PART II - LICENSING OF INSURER, INSURANCE BROKER AND ADJUSTER
Section 7. Prohibition on annuity certain or investment-linked insurance business.
(1) Except with the prior written approval of the Bank and subject to such conditions as it may specify, no licensed insurer shall carry on-
(a) annuity certain business; or
(b) investment-linked insurance business.
Penalty: Imprisonment for three years or three million ringgit or both. Default penalty.
(2) For the purpose of subsection (1) -
(a) "annuity certain" means an annuity contract where the duration of periodic payments is predetermined and does not depend on the death or survival of the policy owner;
(b) "investment-linked insurance business" means the effecting and carrying out of a contract of insurance on human life or annuity where the benefits are, wholly or partly, to be determined by reference to the value of, or the income from, property of any description or by reference to fluctuations in, or in an index of, the value of property of any description.