Malaysia legislation
Section 72
Section 72
(2)
Subject to subsection (3), the annual levy rate or rates shall be as prescribed by the Minister on the recommendation of the
Corporation.
(3)
The annual levy payable by an insurer member for an assessment year shall not be lower than such minimum amount or amounts as may be prescribed by the Minister on the recommendation of the Corporation.
(4)
For the avoidance of doubt, the rates prescribed under subsection (2) and the minimum amounts prescribed under subsection (3) may relate to categories in which insurer members are classified under levy regulations and different rates and minimum amounts may apply to different categories.
(5)
Any insurer member which contravenes subsection (1) commits an offence and shall, on conviction, be liable to a fine not exceeding three million ringgit and shall, in addition, be liable to a daily fine not exceeding thirty thousand ringgit for every day the offence continues after conviction.
Calculation of annual levy in respect of insurer members