Malaysia legislation
Section 71
Section 71
(a)
two hundred and fifty thousand ringgit; or
(b)
an amount based on a rate to be prescribed by the Minister on the recommendation of the Corporation and calculated in accordance with section 71A, whichever is higher.
(2)
Except as provided under subsection (3), where the business of one or more transferring parties is transferred under a business transfer scheme to a new insurer member, the Corporation shall assess and collect the first levy payable by the new insurer member as follows:
(a)
two hundred and fifty thousand ringgit; or
(b)
an amount based on a rate to be prescribed by the Minister on the recommendation of the Corporation and calculated in accordance with section 71A, whichever is higher.
90
(3)
Where the business of one or more insurer members only is transferred under a business transfer scheme to a new insurer member—
(a)
before the annual due date referred to in subsection 72(1) in an assessment year, no annual levy shall be required to be paid by the insurer members for that assessment year; and
(b)
after the annual due date referred to in subsection 72(1) in an assessment year, no first levy shall be required to be paid by the new insurer member.
(4)
For the avoidance of doubt, different rates may be prescribed under subsections (1) and (2) for categories in which new insurer members are classified under levy regulations and different rates may apply to different categories of new insurer members.
(5)
A new insurer member shall pay the first levy to the Corporation within thirty days from the date it becomes a member or such other period as may be specified by the Corporation.
Calculation of first levy in respect of new insurer members