Malaysia legislation
Section 75
Section 75
Levy surcharge in respect of insurer members
(2)
The levy surcharge payable by an insurer member under subsection (1) in any particular assessment year shall not exceed the levy payable by the insurer member in respect of the preceding assessment year or one million ringgit, whichever is higher.
(3)
Where, in the opinion of the Corporation an insurer member—
(a)
(Deleted by Act A1505);
(b)
has failed or fails to comply with the terms and conditions of the membership, any undertaking given to or agreement made with the Corporation, or any regulations, rules, orders, by-laws, notifications, directives, guidelines, circulars or notes of the Corporation in respect of takaful and insurance benefits protection system;
(c)
has failed or fails to comply with a request for information or has restricted access to information by the Corporation,
Malaysia Deposit Insurance Corporation 95
Bank Negara Malaysia or any person acting on behalf of the
Corporation, under this Act; or
(d)
has failed or fails to maintain proper takaful or insurance benefit records or has misrepresented, whether by act or omission, any information, including information on takaful or insurance liabilities, or net contributions or net premiums used as a basis for any levy assessments under this Part, the Corporation shall—
(A)
if it proposes to impose a levy surcharge on the insurer member, consult Bank Negara Malaysia on the reasons for imposing a levy surcharge and the amount of the levy surcharge; and
(B)
give the insurer member an opportunity to make representations to the Corporation on any proposed levy surcharge within seven days from the date of a written notice issued by the Corporation to the insurer member.
(4)
Where the Corporation receives representations from an insurer member within the time period stipulated in paragraph (3)(B), the Corporation shall consider the representations in deciding whether to impose a levy surcharge and if so, deciding on the amount of the levy surcharge.
(5)
Where the Corporation decides to impose a levy surcharge, the
Corporation shall obtain the written approval of the Minister before imposing the levy surcharge on the insurer member.
(6)
A levy surcharge shall be imposed by the Corporation by notice in writing to the insurer member and shall be payable to the
Corporation within thirty days from the date of such notice or such other period as may be specified by the Corporation.
(7)
Any opinion formed or decision made by the Corporation relating to the imposition or the amount of any levy surcharge in respect of any insurer member shall be final and binding.
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(8)
A surcharge paid to the Corporation under this section shall be paid into and form part of the Consolidated Fund.
Overdue charges in respect of insurer members