Malaysia Deposit Insurance Corporation Act 2011 s 142C
Malaysia Deposit Insurance Corporation Act 2011 s 142C
s 142C Valuation of assets and liabilities of a takaful operator or insurance company
(1) In the winding up of a takaful operator, including a former insurer member the membership of which has been cancelled under section 38 or terminated under section 39 and whether its shareholders’ fund or any takaful fund managed by it is insolvent or not, the value of the assets and liabilities of the shareholders’ fund and takaful fund, including liabilities in respect of takaful certificates, shall be
ascertained on such basis as the Corporation may determine and the law relating to bankruptcy or insolvency shall not apply to the valuation of the liabilities.
(2) In the winding up of an insurance company, including a former insurer member the membership of which has been cancelled under section 38 or terminated under section 39 and whether it is insolvent or not, the value of its assets and liabilities, including liabilities in respect of policies, shall be ascertained on such basis as the Corporation may determine and the law relating to bankruptcy or insolvency shall not apply to the valuation of the liabilities.
Malay text (authoritative)
Penilaian aset dan liabiliti suatu pengendali takaful atau syarikat insurans
(1) Dalam penggulungan pengendali takaful, termasuk bekas anggota penanggung insurans yang keanggotaannya telah dibatalkan di bawah seksyen 38 atau ditamatkan di bawah seksyen 39 dan sama ada kumpulan wang pemegang syernya atau mana-mana kumpulan wang takaful yang diuruskan olehnya tidak solven atau tidak, nilai aset dan liabiliti kumpulan wang pemegang syer dan kumpulan wang takaful itu, termasuk liabiliti berkenaan dengan sijil takaful, hendaklah dipastikan atas asas sebagaimana yang ditentukan oleh Perbadanan dan undang-undang yang berhubungan dengan kebankrapan atau ketidaksolvenan tidak terpakai bagi penilaian liabiliti itu.
(2) Dalam penggulungan apa-apa syarikat insurans, termasuk bekas anggota penanggung insurans yang keanggotaannya telah dibatalkan di bawah seksyen 38 atau ditamatkan di bawah seksyen 39 dan sama ada ia tidak solven atau tidak, nilai aset dan liabilitinya, termasuk liabiliti berkenaan dengan polisi, hendaklah dipastikan atas apa-apa asas sebagaimana yang ditentukan oleh Perbadanan dan undangundang yang berhubungan dengan kebankrapan atau ketidaksolvenan tidak terpakai bagi penilaian liabiliti itu.
Text as at 21 July 2023 (LOM reprint); amendments made after that date may not be incorporated.
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).
