Malaysia legislation
Section 73
of MALAYSIA DEPOSIT INSURANCE CORPORATION (AMENDMENT) ACT 2016
Section 73
(a)
the applicable levy rates for each insurer member shall be based on such criteria as may be prescribed in the regulations;
(b)
in respect of an insurer member carrying on the business of family takaful or life insurance, the annual levies to be paid by the insurer member shall be calculated on the basis set out in paragraph (c)
and in such manner as the Corporation may specify;
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(c)
for the purposes of paragraph (b), the annual levies shall be based on the actuarial valuation of family takaful liabilities or life insurance liabilities as at 31 December of the preceding assessment year in respect of all or any type or description of takaful or insurance benefits or such family takaful certificates or life insurance policies as the Corporation may specify;
(d)
in respect of an insurer member carrying on the business of general takaful or general insurance, the annual levies to be paid by the insurer member shall be calculated on the basis set out in paragraph (e)
and in such manner as the Corporation may specify;
(e)
for the purposes of paragraph (d), the annual levies shall be based on the total net contributions or total net premiums received during the preceding assessment year in respect of all or any type or description of takaful or insurance benefits or such general takaful certificates or general insurance policies as the Corporation may specify; and
(f)
the annual levies in respect of family takaful, general takaful, life policy and general policy protected benefits shall be calculated separately.
(2)
For the avoidance of doubt, where the liability for takaful certificates or insurance policies of an insurer member is transferred to and assumed by another insurer member, the total net contributions or total net premiums received by the transferor insurer member in respect of that liability during the preceding assessment year shall be deemed to be received by the transferee insurer member during the preceding assessment year and the annual levies shall be paid by the transferee insurer member accordingly.
(3)
The levies payable by an insurer member shall be based on returns to be certified by the chief executive of the insurer member and submitted in such form and within such period as the Corporation may require.”.
Malaysia Deposit Insurance Corporation (Amendment)
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Amendment of section 74