Section 72
Annual levy in respect of insurer members
of Malaysia Deposit Insurance Corporation Act 2011
Subject to paragraph 71(3)(a) and subsection 73A(1), every insurer member shall, for each assessment year following the assessment year in which it becomes a member institution, pay annual levies on or before the annual due date specified by the Corporation.
(2)
Subject to subsection (3), the annual levy rate or rates shall be as prescribed by the Minister on the recommendation of the
Corporation.
(3)
The annual levy payable by an insurer member for an assessment year shall not be lower than such minimum amount or amounts as may be prescribed by the Minister on the recommendation of the Corporation.
(4)
For the avoidance of doubt, the rates prescribed under subsection (2) and the minimum amounts prescribed under subsection (3) may relate to categories in which insurer members are classified under levy regulations and different rates and minimum amounts may apply to different categories.
(5)
Any insurer member which contravenes subsection (1) commits an offence and shall, on conviction, be liable to a fine not exceeding three million ringgit and shall, in addition, be liable to a daily fine not exceeding thirty thousand ringgit for every day the offence continues after conviction.