Insurance Act 1996 (Act 553)

7/31/2019 Insurance Act 1996 (Act 553)

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I sura c 1

LAWS OF MALAYSIA

RepRint

A 553

InSurAnce Act 1996 I corporati g all am dm ts up to 1 Octob r 2008

published bythe CommissioneR of law Revision, malaysia

undeR the authoRity of the Revision of laws aCt 19682008


2/146

InSurAnce Act 1996

d R a ... ... ... 13 s r 1996

d c Gaz tt 26 s r 1996

P rev iou s r ePri nts

First R pri t ... ... ... ... ... 2002

S co d R pri t ... ... ... ... ... 2005

Third R pri t ... ... ... ... ... 2006

2


3/146

3

LAWS OF MALAYSIA

A 553

InSurAnce Act 1996

aRRanGement of seCtions

P art i

pReliminaRy

s c

1. s r

2. i r r

3. f c b k

P art ii

liCensinG of insuReR, insuRanCe bRoKeRand adJusteR

4. C c r c

5. b c r c

6. pr r r r c r c

7. pr c r r - k r c

8. ac c g r c

9. pr c rr c

10. h g r r, r c r k r, j r r cr

11. u r r c , r c , r r r r cr

12. i r r c rr r g r

13. l c g r

14. a c r c c15. a c r c c


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4 Laws of Malaysia A ct 553

s c

16. l c c r r r

17. l c c r r c r k r, j r c r

18. m - r c r r r

19. s c

20. R q r r c

21. l c c

22. m r c

23. C c c

24. f r c c

25. d c c26. n x c

27. C c

28. R r c

29. a c g r c r

30. l c c rr xc c

31. R c c c

32. a g r c c c

33. e c r c c c

34. l c r r g z

P art iii

subsidiaRy and offiCe of liCensee

35. s r c

36. o c c37. a c r c 35 r 36

P art iv

insuRanCe fund and shaReholdeRs fund

38. e r c

39. d r c r g r c

40. Cr r c


5/146

I sura c 5

s c

41. a c r c

42. a r c

43. w r r r c

44. v r

45. i

46. m rg c

47. R g r c r g r c

48. d c

49. R r c gr cr c50. s c r r cr c

51. v c r

52. R r c r r c r

53. R r c

54. d c r r cr c

55. d c r c c r

56. s cr r r c r c r

57. R r c

P art v

diReCtion and ContRol of defaultinG insuReR

58. n c -c c rg c

59. ac g r r, r r c r

60. pr r g r c 59(3) r (4)

61. pr r g r r r gr 59(3) (a) r (c)

62. pr r g c r r c 59(4)

63. e c r r r c 59(4)

64. p r c c r c

65. m r r


6/146


P art vi

manaGement of liCensee

s c

66. d c r c r g r

67. acq r ggr g r c r r

68. pr r r c c r

69. pr g r r

70. a r c r, c x c c r, g r r cr r r

71. d q c r c r r 72. e c q c r c r r

73. n c c c

P art vii

auditoR, aCtuaRy and aCCounts

74. a r

75. d q c r76. R r c r

77. C c r

78. a r

79. a r c

80. a r r r

81. a r q r r r

82. a r r r c r r b k

83. a c r r r

84. C c r

85. ac r g r r

86. i r r c r

87. a cc

88. a cc c r r r c r g r r

89. Q r r r r

90. acc g r91. ac r r r c


7/146

I sura c 7

s c

92. a cc , q r r r r c r r r r c

93. R r c 94. s cc

95. ac r cc

96. i c

97. a c

98. l r r r cc g r c r k

P art viii

eXamination

99. ex c

100. d r c r cc c r

101. ex r r c

102. a r c r x r

P art iX

investiGation, seaRCh and seiZuRe

103. a g g c r

104. p r g g c r

105. o r c g g c r

106. R q r r r

107. p r x r

108. a c c c r

109. i g g c r c r c c r

P art X

windinG up of insuReR

110. a c p r

111. R r c g c r r

112. b k r g


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s c

113. n c r g g r c g

114. a c rc c r g

115. a q r

116. C r q r

117. R r q r

118. s r

119. l q r r r cc

120. v

121. t r c

122. a c r c g

123. w r r c r

124. o c r c r, r g r r

125. C

126. w g r

P art XitRansfeR of business

127. i r r p r

128. C r c r c

129. s c

130. a r c

131. n c c

132. m c c

133. p C r c r c

134. b k r r c g

135. e c C r c r

136. R r b k x

137. pr r c

138. l g c

139. tr r r c r k g, j g r c r


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I sura c 9

P art Xii

pRovisions RelatinG to poliCies

s c140. i r c r r

141. a r k

142. pr r r c

143. ac r r r c r

144. pr r r g r c

145. R r r

146. n c r g r g r g147. m g - c c

148. o j c c

149. C r r r , c r r c r

150. d c r

151. K g , , r c g

152. i r r

153. C c r r

154. l c c

155. s rr r c

156. n - c r

157. p r c r c

158. e c r - c

159. a r g c rr c 155, 156 158160. C c r c r r

161. i r c

P art Xiii

payment of poliCy moneys undeR a life poliCyoR peRsonal aCCident poliCy

162. a c p r

163. p r k


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s c

164. R c

165. p c r r 166. tr c

167. n r r c 166(1)

168. a g r g c

169. p c r r

170. p r c c r c

171. d r c c r r

172. t p r r r c r r

P art Xiv

insuRanCe GuaRantee sCheme fund

173. e c r c g r c

174. i

175. b k rr 176. l

177. d c c

178. u

179. R r c

180. d r

181. p r c

182. p c183. a c r

P art Xv

misCellaneous

184. ag , r c r k r c r

185. R r c r c r k r c r

186. i r c r r


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I sura c 11

P art Xvi

GeneRal pRovisions

s c

187. e rc ac

188. R c r ac

189. C

190. n c c r c

191. i

192. a r r

193. s r c

194. s r c c

195. s cr c

196. p r c r

197. d c m r

198. ex

199. a c r

200. n - c ac

201. p r g

202. R g

P art Xvii

offenCes

203. G r

204. C g c

205. o c r r c

206. o c c r r

207. o c

208. J r c

209. s z c

210. arr r k r c

211. p r G r r c c

212. a , c r c

213. pr c


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P art Xviii

Repeal and tRansitional pRovisions

s c

214. R g

215. s g r c r r r g r , r c r k r j rc , r r ac

216. a r c c r r c r r gr215(1) (a)

217. C r , r r r c , c c

218. R c c c r -c c c 217

219. a r c c r c r k r r j r c r r gr 215(1) (b)

220. f r g r r r c

221. s g c r r c r r

222. d k c

223. m r c g r c

224. s g r c c

225. pr r r g c

S chedule


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I sura c 13

LAWS OF MALAYSIA

A 553

InSurAnce Act 1996

a ac r r c g r g r c , r c r k g , j g

c r r r r r .

[1 Ja uary 1997, P.U. (B) 580/1996 ]

Be It enActeD s r p k b g y g -p rag g c c d n g r dR k p r , r

, :

P art i

pReliminaRy

Sho i l

1. t ac c i r c ac 1996.

I p a io

2. i ac , c x r r q r

j r r c rr j g r r r r r c r r ;

j g g g c c rc c c r g q

;

r g r r c r r r r c r c r r;


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c r c r rc 83(1);

r r r r gr59(4) (a) ;

r c r g Cac 1965 [ Act 125 ];

c , r r ,

(a) r r ;

(b) c c r r c r;

(c) r r r r r ;

(d) r c , r c r r r c r c r r

r ;

b k C r b k C rb k m ac 1958 [ Act 519 ];

c r r r c r r r r r , c r , c r ,

r r r , c r r r r r , c r r , c r r ;

c x c c r, r , , r r j rr r r , r , j c r r c r , r c c r ;

c c g c , -c c r r m r c

m , r r c r c g z c r r m ;

c r k , rx r rc g r r , gr c r r r c g r r c r k r,

c g r c r ;

c g C ac 1965;


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I sura c 15

c c , r , , c r r, r c r c c , r - , r r gr , r r

r , r r c g r g r r c r c c r , r c r

r c ;

c r r, r ,

(a) c x c c r r c r r c r ;

(b) r , r r c ( ) r - r r r g

r ;

( ) r , r c , j r r c r ; r

( ) r c , r c c , r c r r ;

c - r c c - r c r g rr C - r s c ac 1993 [ Act 502 ];

c r r g C ac 1965;

cr c c , r r c c rr r cc , r c r r c ,

r c g g g r r cr c ;

r c r c r cc r c r c r cc r c r c

r r c r c r r c r r cc c r r r c r, r j c r g g, c

(a) c - r c , r r , rr g r g c - r c ;

(b) r , r r , c ,c c r r g r g r;


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(c) r r , r r;

(d) - r r r , - r r r;

( ) r , c r gr r , rc r r r c r r , r g r c c r g

r r ;

c g e c ac 1950 [ Act 56 ] c k cc ;

c c g rc ac ;

, r c , c c x cc r;

c r r c rr cr ;

c r r r r cr , r c r c g

r r rr g c r, r r r c r c c rr rk r r r r cc , c rk r

c r , r r r , , r , g , c r r c c r c r r r r c r c , r r r r r ;

c r r gr c :

(a) g c g r r g r c r c ;

(b) r c g r r r c r c ;

(c) rc g r c r c r c r r;

(d) rr g g c r c r c r c r c ;

r ( ) r c r c r cr b k;


17/146


18/146


r r c r r r r;

r r g r q r

r ; c , g r

k , r r r r , r r c g ;

c c r c 16 r 17;

c k g b k g f ci ac 1989 [ Act 372 ];

c r c , r c r k g, j g r c r ;

c r r, r c r k r, j r rc r, c r c 16 r 17;

r k g r c ;

c c c c r r r , c g x c r r r cc , r ck c

c r cc c ;

c r r r r c c r r m ;

m c c c m c r r c

(a) c r c r r r r m ;

(b) g r c c r r k r g m ,r r c r r , r r

, m g i c t x ac 1967 [ Act 53 ]; r

(c) r r c c r c r c r r;

rg c rg c r q rr c 46;


19/146

I sura c 19

r, r c

(a) c r r , r r;

(b) c - r c , r c ;

(c) r c r r g r , r ;

(d) r r , r r;

( ) c r g r r s c ac 1966[ Act 335 ], r c ;

m r m r r g c rg r r c ;

- r c g c c c rr g r g r r r c ;

c c r c c , c r cr r c r r r c c c rr ;

c r, r , c c x c c r;

r c g c c c rr g r g r r r c ;

r cc c c r g xc r r r r

g r k r r g j r r g r cc r c g c c c q c

;

c r c c c c r r c r c r c , r r r

c r r r c c , r r c

(a) g c c r r g c r c r c , r r r c r c

;

(b) c r r c c r r c

c r r r , r c r r r r rr r r r r r r;


20/146


c c , r c r r, c c r c ;

c r r g c c

(a) r c g , g ;

(b) r r r c c r,r c r r r g r r c ;

(c) r c r g r , ;

(d) r r c , r r , rr c r r , r r r ;

c r r r c rc c r r r q

r g c r r r;

r r r r c c r r g

r r;

r cr r cr r g Gaz tt , r r cr c r k

r r r g r r r rc r ;

r c g C ac1965;

r r r r r r r c c c rr r r c ;

r r r r r c

(a) r g , r , , c , c - - c , r rr g , r r r r , r r r c g , r r r ;


21/146

I sura c 21

(b) c c x c r c g, g g, g,rr r g, r r r rr g r g

r r r r x c g

c c r r r r r, r c g r g , r r r r r ;

c c c c r r r C ac 1965 r c rr c c r r c ,

r r rr c 15(1) ac ;

r r c r c c r c r r c r r r k , r r , cc

c r rr g r c r r m r c m ( c r r g, r r , r r c );

r c r r g C ac1965;

r , r r ,

(a) r ;(b) r r r r r ;

(c) r r r r r ;

(d) c r c r ;

( ) c r c r ;

(f) r r rr r gr (b), (c),(d) r ( ) ;

(g) c r r rr r gr(b), (c) r (f);

(h) c , r c r , r r ; r

(i) , r c r c , r r rr r gr (h) ;

r ac i r c ac 1963 [ Act 89 ] rr c 214(1);


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23/146

I sura c 23

r c c rr c r r ;

(b) g r , c r c c .

(2) f r r ac , r r c r c r r c c

cr c c g r r r.

(3) n g c (1) 39(2), b k r c r r c

g r c r c r cr r c , c r r c g r g g

r c r cr , b k r c r .

B si ss whi h is o i s a b si ss

5. f r r ac , g r c:

(a) r r, r r r , c r rr g k g c rr r r , r r r r c r g r ;

(b) c rr cc r c p r ii s c ac 1966 c

c 2 ac ;

(c) x r cr r cr g r r c c rr m ex r Cr i r c

b r .

P ohibi io o s i io of i s a b si ss

6. t b k, r r r r cr r r r c r , r

r r r c c r r r g r c rr g ccr r c c .

p : i r r r r r r r gg r. d .


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P ohibi io o a i y ai o i v s m -li k d i s ab si ss

7. (1) exc r r r r b k j c c c c , c r r c rr

(a) c r ; r

(b) - k r c .


(2) f r r c (1)

(a) c r c r c r r r c r r r r cr;

(b) - k r c c g c rr g c r c r c

r r r , r r , r r r c , r c

r , r r cr r r r c c , r x , r r

cr .

A ivi y o s i i g i s a b si ss

8. (1) f r r ac , r r c c rr g r c c r g:

(a) r c g r r r c ;

(b) g g r r r c r r;

(c) g c ;

(d) c c r r c r c ; r( ) r r c r c c .


25/146

I sura c 25

(2) f r r ac , r r c c rr g r c c c rr g r g g ,

r g ; r r c r c g

c r c r r r r c g , r r c r cg .

P ohibi io o a y o b si ss l ss li s d

9. (1) n r , c r ac , c rr

(a) r c ;

(b) r c r k g ;

(c) j g ; r

(d) c r .

p : i r r i r r r r r gg r . d .

i r c r k r i r r r r r r r gg r . d .

a j r i r r r r r gg r . d .

f c r i r r r r r gg r . d .

(2) p r gr (1) (c)

(a) c , c r r r r r c r j g r c c c

r c c j r;

(b) j r r r ; r

(c) c r r , c r , c r j g r c c

j r.


26/146


(3) p r gr (1) (d)

(a) c r r r c r c r k r;

(b) c r b k g f c i ac 1989;

(c) i c k c r i c b k g ac1983 [ Act 276 ];

(d) k r r r k r k r r t k ac 1984 [ Act 312 ];

( ) r c g r k r r g ;

(f) c r g r r tr C ac

1949 [ Act 100 ];(g) c c r r cc r c c

c rr g c r c c r ;

(h) r r r r r r r r pr g pr

p c ac 1984 [ Act 301 ] r

( ) r r r g r

c, r cr rr rc r r r ;

( ) c g , r r r rr r r g r g

r ;

( ) r r c c r rc r r g g c , r r gr r g g r r r ;

( ) c g , r r r r r r r g c c c r rr r r;

(i) r , r r r rr c r g c r c , r c g rc c , r

( ) r c g r c m ;

( ) c g , r r r r r r r g r g r c ;


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I sura c 27

( ) r r c c r rc r r g g c , r r gr r g g r r r ;

( ) c g , r r r r r r r g c

r r , r r r r c ; r

(j) c r r b k c .

Holdi g o as a i s , i s a b ok , adj s ofi a ial advis

10. n r r r, r cr k r, j r r c r c r

ac .





us of h wo ds i s a , ass a , d w i o

fi a ial advis 11. (1) exc r r r r b k

(a) r r c r r c , r c r r r r;

(b) r c r ac c rr c r r cr,

r r g g , r r r g g c g c r c g c rr g c , cr r


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r c c rr r k r r c c , r r, c r r

r r r.

p : f r r gg . d .

(2) s c (1)

(a) r r c q cc rr r cr , r q c

;

(b) c c r c c ;

(c) r c g r g r l i r c a c m r G r i r c a c m r r r c , r c r r r r r gr (1) (a) ;

(d) r r gr 9(3) (a) (d)r r c r

r gr (1) (b).

I s o a y o lif o g al b si ss

12. (1) a c r r, r c rr r r, c rr g r

.

(2) n g c (1), c r r

c rr r g g r ckr g c x j c c r q r c b k r cr .

(3) s c (1) r r c rr g c .

Li si g a ho i y

13. (1) t m r r r c cr z g r c rr r c .


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I sura c 29

(2) t b k r r c cr z g r c rr r c r k g ,

j g r c r .

Appli a fo li

14. n r r c c c rr

(a) r c , c c ;

(b) r c r k g , j g r cr , c ; r

(c) r r r r, c r r .

Appli a io fo li

15. a c r c c r g b k c r r, c c gr c r , c b k.

Li fo i s

16. (1) t b k, r r c g c r c c c rr r c , k r c m r r c c gr r c , , c c .

(2) t m r, r c r g(a) r r c c c c

c r c r m ;

(b) r r r g r c r c c ,

gr c c , r c , r r gr c c .

(3) t b k c r g m r c .


30/146


Li fo i s a b ok , adj s a d fi a ial advis

17. (1) t b k, r c c r c c

c rr r c r k g , j g rc r , gr c c , r c , r r gr c c .

(2) a c c r r c r k r, j r r cr r c r b k c

c c .

Mi im m paid- p sha api al o s pl s of ass s ovliabili i s

18. (1) a c c r r - r c c r cr .

p : t r r gg . d .

(2) a c r g r r m

r r c r cr .

p : t r r gg . d .

(3) a c r c r k r, c j r r cc r -

r c r c r cr .

p : o r r gg . d .

S a m of api al

19. n c r r c , r , r r c c , c g r z

r c r c

cr - .

p : o r r gg .


31/146

I sura c 31

r q i m as o p osp s

20. a c r r , c rc r r r c

(a) b k r r c r g; r

(b) r c c r b k c .

p : f r r gg .

Li f

21. (1) a c , g c , b k c c c , r c c c r r c

r r cr .

(2) a c r r b k

(a) g r b k rc 36 r g c m , r

r c c ;

(b) r r 31 J r r r, r c c r c r c c c r c ,

c , r c c c r r c r m r r cr .

p : f r r gg . d .

M mb ship of asso ia io

22. (1) n c c rr c r c

(a) r r r r c ;

(b) g r r r r g r r c ;

(c) r c r k r ; r

(d) j r ,

c c c r b k.


32/146


(2) n c c c r r r r b k.

p : f r r gg . d .(3) t b k r c c k , r r r r

k g, c c c .

co di io of li

23. t m r, c c r r, r b k, c c r c r k r, c j r r

c c r, (a) c c c ; r

(b) c c c .

Fo m of li

24. (1) a c c c r c b k.

(2) a c c r

(a) m r, c r r; r

(b) G r r, c r c r k r, j rr c r.

Display of li

25. a c c c c rc 24(2) c c r c c x b k r g, c r c , r c r c r .

p : f r r gg .

nam o b affix d o sid offi

26. e r c , x b k r g, x r c c r g g g ,


33/146

I sura c 33

c r c b k, r r r r , r k r r r , j r

r r k g r , c , r c

r r c r c r c c .p : f r r gg .

comm m of b si ss

27. (1) a c r r c c c rr c r r

c c .

(2) a c r r c rr c r c c

c r c .

(3) a c r r b k r g r c c g c rr c .

(4) w r c r r c c c rr c x r r c

c (1), c c r k .

r s i io of b si ss

28. (1) exc r r r r b k, c c rr c r m ,

r c c r r r

c .


(2) s c (1) c c r c r *C m rk s r c

ac 2007 [ Act 671 ] r c c c r ac .

* nOTe t ac r c s c r i r ac 1983 [ Act 280 ] f ri r ac 1993 [ Act 499 ] . . . 28 s r 2007 xc r d 2 p r vi s

c 381(2) ac 671 p.u. (b) 342/2007.


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Am dm of li si g pa i la s

29. (1) a c k c g

r c r , c g c c , r b k r g r c r r r r r r b k.

p : o r gg .

(2) a c , r r k g c c , r

b k

(a) r c r r g r r c r r c r ;

(b) c c c .

p : o r r gg . d .

Li s d b si ss o b a i d o x l siv ly by li s

30. (1) a c xc g c , xc r b k r g c

x r c r c , r c g r r .

p : t r r gg . d .

(2) n g c (1), c r r

(a) rr g c rr c jr r g r r c r r r c r r r c r r gr ; r

(b) c - r r c r r.

r vo a io of li

31. (1) t m r, r c b k, r k c c c r r, b k r k


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(l) r c .

(2) t m r, r c b k, r k c c c r r

c r r c rr g r r c b k rr c r r c rr g r c 57(3).

(3) w r c c r r k , rc c g r r c gr r r c g c .

(4) t c g r k rr r b k r r c

c .

(5) w r r r r r c b k r c r c (4), m r, r

b k, c , r k c c rc .

(6) w r r r r c , m r, c c r r, r b k, c cr c r k r, c j r r c c r,

r c r g r r , g cr c c .

(7) a r c r c (5), r c rc (6), k c r r r

r r c .

(8) w r m r, c c r r, r b k, c c r c r k r, c

j r r c c r, c r k c c , m r r b k, c , c c r r r c c c c c .

(9) a r c c c Gaz tt

, c r r k c r c r c .


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I sura c 37

App al agai s vo a io of li

32. (1) a r r r c c c ,

r r c c m r r c 31(5) r (6), g c C r .

(2) a r c r k r, j r r c r r c c c , r

r c c b k r c31(5) r (6), g c m r.

eff of vo a io of li

33. (1) w r r c c c k c , r r, r c r k r, j r r c r, c , c c rr .





(2) t r c c c r j c rc r g r c , r g , r r, r c r k r, j r r c r.

(3) n g r c c c , r r,r c r k r, j r r c r, xc r

m r r c b k r c , c j c ac x

c c c rg g g r r r r r c b k.


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Lis of li s d i s s o b gaz d

34. t b k c Gaz tt c r r r 31 m rc c r r r r r .

P art iii

subsidiaRy and offiCe of liCensee

S bsidia y of li s

35. n c c r r m r cq r r r m r r rr b k.

p : t r r gg . d .

Offi of li s

36. (1) n c c r r m c

r m , c r g r r c m , r r r r b k.

p : o r gg . d .

(2) s c (1) r c c .

Appli a io d s io 35 o 36

37. a c r r b k r c35 r 36 c c r c b k c .

P art iv

insuRanCe fund and shaReholdeRs fund

es ablishm of i s a f d

38. (1) a c r r r r c r m c r r g c .


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I sura c 39

(2) a c g r r r r r c r m c r

r g c .

(3) a c r g r r r r r r c r m c

r m g r c .

(4) a r r r c g r r c c r r c c

r g .

p : i r r r r r gg r. d .

(5) n g c (1), (2) (3), b k

(a) g r g r r r g c c r r, c

r r r c r m c r g c ; r

(b) r c c r r r r c r c g r r cr

r c , c c b k c .


D mi a io of poli y la i g o i s a f d

39. (1) w r c r r r c , r r r , r c

(a) c r r, r r c c r c r c r c , c r r , r c , , c , rr c r k , r r r c c r r c ;


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(b) c r r, g, r r k g r, c r r r , r

r c c c r .

(2) w r c r r r c r r c , c r r ac , , c , c r c r r k .

c di i o i s a f d

40. (1) a c r r r c r c r c c c c

r c r c r r rc r k .

(2) a c r r c rr r c c r g r r c.


Appli a io of i s a f d

41. (1) a c r r r c c q r g r r c .


(2) s j c c 122, c r r r c c

x r r r r r c .



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(3) i r r r r c cc r c r r c r c g

c r r, r c c

r c (2), r r r .

(4) f r r c (2), g r c g c :

(a) x r c g c c c r r g r r r c

; r

(b) - r c g c c x c rr g

r g r r r c .

Val a io of ass s a d d mi a io of liabili i s

44. t b k r cr r r

(a) g r c r c r r;

(b) r g r c r

c r r.

I v s m of ass s

45. (1) s j c c (2), c r r c r, c c ,

r cr .


(2) t b k r c c r r r g

(a) k c c r cr ;r

(b) r z , r x r c r r cx r b k r , r c r r .



43/146

I sura c 43

Ma gi of solv y

46. (1) a c r r rg c

r c c c r c c , c r, r cr .


(2) t b k c

(a) c r cr c r r;r

(b) x c r cr cr r,

c k cc r r cr r rg c .

(3) a c r r r r g rg c r c r c rr b k.

(4) s j c c (3), c r g r r r r g rg c , r r ,

r c r r c c c 18(2).

(5) a c r r r r g rg c r c r g r

r c r c

r c .

r gis of poli i s a d gis of laims

47. (1) a c r r cr r cr

(a) r r g r r m c r r g c ;

(b) r r g r r c r m c r c r r g c .


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(2) exc r r r r b k, c r r k r g r r c c

m .

(3) t r r r c r g r

(a) r c , r , r r r, c r r;

(b) r r c c , cr r c g r ,

c r r c c r rr g c r r r

r c c r r c c .

p : o r gg . d .

(4) a c r r, r q r g r c r r c c , r r

r r c r r c c r r g r.

Do m of i l

48. (1) a c r r, c g r c , c r r r

c c g r r g c r r .


(2) n g c (1), b k, c c r r, r

j c c c b k c .

(3) t c c (1)

(a) k m c cr r r c k , r r c

r c k c r

r , b k r g r r r c c g c r r ;


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I sura c 45

(b) k m , r r b k, c r c c , j c c r , c ; r

(c) k c c c r r,r k, c r r c rr g x r

c r , c c r r b k r g c c b k r q r c c r r r c c r c r c r r r g

x c c .

(4) a c r rr r gr (3) (a) r (b) , r c r c

(a) c c r b k;

(b) c r ,

c b k r c cr r r c c .


r s i io o g a of di fa ili y

49. (1) n c r r r c r c r k r

(a) gr cr c g c r r ;

(b) xc c c c rc c c b k r , gr cr c

( ) r c r r c c r r, cr c c r c r c r xc g rr r c ;

( ) c r r c r r c r r r c r, r r,

c r r, g r r g , r r r c r r r c r c r g r r;


46/146


( ) c c , r r r r c r , r r r

c r r ;

( ) c c r r r c r r c r r

r c r c r k r, c ;

( ) c c c r gr( ) r r r c r

r ;

(c) xc c c c rc c c x

b k r ( ) gr r , r ,

c r cr c ;

( ) c g r r r cr c gr r ;

( ) r r c r r gc ccr r c r r c

c r c r r

r r c r r ; r( ) rr g r

c r gr ( ), ( ) r ( ).


(2) f r r c (1), r c r c r r c r.

S i y fo di fa ili y

50. (1) n c r r r c r c r k r, xc c c c rc c , c , b k r , g r cr c

cr c g r r c r g r r c c r r cr c

b k r cr .



47/146

I sura c 47

(2) w r r g c rr c cr c , c r cr r r

r cr r c (1), c r r r c

r c r k r r q r rr r r c r c c (1) r cr r b k r .

p : o r gg . d .

(3) w r c r r q r r c (2) r c r , c r r

r c r c r k r k r c r

g cr c .

(4) f r r c (1), g r g r r cr r .

Val a io of s i y

51. t r r c r c r

c r r r c r c r k r

(a) rk ; r

(b) r r r r rk , r b k

c r k g c r c rr c

r .

r s i io o p ohibi io of s i y

52. t b k, r c r r r cr c r k r, r cr

(a) r r c r c j c c r c rr r , r c r r , r c r ; r

(b) r r c r r r , r c r r , r r g r c r .


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r s i io o ass s

53. n c r r r c r c r k r, xc

r r r r b k, g r c rg r c r .


Dis los of i s i di fa ili y

54. (1) a r c r, r c x c c r, c r r,r c r c r k r, r g r r rr c g cr c , r , r c r r c , cr c r c r r r c r c

r k r, r r c g cr c , k c r r r c r c r k r,

c , c r r g r x r rr r r cr c .


(2) f r r c (1), r c r r c r c r r, r cr c r k r, c , c

r cr c c , r c , gr rr r c

c r r r cr c gr

(a) c r x r rr r;

(b) cr c gr , r r r r gr r x c

c .

(3) a c r r r c r c r k r,

r c c r r r cr c , r c c r r , r c r b k.


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I sura c 49

Dis los of o fli of i s

55. a r c r, c r r, r c r c

r k r, c r r r c ,r r c r r c , r r r c c r r r c r c r c , r x c c c r r

g r r c r

(a) r r c r c r c r rr c r c r k r; r

(b) r r c r, r r c c c r r r c c c r .


S a y o o d d la a io

56. t cr r c r r, r c r cr k r, r c r c r r c 54 r 55 g c r c r g r .

r i s a

57. (1) a c r r r r r c rr g r c r k r r r c r

r c c r c r c

r c .

(2) a c r r r c r b k c , r b k, c r c r r r c rr g ,

c r r , b k r q r c r g c r c c .

p : f r r gg . d .

(3) t b k,

(a) r r r c rr g r r c r r;


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(b) r r c rr g r c c r r r c r r; r

(c) r r r r r r c r k r r rr ,

g c r c r g c r ,c g r r c r r c rr g r

r q r g r r c c r r r g cr r r r g c r c r r r r r g

r r c r k r.


P art v

diReCtion and ContRol of defaultinG insuReR

no ifi a io of o - omplia wi h ma gi of solv y

58. (1) w r c r r r jq r q rg c , r r c r , c g r

(a) b k c ;

(b) r r cc .


(2) t b k, r c r g , r c c r r r g r r r r rg

c c r b k r .

(3) w r c r r rg c , b k g c r g r c r r

r r rg c .


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I sura c 51

(4) t b k r g cr r

(a) r r rg c ;r

(b) c cc b k.

A io agai s i s , mploy o di o

59. (1) t c r b k

(a) c r r

( ) c rr g r r r c r , cr r , r c g r ;

( ) c rr g x r r c r g, gr r g r c c

g r r c ;

( ) r c 58 ; r

( ) c r r ac , r c c c , r r, r g r r cr

r c r c c r ; r

(b) r c r r c r c r r

( ) c r r , r c r r c , r r r c c

r r c r r; r

( ) c c r c r r - r r r r j c r c r r.

(2) t b k, r r r g, c r c r r, , r c r r r

r q r c r r r c r , , r c r r .



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(3) t b k, r r c k rc (2), r m r, r r

r g r g:

(a) r r r c , c rc r r,

r r c r c r r, r r

( ) c r r c c c c j cr r cr r r; r

( ) r c r c r r, r r r r r r c r

c r r cr r r r

g g r , r c c c ;

(b) r c r r r r r c c , r

r r r r c r r c r r r r; r

(c) r c r c , gr r rr g r c r r r r

r r .

(4) t m r, r r c k

r c (2) r (3), r c b k, r r Gaz tt , r

(a) r b k c r , r c rr , r r c r r r r ,

r , c , r r b k r

b k c g cr r r c x b k, r

r r r , r c rg c r r; r


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I sura c 53

(b) r r r r r r gr(a) , r b k r C r r

g c r r.

(5) n r r r c cr r, , r c r r r g rr k g r r r g b k r

m r, c .

(6) n g c (5), r r r c r r k r r

g r r r r r c r r,

c r, r c g r .

(7) a r r, c q c r r rc (5) r (6), c r , r r k .

P ovisio s la i g o appoi m d s bs io 59(3) o(4)

60. (1) t r b k r r gr 59(3)(a) r (b) r r gr 59(4) (a) r c r

r b k, , x r r , x r c r rr b k r .

(2) n g c (1), b k r k r g g r .

P ovisio s la i g o moval d pa ag aph 59(3) (a) o(c)

61. (1) a r r c r r r rc c r r r r gr 59(3) (a) r r c r c r r r gr 59(3) (c) c

c r c r r c r r g r c r c c r

r r c c c r c r r r r .



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(2) t r r r c r r r gr59(3) (a) r r c r c r r gr 59(3) (c)

g g c

c r c r c r r c r c r r r c , r c r c r ,

c c r c rr c r c .

P ovisio s la i g o ass mp io of o ol d s bs io59(4)

62. (1) w r c r c r r r c r r r c 59(4), cr r, r c r r b k r

r c c , c r r q r c rr .


(2) t b k r r c r , c rr r r , r c r r,

c , c r r r r r c 59(4) r k .

(3) d r g r r r r c 59(4) rc

(a) r c r c r r g g

c r c r r, r c rr c , xc r q r r r z b k, r r ;

(b) r r ccr r r c r c r r r r g

b k, r r , r cr q r r r z b k, r

r ;

(c) b k r r r c r r, r r c r , r c c , r x rc


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I sura c 55

c r r r r c r r r r g r r r r x rc

r .


eff of o d d s bs io 59(4)

63. a r r r c 59(4)

(a) c c rr g , r g , b k, r r , , r

c r , r r c r r c r r r ;

(b) c r r g b k, r r , r g r

c r r, r c rr r r r r r c rc ;

(c) c r r g r C ac 1965, r r r , cr c g c p r ,c g r r g , x r r r ,

g r g r c cr r.

Pow o a l o iss addi io al api al

64. (1) n g r gr 64(1) (b) C ac1965, b k C r r r r c c

- r c c r r c rr r .

(2) t b k, c , C r r r r c c r r r g r

cr r c c gr r b k r q , r k g cc x c c r r, r q r g c r r k

c r cr r c .


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(3) w r r cr rc c r r r r

c c , b k r

r k .

(4) w r r c c r r r cr c (1) r cr r c (2),

c c , r g r r x rc r , r r .

Mo a o i m

65. (1) t m r, r c b k, c r r c r c r r c c 58 , r r Gaz tt , r r r g:

(a) r c r r r c rr g r c r

r r;

(b) r c r r r g r r r g c r c c c

r c r r r;

(c) c c c r r c x r c r c r g c

r r r gr (a) r (b) ;

(d) r z b k C r r r rg r r xc g x ,

c c r c c r c r c c r c g c r r g

c r r r c C r , r g x part r g g

b k, k r r; r

( ) g c r r r g g r gr ,c g r g b k k c

r c r , c , r r r c cr r.



57/146

I sura c 57

(2) a r r r c (1) r cr, r r c c r j , r r c r r r r r c (1).

(3) a c r r g r r k g r r r r r r c (1)

.

(4) w r r r c r , r r r c (1) r r k r r g

r r r c q c r r , m r, r c

b k, c r r r k r r.

P art vi

manaGement of liCensee

Dis los of b fi ial i s i vo i g sha s

66. (1) a c c r r m c r g r q r r r c

r c c

(a) r g r c cr r r ;

(b) r , c r c r r r r c r c r

r r r .

(2) w r c r r r c(1) r r c r r r

g r r g r cc g r , c r q r c

r g r r r c r c c

(a) r r c r r r ;

(b) r r , c r c r r r


58/146


r r c r c r r r

r .

(3) a c r c , c c , r q r c r g r r c r c c , r g r g c rr gr c r c r j c

gr r rr g r c r r c r x rc r g , , g

r c r gr r rr g r .

(4) s j c c (5), r c c

(a) c c r c ; r

(b) r r c c c r c ,k c k

r r c r r r ck k c r r c r.

p : o r gg . d .

(5) a r g c r r gr(4) (a) r r q r

c r r q r g r r r r r x .

A q isi io o disposal of agg ga of fiv p i si sha s

67. (1) n r r gr r rr g cq r r r r c c r r m r c r r c , gr r

rr g c rr , , r r c , cq r r r , r r

c , g r r r c r

c r r r r r , c , ggr g r r xc g r c r c r c r r


59/146

I sura c 59

g r r r r m r, c c r r, b k, c c

r c r k r, c j r r c c r.

(2) n r r rc (1) r r r c r

c r c r r, r qgr r rr g cq r r r r c r c r r g r r

r r m r r b k, c .

(3) a r g cq r r r r c r c r r r c (1)

r (2) c b k, r c b k

(a) c c r r r c r r, c , g r r c

m r r r r c ;

(b) c r c r r c r r ,r r r c .


P ohibi io a d s i io i h v of o av io

68. (1) w r b k r c rc 67, k r r r r r g g r g r r r r c r c

r c j c c r :(a) r r r , r c rr g

gr r r, r , r, c r , r r r , r c rr g

gr r r, r g r ;

(b) r x rc g r g r c r ;

(c) r r r g r rr r r; r


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(d) xc q , r r c r c r r r , r r c c r r .

(2) a r r r r r c (1) r g r r c c ,

c z c r b k c r , b k, c z .

(3) a r r r r g gr , r r g g r c r r , r r c r r

r r r r c .

(4) a r g r c r r r r, r r c g

r , r c g r r b k r , rr r r b k.

(5) a r g r g rr b k k r r r r r c (1)

g r c c r.

(6) a g r g r r r r , r r r r j c c r r, k , r r c r r g r , r r r g b k.

(7) t b k, r c r g r r rc (6), c r r r r r, r r k ,

r r c r c r .

(8) w r b k c r r r r r, r rr r r c (4)

c r c x b k r .

(9) t r c r rc (8) C r , r c g

c r r r c , C r ,

j g C r c r r r c .


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62/146


(1 a ) n c c r cr r r r r r

r b k r r .

(2) n c , c r r c , r c r, c x c c r r g r, r

(a) q r c 71;

(b) c cr r r rr r cr ;

(c) r - x c r c r r r g r gr r c , r m

r g r .


(3) t b k c r c r r c , r c r r c ,

r r r b k r r g r c (1) r c (1 a ), c

.

Disq alifi a io of di o o mploy

71. (1) n c , c r r c , r r cc r c r,

c x c c r, g r, cr r r r c c r g r g

c

(a) r j g kr , r , r c

cr r , r r m ;

(b) r j c r gr (c) , c rg r cr c r r g rr r r rr r , r , r , r , , r g r

c r r m ;

(c) c rg r c r ac rg r ;


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I sura c 63

(d) r g r r r , r , r r c r c ,

r r , r r

r r r c r r r r ,r r g r cr , r r r r cr r r gr ck g, r r r c r c , r r gr ; r

( ) r , r r , r c r, r r c c c r g ,

( ) c r r c r r r mc g r ;

( ) c , c c c r kr ac , r r c c r r

r c 59; r

( ) c , c c c r k r, r r c c r r

r c 73 b k g f c i ac 1989.

p : t r r gg . d .

(2) a r j c r gr (1) ( ) , rc c rr c c c g c r

(a) c c r r, m r r g x r r gr ,

m r, r c b k, grc x , j c c c , k ; r

(b) c c r c r k r, c j rr c c r b k r g x r r gr b k

gr c x , j c c c , c r .

(3) d r g c cr r c g c r r c r rr r gr (1) (b) r (c) g r g c c , r c c c , r r c , r c r


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I sura c 65

p : f r r gg .

(2) a c c r b k r g

r c c r r r r r r r c .

p : f r gg .

P art vii

auditoR, aCtuaRy and aCCounts

Appoi m of a di o

74. (1) a c , r c c r r c b k, r r

b k.

p : o r gg . d .

(2) w r c r r c c (1), b k r r c r r x r c b k c .

(3) i b k c r r r r c r r c (1) r (2),

r r, r r x c , c b k, c .

Disq alifi a io of a di o

75. (1) n c k g r r , r k g c r c c r b k,

r

(a) r c r;

(b) r r c xc g rc ;

(c) r c r, c r r r c ;


66/146


(d) c r r c r r c ;

( ) r r, r r r c r, c r r,r , c ;

(f) r , r r r, r, r r r , r k g r g r r r r g r r r c ; r

(g) c c c r ac r C ac 1965, r c g rr r r r .


(2) n g c (1), b k r r g r j c q c r

c r b k c r r c r .

(3) f r r c (1), r c

(a) r c r r c ; r

(b) xc r b k, c rc c c ,r r c , , r c g

, r r r cr r c r r .

(4) a r r c c j c

q c p r r c 9 C ac 1965 c r c .


r s i io o a di fi m

76. a r k g c , k g c , r r c

r r , r r c , r r r q r


67/146


68/146


( ) cc r g r x g , r cc c g r r

r c r c r c c r ;

( ) k cc k r r c r r r cc ;

( ) r r r r q r r , r c r c

c .

p : o r gg .

Addi io al q i m f om a di o

81. t b k r q r r

(a) c r r b k c ; r

(b) rg r x c r c , c r, r c

x , b k c ,

b k c c r q r c r c r r c c r.

p : f r r gg . d .

A di o o po ai ma s o h Ba k

82. (1) a r r r b k , c r r c ,

(a) r c r r acr c g r r r

r r c cr ;


69/146

I sura c 69

(b) rr g r c j r r cr r cr r c , r r r

rr g r , cc rr ; r

(c) r q r c 58 cr r.

p : o r gg .

(2) t r c r r c c r cr r r g b k g c c

c (1).

Appoi m of a a y by lif i s

83. (1) a c r r , r c cr r c b k,

c r r b k.

p : t r r gg .

(2) n c r r k g r c r r k g cc

c r c r r r m

(a)

( ) i ac r e g ;

( ) f c ac r sc ;( ) s c ac r u s

a r c ;

( ) C i ac r ; r

( ) a r i ac r ; r

(b) c r q c b k c .

p : t r r gg . d .


70/146


71/146

I sura c 71

(2) t c r c r r c r

r cr .

p : o r gg .

(3) t c r r r r r , c r c , c r b k c .

(4) a c r r g b k rc c

(a) c r r r c r c ;

(b) c c r c r b k r q r ,

r c r r cr r r b k r .

p : o r gg . d .

I fo ma io o a di o a d appoi d a a y

86. a c , r c r, c r r r c

(a) r r, r c r ,r r k g c r

r c r r q r ; (b) r r r r

r c r r g r r c r c .


A al a o s

87. (1) w r c c r c , r c r r r b k r ,


72/146


c b k, r c rr , r c c g:

(a) c c r r, rcc g r r g ;

(b) r cc c g r r g ;

(c) c r c r;

(d) r r r r c r r c r;

( ) r c r - x c r c r c x c c r r c r r gr (a) , (b) (d) ,

c r b k c .

p : o r gg . d .

(2) t r cc , r cc

c r g r g c r rr R g r r C r R g r rG r C - r s c c r b k c r g rcc , r cc c

r r r c q c r c r r r c c r r cc .

(3) a c b k x r r r r r c r r r b k r

(a) c r r r r r c r g cc ;

(b) r r c k r r c r r r r .

p : o r gg . d .


73/146

I sura c 73

A al a o s a d a a ys po of li s d fo igi s

88. (1) t c r q r rc 85, 87 89, c c r g r r, r m c .

(2) a c r g r r b k r , r c r r r b k

r , r r gr r g r g,

c

(a) c r r c r r c r r r , , r q r r g r c c r c c r r r r r ;

(b) g r c r

c r;

(c) c r r c cc r r g r g.

p : o r gg . d .

(3) w r r r r r rr c (2) g g r g g r e g ,

c r q r c g gr e g c r r r r g r r.

(4) t b k r q r c r g rr r r r r r g c c m , c r , c r ,

c .

Q a ly s

89. a c r r b k r c r r c q r r c r r c c

g:

(a) r cc g r r g ;


74/146


(b) r cc c g r r g ;

(c) c r c g c x c c r r r c g

c r r,

c r , c , b k c .

p : o r gg . d .

A o i g s a da ds

90. a c cc c c cc g r r b k j c c

c b k c .

p : t r r gg . d .

A a ial po o laims

91. (1) t b k r q r c g r r r c r r c c rr r r c , c g c c r r g r k

g c , c r r b k.

(2) t c r r r r c b k x r r q r r b k r

c r r r b k r .

(3) s c 86 r c r r c .

A al a o s, q a ly s a d appoi d a a yspo o b ifi d

92. (1) t b k, c r g, r q r c r r x r c r r r c 85, 87, 88 r

89 c b k c .

p : o r gg .


75/146

I sura c 75

(2) t b k r q r r rx c r c r r c r .

(3) t b k , r c r g x r rr c (1), r c x g r c c

(a) r j c c r c 85, 87 r89; r

(b) r c c r c r rr c c c

r c .

(4) w r r c g b k rc (3), c c r

g r - rr q r r c .

(5) t b k, r r r r r r c 89, r c c

c r r c r c c c87 c c r r, c 85 87

r

(a) g cc r g r g;

(b) g cc r c 95.

(6) n g c (3), b k, c c r r, r q r r c r ,r b k, g c c c 85(2), (3), (4) c

86 cc r g .

p : o r gg . d .

r s i io o paym of divid d

93. a c c r r r

(a) c x r ( c g r rx , rg z x , r g c ,

r k r g , c rr , r x r r r g )

r ; r


76/146


(b) r rg c .


S bmissio of a al a o s

94. a c c r r, r r g r g, b k

r c cc r g r

g g r g c r c cr r .

p : o r gg . d .

A io i la io o a al a o s

95. (1) a c c r r, r

g cc g r g, r c r r r b k r

(a) r m r b k,

g g r e g ;

(b) x c c c r c m ,

c c r r r r c r , rcc , r cc c , r

g r g c r c b k c .

p : o r gg . d .

(2) f r r c (1), r r c g cc g r g, c c r g

r r r r c b k c r c c c 87.


77/146

I sura c 77

I sp io

96. (1) a c r r, c r r c

r r , c c g b k r c 85(4) 87(1) r r c g c .

(2) a r , r cr , c ,r k c , c g c r r

b k r c 85(4) 87(1) r g rk gr b k.

(3) s c (1) (2) (a) c c g r r

r ; r

(b) c r c b k c .

Admissibili y of do m

97. i r c g , c r c g r zc r b k g c g cr c 85, 87 r 89 r c cc

c g , c r c c c r .

Liabili y wh p op a o i g o ds o k p

98. i cc g r c r c r x x r c r c c c r k , r c r rk g r r cc g r c r c c r c c c r

c c x rc c g c r c c g x rc , gr g r r c c c c rc c .



78/146


P art viii

eXamination

exami a io of li s

99. (1) a x r r z r g b k x , r r c , c

(a) c , r g , r m ; r

(b) c q r c c c r k r r .

(2) f r r r gr (1) (a) , r r c c r g , c c r g r r,

r r c , r g , m .

D y o p od a d p ovid a ss o do m a di fo ma io

100. (1) a r r x r c r,

g (a) r x r cc c ;

(b) r x r c c rr x ;

(c) g x r, r r r g, cr c r g

r , r g , c c x r.


(2) a x r k c rc c cc r c (1) r

(a) c r r r c , c gc g r k g x r c ;

(b) r r , r , c c r r k ; r


79/146

I sura c 79

(c) c g r c g ,r c r cr , c r

ac , C r b k m ac 1958 r

r r .

exami a io of p so o h ha li s

101. (1) t x r x

(a) r , r , r c r r c r g ;

(b) r , r , c r, rr g g c ; r

(c) r cq c c rc c c , c g r

c r c r c r r,

r g c c r r x r r q r c c .


(2) a r r c r rr c c r c r g , r , c r

g g c r r x r.

App a a b fo xami

102. a r x r c 99(1) r 101(1) r r x r c c

c .



80/146


P art iX

investiGation, seaRCh and seiZuRe

Appoi m of i v s iga i g offi

103. (1) t b k r r r r c 3(3) g g c r.

(2) a g g c r, g b k, j c , j c r g , r c

c ac , C r b k m ac 1958 r r r c

b k.

(3) a g g c r j c r c c r b k.

Pow of i v s iga i g offi

104. (1) w r g g c r , r r , r c c r

ac , (a) r r rc r, z

c r r r c r r g ;

(b) c , k c , r k x r c r , c z ;

(c) k , r r r , c r r r z r c

r c r ;

(d) r k , x , rc r c , c rr r c c ;

( ) , r rc c c ;

(f) rc r c r c r r r c r r g ;

(g) r r c r c r c rr rc r r gr (f);

(h) z , , r k cr r r r .


81/146

I sura c 81

(2) t g g c r, c r

(a) r k r rc r, r r c c ; r

(b) r r r c c r , r r c c

rc r c (1).

(3) n r rc r cxc r .

(4) a g g c r z , k , r r c r k c r , c rr r r c r c r g ,r r g rc .

Obs io o i v s iga i g offi

105. n r

(a) r g g c r cc rr rc r ;

(b) , r c , r r g gc r c g r c c c ;

(c) c g g c r x c ;

(d) r g g g c r cr r c r r q r c r g ;

( ) r c , r c c r c cr , g g c r r r , r r r ,

c r r r c g g c r r q r ;

(f) r r r r r r g c z ;


82/146


(g) r g g c r r ,r c k , r r ,

; r

(h) r r r z r , r k r rr r c r z r , r c r g

r c .


r q i m o p ovid a sla io

106. (1) w r g g c r , z , r k , c c , r r , g g r g g r e g ,

r g r c , g g c r, r r r g, r q r r , cr c r c , r g g c r r g g r e g c r c .

(2) n r k g r r rc (1) c cc r r r c .

p : f r r gg . d .

(3) w r r r q r r r rc (1) r r g , b k

r r r .

Pow o xami p so

107. (1) a g g c r r r r r r g

x .

(2) a g g c r r r, r r r g, r cq c

c rc c c

(a) r r x ;

(b) r c r c ; r


83/146

I sura c 83

(c) r r g r r g c r

r q r .


(3) s c (1) g r ,r , r k g r r q r cr c , c r r ,r g r gr r rr g , x r r

, c r r .

( 4 ) w r r r r gc r r r c c r r rr c (1) r (2), r

r c r c r r r , r r c g r c r r gr r

rr g r g c c r rr c .

(5) a x r c r g gc r r g r g r

x , r r r g r c r , g g c r r r c r r

c r r r , , r x .

(6) t r c r x , r r r c r r r r c r

r c , g r r r c r r , c c r

r c g r, r r , c r ac , r r r , r r r r ac .

Assis a o p bli offi

108. n g r r , b k, , r r q c c r r cc r c r g c r

r , c r cc

(a) c c z , r k ;


84/146


(b) r c r x ; r

(c) r r r .

I v s iga i g offi d m d o b p bli s va a d p blioffi

109. a g g c r cr r r p C [ Act 574 ],

c c r r r Cr pr c r C[ Act 593 ] r r r c m r, r c b k, r cr .

P art X

windinG up of insuReR

Appli a io of his Pa

110. t p r C ac 1965, r c176, 237, 241, 242, 246 278 ac ,

g c r r, c g r r c c r k r r g

c c c .

r s i io o wi di g p of lo al i s

111. (1) a c r r, r r c c r k , r r d 3

p r X C ac 1965 r C r rr gr 218(1) (a) ac xc r r r

r r r r c 128.(2) w r r g c

c c , b k r c c .

Ba k o p i io fo wi di g p

112. (1) t b k r C r r

g c r r, c r g r rr g m , r r c c r k .


85/146

I sura c 85

(2) w r r g r r C r r r r b k, r ,

r , r b k

c .(3) t b k r r

r c g r g c , x cr - x .

(4) t b k, c r , r r .

no i la i g o wi di g p p o di gs113. a r

(a) g b k c r c g r g , c g r c g r c 243 249, c 236(3), 277(2), (3) (4) C ac 1965;

(b) r b k c c r c r r g r c g

r g C r r r r r c g .

Addi io al i ms a s fo wi di g p

114. t C r r r g r r

(a) r c g r r

m r r r gr 59(4) (b) ;(b) r c r c 58(4);

r

(c) c c r k r c 31.

Appoi m of liq ida o

115. (1) t C r , r g r r

(a) r c c r r, q r;r


86/146


(b) r c r g r r, q rr m ,

c r b k c rc .

(2) t b k C r r r r r c (1) r c rr c C r r

c (1).

co ol of liq ida o

116. s j c r r C r , q r, r o c R c r, r c 115(1)

c rr c r r c r b k.

p : f r r gg . d .

r m a io of liq ida o

117. (1) t r r q r r rq r r r r C r , r c b k.

(2) n r , r b k, C r r r r q r r r q r.

S a m of affai s

118. t r r r g r r r c 234 C ac

1965 b k o c R c r r q r.

Liq ida o s po a d a o s

119. (1) t q r g b k c

(a) r r r r r rr c 235 C ac 1965 C r ;


87/146

I sura c 87

(b) r cr r r rr c 281(1) C ac 1965

o c R c r.

(2) t q r b k c r c b k c .

Val a io of ass s a d liabili i s

120. i g r r, r r c c r k r r , , c g r c

c , c r c b k r r g kr c .

t mi a io of poli y

121. (1) a c r r c r rc c r g r r.

(2) w r c c rc r c (1), c r g c

(a) r r r r x rr g r c ; r

(b) c r r r r c c .

(3) t q r c c r , c gr c , gr c r,

c r c r r kr r c r b k c .

Appli a io of i s a f d i a wi di g p

122. (1) i g r r, r c c r c r c c r c r r r


88/146


c r r r r c rc 292(1) C ac 1965 x

r r r c .

(2) s j c c (1)

(a) r r g m r c rr g r c r r

r c r g r r c r g ;

(b) r r c xc , r r r

r r c cr c ;

(c) c c g r c r c r r gr (a) (b)

r r r, c r c

r c r r r r c r r r r c r

c 292(1) C ac 1965.

Waiv of s i p oof of d b

123. w r r q r r q c c , r r c rc c , r c r q r r c r , c

c c k q r g r g r

c rg q r r r c .

Off s by di o , mploy o ag of i s

124. n r c r, , g r c r r , r r , r r c g

(a) r c r c , c c ;


89/146

I sura c 89

(b) r c g r r c c g

( ) c c r r r , r c c r r ;

( ) r r r r r ;

( ) r r g r r , r,c c , r , r cr g r r r r ;

( ) k , r c , rr r c c g, r

r g r r r r ;( ) r r g r r , r

r , r r k c r g r r r r ;

( ) r r r r r , r r , r r , cr

c q r;

( ) cr , r r , r

r c c rr g , r r c q r;

( ) g r r r c cr

r, g g r r r c r ;

( x) cc r r r r c r x ; r

(x) k r r r r rr r g c

cr r gr r r c r r g ; r

(c) r c c g

( ) k r r g r ;

( ) k g r g r r , r q r; r


90/146


( ) r c r r r c c r g r r r r .


co i a io of lif b si ss

125. (1) n g r gr 236(1) (a) Cac 1965, q r r r

(a) c rr gr rr g g c c r r r r

c c ; (b) j c c (2), r r

r r r, c g r c p r Xi xc r gr

129(1) (d) r r.

(2) t q r, r r r r rr gr (1) (b) , C r r r r

r c

(a) r c r r;r

(b) r ,

C r r c x c rk g c r j c c c c r .

Wi di g p l s

126. (1) i m r R Cr r k g c r r c 372 C ac 1965 r g

r r , C k r r c g c r , r r j c c

c C c r .

(2) R r c (1) r r c r xc p r X C

ac 1965.


91/146

I sura c 91

P art Xi

tRansfeR of business

I p a io of his Pa

127. i p r

r r c , c g c r r, c r c c r r r rr ;

r r r r r c r r r c, r r , r r ;

c c r r r r c .

co o o fi m s h m

128. (1) a r r r r c , r r , r rr r r c r b k c r C r .

(2) s c (1) (4) c r g r r, r m c .

(3) t c r C r r c (1) r q r r r r c c r r

m .

(4) a c r r r rr c c c r r r ac r c r c , c r c c c g c .

S bmissio of s h m

129. (1) t r r r, r k g c C r , b k, c r b k

c

(a) r c ;(b) c r r c ;


92/146


(c) c r c cc , c r r , r r c c ;

(d) c r r r c r ,c r cr r cr g r r.

(2) t b k r q r r r r r r r r r c c r r , b k c ,c g

(a) c r c r c c r r ;

(b) c c c r r rc c r q r c 18;

(c) r r r r r r , c r r , r r r r r

c r c c r c .

(3) t b k r q r c r , g , r b k

c r r r r.

(4) i c r r g r , c r r r r c

c c rr r r , r r c r

c .

App oval of s h m

130. t b k r j c c r r cc c .

no i of s h m

131. (1) t r r r, b k r c , c g

(a) C r r c r

c , Gaz tt r m r b k, c g g ;


93/146

I sura c 93

(b) c c r cr r r r c c

r r r r r ;

(c) c r c r c c x ;

(d) c r, c r r cr r j c c r g b k r

r c c .

(2) t r r r c c g r r c r b k c

c r k r .

(3) t b k, r r r c r g, x r c (2) j c c c

b k .

Modifi a io of s h m

132. w r c r, c r r cr r j c c , r r r, r

b k, c .

P i io o co o o fi m s h m

133. (1) t r r r r C r rc r c r b k.

(2) a c C r r c rc c c r ,

C r , k c c , r c r c C r .

(3) t C r r c r c r c r r c .

(4) w c r g c , C r x

c r r r r g r c c r r r g r c .


94/146


Ba k o b pa y o p o di gs

134. (1) a r k g c C r r

c (a) r c c b k;

(b) g c b k r c g r g c ;

(c) g b k c c r g r c g ,

r c g r r cg C r r r r r c g .

( 2 ) t b k r r c g r g c r c c c , x cr - x .

(3) n g b k g r c , r c r

c 133(2) r r c c .

eff of co s o fi ma io

135. (1) t C r c r c c

(a) g r r r r g r rr c r r

c r r r g c ;

(b) k g r r r r r rr c r r g

c r r g rr g r r r r r c r c .


95/146

I sura c 95

(2) w r r r C r , r r r r , r r

(a) C r , r *p rm , c c r r r

R g r r t r l a r r, c , r k g r r g c c 420(2), (3)

(4) n l C [ Act no. 56/1965 ];

(b) r s , r r , r c c r r r ,

r c c r r

R g r r r r g r g r r r r , r r , r r l or c

s [ Sabah Ord. Cap. 68 ]; r

(c) r s r k, r r , r c c r r r ,

r c c c r r R g r r r r g r g

r r r r , r r , r r c 171 l

C s r k [ Sarawak Cap. 81 ].

r imb s m of Ba ks xp s s

136. t r r r r r j r r r b k x c r r

p r .

P ohibi io of paym o of i s a f d

137. n r r r r r r c r c .

p : o r gg .

* nOT e a r r c w m c r r r c p rm . . . 25 J 1997 s c 5(2) i r r (a ) ac 1997[ Act A996 ].


96/146


Lodg m of do m

138. w r r c k c ,

r r g b k (a) c c c r C r ;

(b) r rrr c c r r;

(c) g r r c r r;

(d) c c r r r r r r r c c r c g

r rr c q r r b k r c 129(1);

( ) r c r c r r r c r , r r , r r r rq r, c , g c

r k r r cc r r g r r

k g .

t a sf of i s a b oki g, adj s i g b si ss o fi a ialadviso y b si ss

139. n c r c r k r, c j r r cc r r r , r r ,

r xc r r r r b k.

P art Xii

pRovisions RelatinG to poliCies

I s a of p op y a d liabili y

140. (1) exc r r r r b k, r r r c r r r , r ,

r r r c g r r r.

p : f r r gg .


97/146

I sura c 97

(2) t b k, r c r r ,r , r c g r r r,

r c m r, r r

c (1) r r c c m .

(3) a r r c (2) gr rc r j c c c b k c .

(4) a r r b k c r r c r r , r , r q r c r g c r c

c .p : f r r gg .

(5) i c

(a) r r r r , r , c m , c g r rcr r g r

m ;

(b) r r m r r .

Ass mp io of isk

141. (1) n c g r r r r k r c c cr g r c r cr

r r c c

g r r r c r c r cr .

p : f r r gg .

(2) w r r r c (1) r c r c g r r r, r c

r c c g r r r r r c r g

r r c r r z r c r c g r r r.


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99/146

I sura c 99

(4) t c r c c r cr b k c .

(5) t c r c r r r r c r c cc r c r c r c c

x r c c r r c cc g r c c b k c r g r

c r r r r r .

(6) t c r c r g r r r c r c r g r x r

c r c r r r r cr c .

(7) w r r r r c r c rr c r c , c r r, xc r b k, r r c c cr , c r gr r

x r c .

p : o r gg .

A a ys po o poli y ms

143. (1) t b k r c c r r c r r b k r , c c , r r

(a) c r r r r g c rg c r r

r c r c ; r

(b) c r r b k c ,

c r c r , r r r r r r r cc r c r c r c r c c r r

x r c , r r c r , r

r r r r c c r r c r c r c .


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(2) t b k, r c r g r r c r

(a) r c r r r r g c r c c; r

(b) r q r c r r k c c g c r c b k c .

p : o r gg .

(3) u r c r r , b k r r c c r r c r .

P mi m a d g al poli y

144. n c g r r r r c c g rr r r r r , r r c

r c , r cr g r c c g r c c g r r r , xc

r r r r b k.

p : o r gg .

r vi w of p mi m a

145. t b k r q r c r r r c c r g r r r

(a) r r r cr r g rc r c c x r c

c r r r c r r r rc r r r r r ; r

(b) j r r r cr rg r c b k, c r ,

r c c r r cr r r c r r .

p : o r gg . d .


101/146

I sura c 101

no i ga di g p oof of ag

146. w r c r r c cr r g r cr c r c

g r , r c r c g r g

r r q r r r r c .

Miss a m of ag a d o -avoida of poli y

147. (1) a c r r r c r g

r .

(2) w r r g r gr r c c , c r r

r r , , c , r , r r r

r , , cr r r r c r

r c c r g .

(3) w r r g r c c , c r r

(a) r r , , c , r , r

r r r , , c r r

r r c r r c c

r g ; r

(b) r c r r c ,

c r g r c r r-

r

c xc c c r g .


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(4) a c r r c r x r r r c

c gr r

r r r c r r r c r, r r , r r r , r c g c , cc r r r g

c r r r r r r r c r r c r.

(5) f r r c (4), r r r r c r r c c , k

c r r, r c c r r r r c r c .

(6) n g c r c r rr c g r r g c r c r

c r j cc r c c (2) r (3).

Obj io o lif poli y

148. (1) a c r, r r c cr r r r r c , r r c c r r r r c r c c c

c c j c c x c rrr c x r .

p : f r r gg .

(2) s c (1) c r gr r r r .

(3) f r r c (1), c

r r c r r c r c r r g r .


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I sura c 103

co ol of p oposal fo m, poli y o b o h

149. (1) a c r r, g r q r b k

c r g, r r , c rr c r r g r r r r r r , c r r c r g g r e g , r g g r e g .

p : o r gg .

(2) t b k, r g g c r r r r , c r g r c c r r c r r , c r r c rr c c , r c

r b k c .

p : o r gg .

(3) u r c b k r c (2), cr r c r r , c r r c r

g b k cc r c c (1).

(4) a r r , r r r r , r q r r c r c r r

r r g r r g c k r g k, c .

(5) t b k c c g r c c r cr r r , c r r c r .

D y of dis los

150. (1) b r c r c r c r , r r c c r r r

(a) k r c cr r r cc r k r

r r ; r

(b) r r c rc c c x c k r .


104/146


(2) t c r r q r c r r

(a) r k c r r;

(b) c k g ;

(c) c r r k r r r c r g k ; r

(d) r c c c r r r q r r c r .

(3) w r r r r r g cr rr r q c r rr k c r r r rr r c r r, c c c r r c r

c r r.

(4) n c r r, r c g , c cr r c r r r r r c

r r r r r c r c r c r r g

(a) k c g, rc , r r r r ;

(b) r c c r c ; r

(c) c r c g , c cr r c r r r ,

r c r r r r z c r r.

p : o r gg .(5) w r r c r c r c r c r cr c (4), c r c

r c r r c .

K owl dg of, a d s a m by, i s a ag

151. (1) a r r z c r r r c g c r g c r c r c c c , r r


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I sura c 105

r c r c r c , g c r r k g r c g k g c r r.

(2) a , r c , r c g , r r r c r c

r c , , r c , cr r g r c g c r c 150(4) r r r ac .

(3) s c (1)

(a) r r c r c c

r c g r r r c r c r c ; r

(b) r r c r c g c r r k r r , r r g k g , cr c g r c c

c .

I s abl i s152. (1) a c r g r

r c g r c , r r c (2), r c g

r c r r r c c c , r r c r , c

r r c , xc r r r g

c cc r .

(2) a r r r r r r r r

(a) , c r r g r g j r r c c ;

(b) ; r

(c) g r gr (a) , r r c c , r r ,.


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(3) i c , r g r r g r r g

c g c r r c c

c gr g c c r r rr .

(4) t c c c r21 J r 1963.

capa i y of mi o o i s

153. (1) n g c r r , r

g r g x r , c r g r r

g r

(a) c c r r c r r ; r

(b) g c .

(2) a r g x r

(a) c c r r c r r ; r

(b) g c ,

c r c x rc r r g c r r c c r g

j r .

Lif poli y mo ys o b paid wi ho d d io

154. (1) p c r c , r rr r c ,

c r r c r r g c , c

c r c .

(2) a r c c r grr g c r c x c r r


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I sura c 107

c r c r, r rr r , c c

r c .

(3) s c (1) (2) m c c r 21 J r 1963.

(4) i r c g r r c r c r, r rr r , c - r

c r-c xc r r c r r gr c rg g c .

S d of lif poli y

155. (1) a r

(a) c g r c ; r

(b) c r g r c rc r r r r r ,

c r, c r g c r r, rr r c r c rr r c , r c r

r cr j c c r c r r gr c rg g

c .

(2) n g r gr (1) (b) , c r r r rr r r c c rc r r r .

(3) a c r rc c r r c rr r c .

no -paym of lif poli y p mi ms

156. (1) w r c rc r r r rr , r r r - r c j c c c r r c rc , r

r c r , r , r cc r c c r r c c

c .


108/146


(2) n c r r r r c (1) r c r

b k r r c r

.

(3) w r b k c r c r r r r r r , r q r c r r c r g cr b k c .

(4) a c r r r c r c r c (1)c c r

xc r c r c rc .

(5) a c r r, r c c rc (3),

c .

p : f r r gg . d .

(6) n g c (1), c r r r r c r c c

rc r r r .

Pa i la s i poli y

157. (1) a c r r c r c rg r r c .

(2) a c r r c r r c c

(a) g r c r r c gc ;

(b) c r, c r g c r r, rr r c rc 155 r c rr r

.

p : f r r gg .


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I sura c 109

el io fo paid- p poli y

158. (1) w r c rc r r rr r , r c r r c r r

, c r, c r g c r r, c xc g c r - c r r r c r

r cr .

(2) a c c r r c r g c rc r r

c c rc .

Addi io al igh s o f d by s io s 155, 156 a d 158

159. t r g c rr c 155, 156 158 , r g , r r g

c r r r cr r .

coll io of p mi ms a poli y ow s add ss

160. (1) t b k r cr r c c r r c rr r c cr r r r r c c c rr r c r r r r .

(2) i r c c c c (1) , r c r r

r c c r c r r.

I s o laim amo

161. (1) w r c r r c r c , r r r cc c c r c r r x

r c c , c r r c r r r c r r c

r r r cr c

x r x .(2) t c r p r Xiii.


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P art Xiii

payment of poliCy moneys undeR a life poliCyoR peRsonal aCCident poliCy

Appli a io of his Pa

162. i p r , r r c c r r c c , c g c r c 23 C l

ac 1956 [ Act 67 ], r cc c , c c r r g r c

.

Pow o mak omi a io

163. (1) a c r g gr r r r c c

r c g cr r r g , r , c r r

r r c r c r r

(a) c ; r

(b) r c , g r cr c r r r c .

(2) a r c (1) r g gr r c .

(3) t c r r

(a) r r c r g c r , r , c r r , r c c

c x c r;

(b) r c r r c r r g r c ;


111/146

I sura c 111

(c) r r c c r rr g c r g

r r g c r g r

c r kc r r g r

c r r.

(4) a r c c (3) c r r c r g

c r r.

(5) a r c (1) r r r r r r r r r , c r r c cr r c

r c c r, c r r r q r .

r vo a io of omi a io

164. (1) a , c g c c166 , r k

(a) , r r r r , ,

r g - c r;

(b) c r g g c r; r

(c) q .

(2) s j c c (1), r k r r c , r .

(3) w r r r r c c r, c

q c r g r c , c r r

r r g r r r r cr .


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Paym of poli y mo ys wh h is omi a io

165. (1) s j c c (2), r c r

g , c r r c c c r cc r g r c

r c c c cc r c r.

(2) w r c c x c r r c g r c r, c r r r g k r c c .

(3) w r c c c r r c g r

c r c r c (2),c 169 g .

(4) w r , r r c 166,

r c r r c , c 164 r 169 c , c .

t s of poli y mo ys

166. (1) a c r, r mc r, cr r r c cr,

(a) r c ; r

(b) r r r c g , r .

(2) n g r c r r ,

r c (1) r r c c r r j c .


113/146

I sura c 113

(3) t c r, c , r c r g c r r, r c r r r

(a) c c r c ; r

(b) r c c r c , r c r r r g r , *p c tr ,

r c r c r c rg c r r r r c c r .

(4) a c r c cc (1) r k g r

c , r g r rr r g c , r g g rg g c c r , r c r .

(5) n g c r j c cr r c r r g c r r c r c , r r , c r c rc gr r r c r r cr r.

nomi o h ha a omi d s bs io 166(1)

167. (1) a , r r c166(1), r c c

c r x c r c r r r c c r j c c r r c rg r r c c .

(2) s c (1) m cr , r c c , r c cc r c i c .

* nOTe a r r c p c tr c r C r r s c 2 c 43(3) p c tr C r r ac 1995 [ Act 532 ].


114/146


Assig d o pl dg d poli y mo ys

168. (1) n g r c 163 r

cr r r c 166(1), r c, r r , g c r rg r , c r r

c r r g r r r c j c r g r c r r g g r r , c r r c c .

(2) w r r r r r c rr g , r c r g r

r c r r g r r r r cc r g r r c c r r g cr , c r g g r c r r .

Paym of poli y mo ys wh h is o omi a io

169. (1) w r c r c g , j c c 168, c r r c c c r

c r c Gr pr r l r a r r d r or r.

(2) s j c c (1), c r r c r , c r r r r

r r r r r r , c rr , q r c r c rr , c r r

(a) r c xc r r gg r c gr r r cr ,

c r r c r q r g Gr pr r l r

a r r d r or r

Insurance Act 1996 (Act 553)

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