Section 17
Registered business to be carried on by registered person
of Financial Services Act 2013
(1)
No person shall carry on registered business unless it has—
Financial Services 61
(a)
fulfilled such requirements and submitted such documents or information as may be prescribed by the Bank; and
(b)
notified the Bank in writing of the date of commencement of its business.
(2)
Subsection (1) shall not apply in respect of adjusting business to—
(a)
an advocate, solicitor or a member of any other profession who acts or assists in adjusting insurance or takaful claims incidental to his practice and who does not hold himself out as an adjuster;
(b)
an adjuster of aviation or maritime losses; or
(c)
an employee of a licensed insurer or licensed takaful operator under the Islamic Financial Services Act 2013, who in the course of his employment, acts or assists in adjusting insurance or takaful claims and who does not hold himself out as an adjuster.
(3)
Any person 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.