Malaysia legislation
Section 46
of MALAYSIA DEPOSIT INSURANCE CORPORATION (AMENDMENT) ACT 2016
Section 46
Section 83 of the principal Act is amended by substituting for subsections (2) and (3) the following subsections:
“(2) Where a certificate ceases to be in force under subsection (1), the certificate owner shall be eligible to claim as a debt due to him by the insurer member on account of the certificate—
(a)
in respect of his general takaful certificate, a refund of a portion of the takaful contribution that is commensurate with the remaining period of the takaful certificate;
(b)
in respect of his family takaful certificate, the value of that family takaful certificate;
(c)
the value of the investments or savings held separately in respect of the takaful certificate; or
(d)
any other refund or amount, which shall be ascertained on such basis as may be prescribed by the Corporation.
(3)
Where a policy ceases to be in force under subsection (1), the policy owner shall be eligible to claim as a debt due to him by the insurer member on account of the policy—
(a)
in respect of his general policy, a refund of a portion of the premium that is commensurate with the remaining period of the policy;
Malaysia Deposit Insurance Corporation (Amendment)
(b)
in respect of his life policy, the value of that life policy;
(c)
the value of the investments or savings held separately in respect of the policy; or
(d)
any other refund or amount, which shall be ascertained on such basis as may be prescribed by the Corporation.”.
Amendment of section 84