- kani di satu aset jenubjar- •‹an lan ila .an igi 1g- :u. la h h
(3) Bagi maksud-maksud subseksyen (2), maka bananae nac krmpia mang a peih ei aone berikut:
(a) caruman yang belum dibayaı ke atas sijil perpaduan keluarga yang mana liabiliti masa depan boleh dipenuhi dari aset kumpulan wang:
(b) jumlah wang yang merupakan dapatan kembali tuntutan-tuntutan dari pengendali takatul semula di dalam atau di luar Malaysia.
(4) Menteri boleh, berkenaan dengan aset manamana kumpulan wang takaful, menghendaki seseorang pengendali takaful supaya—
(a) tidak membuat pelaburan dari suatu kelas atau jenis yang tertentu;
(b) mendapatkan, sebelum tamatnya tempoh tertentu atau apa-apa tempoh lanjutan sebagaimana yang dibenarkan oleh Menteri kesuluruhan atau suatu bahagian tertentu pelaburan dari kelas atau jenis tertentu yang dipegang oleh pengendali semasa kehendak itu dibuat.
(5) Bagi maksud seksyen ini, aset dari semasa ke semasa yang merupakan apa-apa deposit pengendali takaful semula yang dipegang oleh pengendali takaful untuk memenuhi liabiliti kumpulan wang hendaklah dengan persetujuan pengendali takaful semula dianggap sebagai aset kumpulan wang.
Source: Laws of Malaysia, Attorney General's Chambers of Malaysia (lom.agc.gov.my). Not a copy of the Gazette printed by the Government Printer (Interpretation Acts 1948 and 1967, s 61).
