Section 47
Amendment of section 84
of Malaysia Deposit Insurance Corporation (Amendment) Act 2016
Section 84 of the principal Act is amended by substituting for subsections (3) and (4) the following subsections:
“(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.”.