Malaysia legislation
Section 13
Section 13
Amendment of section 60
Section 60 of the principal Act is amended by substituting for subsection (7) excluding the proviso the following:
“(7) Where an insurer carrying on general business has—
(a)
re-insured the risk or part of the risk with a re-insurer who either does not carry on the business of insuring risks of that kind in Malaysia or does not re-insure the risk through a branch in Malaysia; or
(b)
re-insured the risk or part of the risk with an insurer licensed under the Offshore Insurance Act 1990
[Act 444], there may be deducted under subparagraph (5)(b)(ii) or (6)(b)(ii)
in respect of such risks which are re-insured only ninety-five per cent of the amount which would otherwise be deductible:”.
Amendment of section 60D