Malaysia legislation
Section 146
Section 146
(2)
A stabilisation coverage shall be subject to an order prescribed by the Minister upon consultation with the Corporation and Bank
Malaysia Deposit Insurance Corporation 157
Negara Malaysia (referred to in this Part as “stabilisation coverage order”).
(3)
Notwithstanding anything to the contrary contained in this Act, the stabilisation coverage order may provide for one or more of the following:
(a)
the insurance of a deposit to a greater maximum limit than otherwise applies in section 42;
(b)
the protection of a protected takaful or insurance benefit to a greater maximum amount than otherwise applies under section 69;
(c)
the insurance, in whole or in part, of any liability or financial instrument of a deposit-taking member that otherwise is not insured in consequence of the application of subsubparagraphs 41(a)(A) to (F) or the provisions of paragraph 46(a);
(d)
the protection, in whole or in part, of a takaful or insurance benefit under a certificate or policy by an insurer member that otherwise is not a protected takaful or insurance benefit within the meaning of this Act;
(e)
the insurance, in whole or in part, of any liability or financial instrument of a prescribed person that is of the same or similar nature as a type of liability or financial instrument of a deposit-taking member whether included in or excluded from the definition of “deposit” in section 41
or the provisions of paragraph 46(a); and
(f)
the protection, in whole or in part, of any obligation of a prescribed person that is of the same nature as or is similar in nature to a type of benefit offered by insurer members, whether or not it otherwise is a takaful or an insurance benefit within the meaning of this Act.
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(4)
A stabilisation coverage order shall be temporary in nature and shall have effect for the duration of the period as may be prescribed in such order.
(5)
For the purpose set out in subsection (1), the Minister may, upon consultation with the Corporation and Bank Negara Malaysia, by order published in the Gazette, amend a stabilisation coverage order including to vary the duration of the stabilisation coverage order.
Application of special provisions