Section 22
New section 70a
of Malaysia Deposit Insurance Corporation (Amendment) Act 2022
The principal Act is amended by inserting before section 71
of Chapter 2 of Part V the following section:
“Definitions 70a. (1) For the purposes of this Chapter—
(a)
“transferring party” means a person, including an insurer member, which transfers its business under a business transfer scheme;
(b)
“business transfer scheme” refers to a scheme of transfer for the whole or material part of the business of family takaful or life insurance or the business of general takaful or general insurance; and
(c)
“transfer date” means the date on which a business transfer scheme takes effect as specified by the Corporation.
(2)
For the purposes of paragraph (1)(b), the Corporation may specify what constitutes a material part of the business of family takaful or life insurance or the business of general takaful or general insurance.”.
Malaysia Deposit Insurance Corporation (Amendment)