Financial Services Act 2013 s 16
s 16 Licensed insurer to carry on life or general business
(1) A licensed insurer, other than a licensed professional reinsurer, shall not carry on both life business and general business.
(2) Notwithstanding subsection (1), a licensed life insurer may carry on the business of insuring solely against disease or sickness or solely against medical expenses subject to such requirements and conditions as may be specified by the Bank.
(3) Any licensed insurer who contravenes subsection (1) commits an offence and shall, on conviction, be liable to imprisonment for a term not exceeding eight years or to a fine not exceeding twenty-five million ringgit or to both.
Malay text (authoritative)
Penanggung insurans berlesen menjalankan perniagaan hayat atau am
(1) Penanggung insurans berlesen, selain penanggung insurans semula profesional berlesen, tidak boleh menjalankan kedua-dua perniagaan hayat dan perniagaan am.
(2) Walau apa pun subseksyen (1), penanggung insurans hayat berlesen boleh menjalankan perniagaan menginsurans sematamata terhadap penyakit atau keuzuran atau semata-mata terhadap perbelanjaan perubatan tertakluk kepada apa-apa kehendak dan syarat sebagaimana yang ditentukan oleh Bank.
(3) Mana-mana penanggung insurans berlesen yang melanggar subseksyen (1) melakukan suatu kesalahan dan boleh, apabila disabitkan, dipenjarakan untuk tempoh tidak melebihi lapan tahun atau didenda tidak melebihi dua puluh lima juta ringgit atau kedua-duanya.
Penggal 3
Perniagaan berdaftar
Read this section in the full act → · Open Division 2 →
Find Act 758 on lom.agc.gov.my ↗
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).
