Section 70
Transfers of certificates or policies among insurer members
of Malaysia Deposit Insurance Corporation Act 2011
Where takaful certificate or insurance policy liabilities of an insurer member (referred to in this section as the “transferring member”) are transferred to and assumed by another insurer member, the protected benefits shall be deemed to be and continue to be separately protected by the Corporation until fulfilment of all of the obligations of the transferring member in respect of the takaful or insurance benefits.
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(2)
Where there is a transfer of takaful certificate or insurance policy liabilities under subsection (1)—
(a)
the transferring member shall give notice of the transfer of takaful certificate or insurance policy liabilities and the continued separate protection referred to in subsection (1);
and
(b)
the Corporation may give notice of the matters referred to in paragraph (a) if in the opinion of the Corporation, public interest requires that such notice be given, by publication in at least two daily newspapers published in Malaysia, one of which shall be in the national language.
(3)
An insurer member shall maintain such records as are required by the Corporation for the purposes of subsection (1).
(4)
An insurer member that contravenes paragraph (2)(a) commits an offence and shall, on conviction, be liable to a fine not exceeding five million ringgit and shall, in addition, be liable to a daily fine not exceeding fifty thousand ringgit for every day the offence continues after conviction.