Section 16
Licensed insurer to carry on life or general business
of Financial Services Act 2013
ActIn forceProvision 16 of 124
Section 16
(1)
A licensed insurer, other than a licensed professional reinsurer, shall not carry on both life business and general business.
(2)
Notwithstanding subsection (1), a licensed life insurer may carry on the business of insuring solely against disease or sickness or solely against medical expenses subject to such requirements and conditions as may be specified by the Bank.
(3)
Any licensed insurer who contravenes subsection (1) commits an offence and shall, on conviction, be liable to imprisonment for a term not exceeding eight years or to a fine not exceeding twenty-five million ringgit or to both.