(1) No licensed insurer shall assume any risk in respect of such description of policy as may be prescribed by the Bank unless and until the premium payable is received by the licensed insurer in such manner and within such time as may be prescribed by the Bank.
(2) Where the premium payable under subsection (1) is received by a person on behalf of a licensed insurer, the receipt shall be deemed to be receipt by the licensed insurer for the
purpose of that subsection and the onus of proving that the premium was received by a person who was not authorized to receive the premium shall lie on the licensed insurer.
Malay text (authoritative)
Pengambilalihan risiko
(1) Tiada penanggung insurans berlesen pun boleh mengambil alih apa-apa risiko berkenaan dengan apa-apa perihalan polisi sebagaimana yang ditetapkan oleh Bank melainkan jika dan sehingga premium yang kena dibayar diterima oleh penanggung insurans berlesen itu dengan apa-apa cara dan dalam apa-apa tempoh sebagaimana yang ditetapkan oleh Bank.
(2) Jika premium yang kena dibayar di bawah subseksyen (1) diterima oleh seseorang bagi pihak penanggung insurans berlesen, penerimaan itu hendaklah disifatkan sebagai penerimaan oleh penanggung insurans berlesen itu bagi maksud subseksyen itu dan beban membuktikan bahawa premium itu telah diterima oleh seorang yang tidak diberi kuasa untuk menerima premium itu terletak pada penanggung insurans berlesen itu.
Penggal 7
Subsidiari
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).
