Section 58B
Taking up of insurance policy
of Employees Provident Fund Act 1991
ActIn forceProvision 86 of 147
Section 58B
(1)
The Board may authorize an application of a member of the Fund to utilize any amount standing to the credit of such member of the Fund for the purpose of taking up an insurance policy as may be determined by the Board from an insurance company approved by the Minister subject to any terms and conditions as the Board thinks appropriate.
(2)
Where the Board has authorized the application of a member of the Fund under subsection (1), no dividend may be declared by the Board under section 27 shall be paid on the amount transferred to the insurance company.
(3)
This section shall not apply to a member of the Fund who is a pensionable employee and an employee who is not a Malaysian citizen.