Section 70A
Definitions
of Malaysia Deposit Insurance Corporation Act 2011
For the purposes of this Chapter—
(a)
“transferring party” means a person, including an insurer member, which transfers its business under a business transfer scheme;
(b)
“business transfer scheme” refers to a scheme of transfer for the whole or material part of the business of family takaful or life insurance or the business of general takaful or
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general insurance; and
(c)
“transfer date” means the date on which a business transfer scheme takes effect as specified by the Corporation.
(2)
For the purposes of paragraph (1)(b), the Corporation may specify what constitutes a material part of the business of family takaful or life insurance or the business of general takaful or general insurance.