Malaysia legislation
Section 70
Section 70
(2)
Where there is a transfer of takaful certificate or insurance policy liabilities under subsection (1)—
(a)
the transferring member shall give notice of the transfer of takaful certificate or insurance policy liabilities and the continued separate protection referred to in subsection (1);
and
(b)
the Corporation may give notice of the matters referred to in paragraph (a) if in the opinion of the Corporation, public interest requires that such notice be given, by publication in at least two daily newspapers published in Malaysia, one of which shall be in the national language.
(3)
An insurer member shall maintain such records as are required by the Corporation for the purposes of subsection (1).
(4)
An insurer member that contravenes paragraph (2)(a) commits an offence and shall, on conviction, be liable to a fine not exceeding five million ringgit and shall, in addition, be liable to a daily fine not exceeding fifty thousand ringgit for every day the offence continues after conviction.
Levies
Definitions