Malaysia legislation
Section 40
of MALAYSIA DEPOSIT INSURANCE CORPORATION (AMENDMENT) ACT 2016
Section 40
Amendment of section 75
(a)
in the shoulder note, by substituting for the word “Premium”
the word “Levy”;
(b)
by substituting for subsection (1) the following subsection:
“(1) Notwithstanding the payment of the first levy in respect of the first assessment year or the annual levies in respect of any particular assessment year, the Corporation may assess and collect from an insurer member a levy surcharge in respect of that assessment year or any part thereof in accordance with this section.”;
(c)
by substituting for subsection (2) the following subsection:
“(2) The levy surcharge payable by an insurer member under subsection (1) in any particular assessment year shall not exceed the levy payable by the insurer member in respect of the preceding assessment year or one million ringgit, whichever is higher.”;
(d)
in subsection (3)—
(i)
by deleting paragraph (a);
(ii)
in paragraph (b)—
(A)
by inserting after the words “notifications,”
the words “directives,”; and
(B)
by inserting after the word “protection” the word “system”; and
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(iii)
in paragraph (d)—
(A)
by inserting after the words “takaful or insurance liabilities” the words “, or net contributions”; and
(B)
by substituting for the words “any premium assessments” the words “any levy assessments”; and
(e)
in paragraphs (3)(A) and (B) and subsections (4), (5), (6)
and (7), by substituting for the word “premium” wherever appearing the word “levy”.
Amendment of section 76