Malaysia legislation
Section 73A
Section 73A
(a)
the transferee member shall pay annual levy for that assessment year calculated on the basis as may be prescribed by the Minister;
(b)
the annual levy payable under paragraph (a) shall be—
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(i)
based on the rates and subject to the minimum amounts to be prescribed by the
Minister on the recommendation of the Corporation; and
(ii)
calculated in such manner and paid within such period as may be specified by the Corporation; and
(c)
the transferring parties shall not be required to pay annual levy under section 72 for that assessment year.
(2)
Where the business of one or more non-insurer members is transferred under a business transfer scheme to an insurer member
(referred to in this subsection as the “transferee member”) after the annual due date referred to in subsection 72(1) in an assessment year—
(a)
the transferee member shall, notwithstanding that it has paid annual levy under subsection 72(1), pay additional annual levy calculated on the basis as may be prescribed by the
Minister; and
(b)
the additional annual levy payable under paragraph (a) shall be—
(i)
based on the rates and subject to the minimum amounts to be prescribed by the Minister on the recommendation of the Corporation; and
(ii)
calculated in such manner and paid within such period as may be specified by the Corporation.
(3)
For the avoidance of doubt, the rates prescribed under subsections (1) and (2) and the minimum amounts prescribed under subsections (1) and (2) may relate to categories in which insurer members are classified under levy regulations and different rates and minimum amounts may apply to different categories.
(4)
Any insurer member which contravenes subsection (1) or (2)
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
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daily fine not exceeding thirty thousand ringgit for every day the offence continues after conviction.
No set-off in respect of insurer members