Malaysia legislation
Section 3
Seksyen 3
(1)
The annual levy payable under subsection 72(1) of the Act by an 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 insurer member 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.
(2)
The annual levy payable under subsection 72(1) of the Act by an 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 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.
(3)
The annual levy payable under paragraph 73A(1)(a) of the Act by the transferee member carrying on the business of family takaful or life insurance shall be calculated on the basis as follows:
(a)
the valuation of family takaful liabilities or life insurance liabilities of the transferee member 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
P.U. (A) 223 11
(b)
the valuation of family takaful liabilities or life insurance liabilities of the transferring party as follows:
(i)
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
(ii)
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 transferee member.
(4)
The annual levy payable under paragraph 73A(1)(a) of the Act by the transferee member carrying on the business of general takaful or general insurance shall be calculated on the basis as follows:
(a)
the total net contributions or total net premiums of the transferee 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; and
(b)
the total net contributions or total net premiums of the transferring party of the preceding assessment year in respect of all or any type
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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.
(5)
The additional annual levy payable under paragraph 73A(2)(a) of the Act by the transferee member carrying on the business of family takaful or life insurance, in respect of the transferring party which is a non-insurer member, shall be calculated 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 transferee member.
(6)
The additional annual levy payable under paragraph 73A(2)(a) of the Act by the transferee member carrying on the business of general takaful or general insurance, in respect of a transferring party which is a non-insurer member, 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.
Transfer of liabilities