Section 13
Amendment of section 36
of Malaysia Deposit Insurance Corporation (Amendment) Act 2016
The principal Act is amended by substituting for section 36
the following section:
“Deemed membership
Quoted provision
Section 36
A licensed bank or an Islamic bank—
(a)
which is deemed to be a member institution under section 37 of the repealed Act, shall continue to remain as a member institution under this Act; or
(b)
licensed under the Banking and Financial
Institutions Act 1989 [Act 372], the Islamic Banking
Act 1983 [Act 276], the Financial Services Act 2013
or the Islamic Financial Services Act 2013 after the commencement of this Act, shall be deemed to be a member institution from the date it is granted the licence.
(2)
A takaful operator or insurance company is deemed to be a member institution—
(a)
from the commencement of this Act; or
(b)
if it comes into existence after the commencement of this Act, from the date it is registered under the
Takaful Act 1984 [Act 312], or licensed under the
Insurance Act 1996 [Act 553], the Islamic Financial
Services Act 2013 or the Financial Services Act 2013.
(3)
Any person that is prescribed to be a member institution by an order referred to in subsection 27(1) is deemed to be a member institution from the effective date of the order.
(4)
Notwithstanding subsection 120(1), this section does not apply to a bridge institution.”.
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