Malaysia legislation
Section 9
Section 9
Section 60 of the principal Act is amended—
(a)
by deleting the word “and” at the end of subparagraph
(3)
(i);
(b)
by substituting for subparagraph (3)(b)(ii) the following new subparagraph (ii):
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Finance
“(ii) an amount bearing the same proportion to the management expenses incurred during that period in connection with his life business as the aggregate mentioned in paragraph (a) bears to the total of that aggregate and the amount of gross premiums received by him during that period on account of all life policies in force at the end of that period; and”;
(c)
by inserting after subparagraph (3)(b)(ii) the following new subparagraph (iii):
“(iii) commissions paid in that period in connection with that business.”;
(d)
by substituting for subparagraphs (4)(b)(i) and (ii) the following new subparagraphs (i) and (ii):
“(i) an amount bearing the same proportion to the management expenses incurred during that period in connection with the insurer’s Malaysian life fund or in connection with that part of his life business which is carried on in Malaysia as the aggregate mentioned in paragraph (a) bears to the total of that aggregate and the amount of gross premiums received by him during that period on account of Malaysian life policies in force at the end of that period;
(ii)
an amount bearing the same proportion to the head office expenses of the insurer incurred during that period in connection with his life business as the aggregate mentioned in paragraph (a) bears to the aggregate of the amount of gross income for that period from the investments out of the insurer’s life fund, the amount of gross proceeds receivable in that period in connection with the realization of those investments or any rights arising from them and the amount of gross premiums received by him during that period on account of all life policies in force at the end of that period; and”; and
(e)
by inserting after subparagraph (4)(b)(ii) the following new subparagraph (iii):
“(iii) commissions paid in that period in connection with the insurer’s life business which is carried on in
Malaysia.”.
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Amendment of section 107A