Malaysia legislation
Section 80
Section 80
(a)
the insurer member that issued the takaful certificate or insurance policy; or
(b)
an insurer member to which the takaful certificate or insurance policy liability has been transferred under subsection 70(1).
(2)
Where the Corporation is obliged to make payment under subsection (1), the Corporation shall, based on the takaful certificate or insurance policy and any supporting documentation included in the records of the insurer member, make payment to such person as in the opinion of the Corporation appears to be entitled to it.
(3)
Any decision made by the Corporation relating to the person entitled to a payment or the amount to be paid in respect of a protected benefit shall be final and binding.
(4)
(Deleted by Act A1505).
(5)
For the avoidance of doubt, in respect of a family takaful certificate or life policy—
(a)
the value of that family takaful certificate or value of that life policy referred to in paragraph 83(2)(b), 83(3)(b) or subsection 84(3) is a protected benefit; and
Malaysia Deposit Insurance Corporation 99
(b)
notwithstanding subsections 83(2), 83(3) and 84(3), the
Corporation is obliged to make payment in respect of each participating life or life insured as follows:
(i)
where there is one certificate or policy, the value of that family takaful certificate or value of that life policy only up to such amount as prescribed by the
Minister on the recommendation of the Corporation;
and
(ii)
where there are two or more certificates or policies, the aggregate of the value of those family takaful certificates or value of those life policies only up to such amount as prescribed by the Minister on the recommendation of the Corporation.
Discretionary payment in respect of protected benefit