Malaysia legislation

Section 25

of TAKAFUL ACT 1984

Section 25

(a)

the contribution payable is received by the operator or is guaranteed to be paid by such person in such manner and within such time as may be prescribed; or

(b)

deposit of such amount as may be prescribed is made in advance in the manner prescribed.

(2)

Where the contribution payable pursuant to subsection (1) is received by any person, including a takaful agent or a broker, on behalf of an operator, such receipt shall be deemed to be receipt by the operator for the purposes of that subsection and the onus of proving that the contribution payable was received by a person, including a takaful agent or a broker, who was not authorized to receive such contribution shall lie on the operator.

(3)

Subsections (1) and (2) shall apply to such description of general business as may from time to time be prescribed.

(4)

Where a broker, recitation on a time being person shall operator the period as ma of that descri

(5)

Any certificate of subsection (1) on account tion in its reason shall participant the operator under no other person

(6)

Any shall be gu be liable to