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Insurance Act 1996 - Coggle Diagram
Insurance Act 1996
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Application for
licence
An application for a licence shall be made in writing to the Bank in such form and manner, and set out such licensing particulars, as may be specified by the Bank.
Statement of capital
No licensed insurer shall issue a notice, advertisement, or any other official publication, containing a statement of its authorised share capital unless it states the amount of share capital that has been subscribed and that has been paid- up. Penalty : One hundred thousand ringgit
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Display of licence
A licensee shall display a copy of the licence issued under subsection 24 (2) in a conspicuous position at its principal place of business and unless exempted by the Bank in writing, at each of its other offices, other than an electronic terminal.
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Subsidiary of licensee
No licensee incorporated in Malaysia shall establish or acquire a subsidiary in or outside Malaysia without the prior written approval the Bank.
Penalty : Three million ringgit. Default penalty.
Accounting standards
A licensee shall maintain its accounts in compliance with accounting standards approved by the Bank subject to such modifications as the Bank may specify.
Penalty : Three million ringgit. Default penalty.