Section 84
Determining the obligatory payment for family takaful certificates and life policies
of Malaysia Deposit Insurance Corporation Act 2011
Subject to subsection (2), if, within three months from the date of the winding up order, the Corporation receives a claim from a takaful beneficiary or insured person stating that a family takaful or life policy risk event occurred prior to the date of the winding up order in respect of which payment has not been made by or on behalf of the insurer member, the amount of the obligatory payment in respect of a protected benefit shall be calculated based on the obligation of the insurer member that arose upon the occurrence of that risk event.
(2)
Such obligatory payment shall be subject to—
(a)
receipt by the Corporation of the claim within three months as stipulated in subsection (1) in such manner and with such supporting documentation as specified by the Corporation;
(b)
proof, to the reasonable satisfaction of the Corporation, that the risk event occurred prior to the date of the winding up order, if in the opinion of the Corporation the supporting documentation referred to in paragraph (a) is not adequate;
and
(c)
the validity of the claim.
(3)
If any of the conditions stipulated in subsections (1) and (2) is not fulfilled, the amount of the obligatory payment shall be based on the value of that family takaful certificate or value of that life policy in respect of the family takaful certificate or life policy.
(4)
Where a certificate owner or policy owner surrenders his family takaful certificate or life policy prior to the date of the winding up order, the amount of the obligatory payment shall be based on the surrender value of the family takaful certificate or life policy at the time of surrender.
(5)
Any decision made by the Corporation relating to the person entitled to a payment or the amount to be paid in respect of a protected benefit shall be final and binding.
Malaysia Deposit Insurance Corporation 103