Malaysia legislation
Section 2
Seksyen 2
(1)
The first levy payable under subsection 71(1) of the Act by a new insurer member carrying on the business of family takaful or life insurance shall be calculated on the basis of the valuation of family takaful liabilities or life insurance liabilities of the new insurer member as at the last day of the calendar month in which the new insurer member becomes a member institution in respect of all or any type or description of takaful or insurance benefits or any family takaful certificates or life insurance policies as specified by the Corporation.
(2)
The first levy payable under subsection 71(1) of the Act by a new insurer member carrying on the business of general takaful or general insurance shall be calculated on the basis of the total net contributions or total net premiums of the new insurer member in the calendar month in which the new insurer member becomes a member institution in respect of all or any type or description of takaful or insurance benefits or any general takaful certificates or general insurance policies as specified by the Corporation.
P.U. (A) 223 9
(3)
The first levy payable under subsection 71(1) of the Act by a new insurer member that has been in operation and carrying on the business of general takaful or general insurance for a minimum period of two years before the new insurer member is deemed to be a member institution by virtue of paragraph 36(2)(b) of the Act, shall be calculated on the basis of the total net contributions or total net premiums of the new insurer member of the preceding assessment year in respect of all or any type or description of takaful or insurance benefits or any general takaful certificates or general insurance policies as specified by the Corporation.
(4)
The first levy payable under subsection 71(2) of the Act by a new insurer member carrying on the business of family takaful or life insurance shall be calculated on the basis of the valuation of family takaful liabilities or life insurance liabilities of the transferring party as follows:
(a)
in respect of a transferring party which is an insurer member, on the basis of the valuation of family takaful liabilities or life insurance liabilities of the transferring party as at 31 December of the preceding assessment year in respect of all or any type or description of takaful or insurance benefits or any family takaful certificates or life insurance policies as specified by the Corporation;
and
(b)
in respect of a transferring party which is a non-insurer member, on the basis of the valuation of family takaful liabilities or life insurance liabilities of the transferring party as at the transfer date in respect of all or any type or description of takaful or insurance benefits or any family takaful certificates or life insurance policies as specified by the Corporation in relation to the business that are transferred from the transferring party to the new insurer member.
P.U. (A) 223 10
(5)
The first levy payable under subsection 71(2) of the Act by a new insurer member carrying on the business of general takaful or general insurance shall be calculated on the basis of the total net contributions or total net premiums of the transferring party of the preceding assessment year in respect of all or any type or description of takaful or insurance benefits or any general takaful certificates or general insurance policies as specified by the Corporation, regardless whether the transferring party is an insurer member or a non-insurer member.
Basis for calculation of annual levy