Section 4

Where an insurer member carrying on the business of general takaful or general insurance assumes the liability for takaful certificates or insurance policies of another party, the total net contributions or total net premiums of that other party in respect of that liability for the preceding assessment year shall be deemed to be the total net contributions or total net premiums of the insurer member that assumes the liability of the other party for the preceding assessment year, for the purpose of calculating the annual levies for the assessment year immediately after the assessment year in which the transfer takes effect, and the annual levies shall be paid by the insurer member that assumes the liability of the other party accordingly.

P.U. (A) 223 13

Made 19 July 2023

[PIDM/PN/7/2023; PN(PU2)689/JLD.8]

ANWAR BIN IBRAHIM

Minister of Finance