Malaysia Deposit Insurance Corporation Act 2011 s 70
s 70 Transfers of certificates or policies among insurer members
(1) Where takaful certificate or insurance policy liabilities of an insurer member (referred to in this section as the “transferring member”) are transferred to and assumed by another insurer member, the protected benefits shall be deemed to be and continue to be separately protected by the Corporation until fulfilment of all of the obligations of the transferring member in respect of the takaful or insurance benefits.
(2) Where there is a transfer of takaful certificate or insurance policy liabilities under subsection (1)—
(a) the transferring member shall give notice of the transfer of takaful certificate or insurance policy liabilities and the continued separate protection referred to in subsection (1); and
(b) the Corporation may give notice of the matters referred to in paragraph (a) if in the opinion of the Corporation, public interest requires that such notice be given,
by publication in at least two daily newspapers published in Malaysia, one of which shall be in the national language.
(3) An insurer member shall maintain such records as are required by the Corporation for the purposes of subsection (1).
(4) An insurer member that contravenes paragraph (2)(a) commits an offence and shall, on conviction, be liable to a fine not exceeding five million ringgit and shall, in addition, be liable to a daily fine not exceeding fifty thousand ringgit for every day the offence continues after conviction.
Malay text (authoritative)
Pemindahan sijil atau polisi antara anggota penanggung insurans
(1) Jika liabiliti sijil takaful atau polisi insurans suatu anggota penanggung insurans (dalam seksyen ini disebut “anggota pemindah”) dipindahkan kepada dan diambil alih oleh anggota penanggung
insurans lain, manfaat dilindungi itu hendaklah disifatkan sebagai dan akan terus dilindungi secara berasingan oleh Perbadanan sehingga penunaian obligasi anggota pemindah berkenaan dengan manfaat takaful atau insurans itu.
(2) Jika terdapat suatu pemindahan liabiliti sijil takaful atau polisi insurans di bawah subseksyen (1)—
(a) anggota pemindah itu hendaklah memberikan notis mengenai pemindahan liabiliti sijil takaful atau polisi insurans dan perlindungan berasingan yang berterusan yang disebut dalam subseksyen (1); dan
(b) Perbadanan boleh memberikan notis mengenai perkara yang disebut dalam perenggan (a) jika pada pendapat Perbadanan, kepentingan awam menghendaki supaya notis itu diberikan,
melalui penyiaran dalam sekurang-kurangnya dua akhbar harian yang disiarkan di Malaysia, salah satu daripadanya hendaklah dalam bahasa kebangsaan.
(3) Anggota penanggung insurans hendaklah menyenggara apa-apa rekod yang dikehendaki oleh Perbadanan bagi maksud subseksyen (1).
(4) Anggota penanggung insurans yang melanggar perenggan (2)(a) melakukan suatu kesalahan dan boleh, apabila disabitkan, didenda tidak melebihi lima juta ringgit dan boleh, sebagai tambahan, dikenakan denda harian tidak melebihi lima puluh ribu ringgit bagi tiap-tiap hari kesalahan itu berterusan selepas sabitan.
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Find Act 720 on lom.agc.gov.my ↗
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).
