Malaysia legislation
Section 16
Section 16
Section 60 of the principal Act is amended —
(a)
in subsection (2) —
(i)
by substituting for paragraph (b) the following paragraph:
“(b) where an insurer carries on re-insurance business, the re-insurance business and the general business (excluding the re-insurance business) shall be treated as separate general businesses;”; and
(ii)
in paragraph (c), by substituting for the proviso the following proviso:
“Provided that where the insurer also carries on life re-insurance business, the life re-insurance business shall be a separate source from life business and shall be treated as a general business;”;
(b)
in subsection (5A), by deleting the word “inward” wherever appearing;
Finance 19
(c)
by deleting subsection (5B);
(d)
in subsection (6A), by deleting the word “inward” wherever appearing;
(e)
by deleting subsection (6B);
(f)
in subsection (7), by substituting for the words “, (6A) or
(6B)
” the words “or (6A)”; and
(g)
in subsection (11)—
(i)
by substituting for the words “, sections 60A and 60B”
the words “and section 60A”; and
(ii)
by deleting the definitions of “inward re-insurance”,
“inward re-insurance contract”, “offshore insurance”
and “offshore insurance policies”.
Amendment of section 60A