Labuan Islamic Financial Services and Securities Act 2010 s 85
Labuan Islamic Financial Services and Securities Act 2010 s 85
s 85 Segregation of takaful fund
(1) The assets of any fund established for any family takaful business and any general takaful business under this Act shall be kept separate from all other assets of the Labuan takaful operator, and shall not include 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 such Labuan takaful operator.
(2) For the purposes of this section, the assets from time to time representing any Labuan retakaful operator’s deposit held by the Labuan takaful operator to meet liabilities of any fund established for any family takaful business or any general takaful business shall be treated with the agreement of the Labuan retakaful operator as assets of the fund.
Malay text (authoritative)
Pengasingan kumpulan wang takaful
(1) Aset mana-mana kumpulan wang yang ditubuhkan bagi mana-mana perniagaan takaful keluarga dan mana-mana perniagaan takaful am di bawah Akta ini hendaklah disimpan berasingan daripada semua aset lain pengendali takaful Labuan, dan tidak termasuk apa-apa amaun yang berasaskan nama baik, faedah perbelanjaan pembangunan atau perkara serupa yang tidak boleh direalisasikan selain perniagaan atau sebahagian daripada perniagaan pengendali takaful Labuan itu.
(2) Bagi maksud seksyen ini, aset yang dari semasa ke semasa yang mewakili mana-mana deposit pengendali takaful semula Labuan yang dipegang oleh pengendali takaful Labuan untuk menjelaskan liabiliti mana-mana kumpulan wang yang ditubuhkan bagi perniagaan takaful keluarga atau mana-mana perniagaan takaful am hendaklah dikira dengan persetujuan pengendali takaful semula Labuan sebagai aset kumpulan wang itu.
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).
