Malaysia legislation
Section 91
of MALAYSIA DEPOSIT INSURANCE CORPORATION (AMENDMENT) ACT 2016
Section 91
New section 203a
The principal Act is amended by inserting after section 203
the following section:
“Independent actuary 203a. (1) Where, for the purposes of the exercise of any powers of the Corporation under Part VII in respect of an insurer member or the making of a payment under Chapter 3
of Part V, the Corporation deems it advisable to have the value of the liabilities in respect of takaful certificates or insurance policies of the insurer member determined, the
Corporation may appoint an independent actuary to determine such value.
(2)
An individual shall not be appointed as an independent actuary unless he meets such requirements or has such qualifications as set out in any standards as may be specified by Bank Negara Malaysia.
(3)
Any present or former, officer, auditor, receiver, manager, receiver and manager, liquidator or agent, of the takaful operator or insurance company concerned or any other person shall furnish to an independent actuary such documents, materials, information or explanations as in the opinion of the independent actuary ought to be considered in the course of determining the value of the liabilities in respect of takaful certificates or insurance policies, of the insurer member.
(4)
The value of the liabilities in respect of takaful certificates or insurance policies of the insurer member as determined by an independent actuary shall be final and binding.
(5)
The costs of the independent actuary, including his remuneration as approved by the Corporation, shall be borne by the insurer member and in the event of any default in payment by the insurer member, shall be payable with the same priority and from the same sources as the preferential debts referred to in subsection 142a(3) and paragraph 142b(2)(c).”.
Amendment of section 204