Insurance Act 1996
E818517
The Insurance Act 1996 was Malaysia’s principal legislation governing the regulation, supervision, and conduct of insurance business and insurers prior to its replacement by more modern financial services laws.
Statements (51)
| Predicate | Object |
|---|---|
| instanceOf |
Malaysian federal statute
ⓘ
financial services legislation ⓘ insurance law ⓘ |
| aimsTo |
ensure orderly development of the insurance sector
ⓘ
promote a sound insurance industry ⓘ protect policyholders ⓘ |
| appliesTo |
adjusters in Malaysia
ⓘ
insurance agents in Malaysia ⓘ insurance brokers in Malaysia ⓘ insurers in Malaysia ⓘ |
| contains |
provisions on fit and proper requirements
ⓘ
provisions on inspection and investigation ⓘ provisions on licensing criteria ⓘ provisions on offences and penalties ⓘ provisions on reporting and disclosure ⓘ |
| country | Malaysia ⓘ |
| enforcedBy | Bank Negara Malaysia NERFINISHED ⓘ |
| governingBody | Minister of Finance (Malaysia) NERFINISHED ⓘ |
| jurisdiction | Malaysia NERFINISHED ⓘ |
| languageOfDocument |
English
ⓘ
Malay ⓘ |
| legalSystem | common law ⓘ |
| legislature | Parliament of Malaysia NERFINISHED ⓘ |
| predecessorOf | Financial Services Act 2013 insurance provisions NERFINISHED ⓘ |
| providesFor |
authorization of insurance brokers
ⓘ
capital adequacy requirements ⓘ corporate governance of insurers ⓘ intervention and enforcement powers ⓘ licensing of insurers ⓘ maintenance of insurance funds ⓘ market conduct requirements ⓘ protection of policy owners ⓘ prudential supervision of insurers ⓘ regulation of adjusters ⓘ regulation of insurance agents ⓘ solvency requirements for insurers ⓘ winding up of insurers ⓘ |
| regulates |
composite insurers
ⓘ
general insurance business ⓘ life insurance business ⓘ reinsurance business ⓘ |
| regulatorEmpowered | Bank Negara Malaysia NERFINISHED ⓘ |
| repealedBy |
Financial Services Act 2013
NERFINISHED
ⓘ
Islamic Financial Services Act 2013 NERFINISHED ⓘ |
| repealScope | conventional insurance business framework ⓘ |
| shortTitle | Insurance Act 1996 NERFINISHED ⓘ |
| status | repealed ⓘ |
| subjectMatter |
conduct of insurance business
ⓘ
regulation of insurance business ⓘ supervision of insurers ⓘ |
| timePeriod | late 1990s to early 2010s ⓘ |
Referenced by (1)
Full triples — surface form annotated when it differs from this entity's canonical label.