Section 17
Section 60A of the principal Act is amended —
ActIn forceProvision 18 of 108
Section 17
(a)
in the shoulder note, by substituting for the words “Inward re-insurance” the word “Re-insurance”;
(b)
by deleting the word “inward” wherever appearing;
(c)
in subsection (2), by substituting for the words “5 per cent”
the words “8 per cent”; and
(d)
by inserting after subsection (2) the following subsection:
“(3) This section shall apply to an insurer who has an adequate number of full time employees and has incurred an adequate amount of annual operating expenditure in
Malaysia as prescribed by the Minister.”.
20
Amendment of section 60AA