Malaysia legislation
Section 85
Section 85
(2)
Subject to subsection (3), if the Corporation receives a claim from a takaful beneficiary or an insured person stating that a general takaful or a general policy risk event occurred prior to the date on which the takaful certificate or policy ceased to be in force in respect of which payment has not been made by or on behalf of the insurer member, the amount of the obligatory payment in respect of a protected benefit shall be calculated based on the obligation of the insurer member that arose upon the occurrence of that risk event.
(3)
Such obligatory payment shall be subject to—
(a)
receipt by the Corporation of the claim within such period, in such manner and with such supporting documentation as specified by the Corporation;
(b)
proof, to the reasonable satisfaction of the Corporation, that the risk event occurred before the takaful certificate or policy ceased to be in force, if in the opinion of the
Corporation the supporting documentation referred to in paragraph (a) is not adequate; and
(c)
the validity of the claim.
(4)
If any of the conditions stipulated in subsections (2) and (3) is not fulfilled, the amount of the obligatory payment shall be based on the amount that would have been payable as a debt due to the certificate owner or policy owner on the date the takaful certificate or policy ceased to be in force as a refund of a portion of the takaful contribution
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or premium that is commensurate with the remaining period of the takaful certificate or policy.
(5)
Notwithstanding section 80 or 81, the Corporation may make the payments referred to in this section at any time after a petition for winding up the insurer member is presented to the court.
(6)
Notwithstanding any contrary provision in the takaful certificate or policy or other agreement, a takaful beneficiary or an insured person shall be deemed to be entitled under the takaful certificate or policy to make a claim against the insurer member based on the obligation of the insurer member in respect of a risk event that occurred prior to the date of cessation of the takaful certificate or policy within such period as may be specified by the Corporation.
(7)
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.
Notification by the Corporation