Stamp Act 1949 · Updated to 1 Jan 2026 · Part IX · Offences and Penalties
Section 68
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becomes an assurer upon any sea insurance or enters into any contract for sea insurance, or directly or indirectly receives or contracts or takes credit in account for any premium or consideration for any sea insurance, or knowingly takes upon himself any risk, or renders himself liable to pay, or pays any sum of money upon any loss, peril or contingency relative to any sea insurance, unless the insurance is expressed in a policy of sea insurance duly stamped;
money
“money” includes all sums whether expressed in the ringgit or in any other currency;
makes or effects or knowingly procures to be made or effected any sea insurance, or directly or indirectly gives or pays, or renders himself liable to pay, any premium or consideration for any sea insurance, or enters into any contract for sea insurance unless the insurance is expressed in a policy of sea insurance duly stamped; or
duly stamped
“duly stamped”, as applied to an instrument, means — (a) the instrument bears an adhesive or impressed stamp of not less than the proper amount or the amount of initial duty or the amount of advance duty paid under subsection 37(1) and that such stamp has been affixed or used in accordance with the law for the time being in force; (b) any official receipt for the proper amount or the amount of initial duty or the amount of advance duty is affixed to the instrument; (c) a stamp certificate for the proper amount or the amount of initial duty or the amount of advance duty is attached to the *NOTE―The Securities Industry Act 1983 was repealed by the Capital Market and Services Act 2007 —see section 381…
76 Laws of Malaysia ACT 378
is concerned in any fraudulent contrivance or device, or is guilty of any wilful act, neglect or omission with intent to evade the duties payable on policies of sea insurance or whereby the duties may be evaded, shall for every such offence be liable to a fine not exceeding one thousand ringgit.
Broker or agent
Every broker, agent or other person negotiating or transacting any sea insurance contrary to the true intent and meaning of this Act, or executing any policy of sea insurance upon paper not duly stamped, shall for every such offence be liable to a fine not exceeding one thousand ringgit and shall not have any legal claim to any charge for brokerage, commission or agency or for any money expended or paid by him with reference to the insurance, and any money paid to him in respect of any such charge shall be deemed to be paid without consideration, and shall remain the property of his employer.
paper
“paper” includes every material upon which words or figures can be expressed;
Penalty for making or issuing pretended copies
If any person makes or issues, or causes to be made or issued, any document purporting to be a copy of a policy of sea insurance and there is not at the time of the making or issue in existence a policy duly stamped whereof the said document is a copy, he shall for such offence, in addition to any other fine or penalty to which he is liable, be liable to a fine not exceeding one thousand ringgit.