Malaysia legislation
Section 70A
Section 70A
(a)
“transferring party” means a person, including an insurer member, which transfers its business under a business transfer scheme;
(b)
“business transfer scheme” refers to a scheme of transfer for the whole or material part of the business of family takaful or life insurance or the business of general takaful or
Malaysia Deposit Insurance Corporation 89
general insurance; and
(c)
“transfer date” means the date on which a business transfer scheme takes effect as specified by the Corporation.
(2)
For the purposes of paragraph (1)(b), the Corporation may specify what constitutes a material part of the business of family takaful or life insurance or the business of general takaful or general insurance.
First levy in respect of new insurer members