Malaysia legislation
Section 24
of MALAYSIA DEPOSIT INSURANCE CORPORATION (AMENDMENT) ACT 2022
Section 24
“First levy in respect of new insurer members
The principal Act is amended by inserting after section 71
the following section:
“Calculation of first levy in respect of new insurer members 71a. (1) The first levies shall be calculated as follows:
(a)
the first levy to be paid by a new insurer member shall be calculated on the basis as may be prescribed by the Minister;
(b)
the first levies in respect of the business of family takaful, general takaful, life insurance and general insurance shall be calculated separately; and
(c)
the applicable levy rates for each new insurer member shall be based on such criteria as may be prescribed in the regulations.
(2)
The first levy payable by a new insurer member shall be based on returns to be certified by the chief executive of the new insurer member and submitted in such form and within such period as the Corporation may require.”.
Malaysia Deposit Insurance Corporation (Amendment)
17
Amendment of section 72