Section 142C
Valuation of assets and liabilities of a takaful operator or insurance company
of Malaysia Deposit Insurance Corporation Act 2011
In the winding up of a takaful operator, including a former insurer member the membership of which has been cancelled under section 38 or terminated under section 39 and whether its shareholders’
fund or any takaful fund managed by it is insolvent or not, the value of the assets and liabilities of the shareholders’ fund and takaful fund, including liabilities in respect of takaful certificates, shall be
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ascertained on such basis as the Corporation may determine and the law relating to bankruptcy or insolvency shall not apply to the valuation of the liabilities.
(2)
In the winding up of an insurance company, including a former insurer member the membership of which has been cancelled under section 38 or terminated under section 39 and whether it is insolvent or not, the value of its assets and liabilities, including liabilities in respect of policies, shall be ascertained on such basis as the
Corporation may determine and the law relating to bankruptcy or insolvency shall not apply to the valuation of the liabilities.