PART II - LICENSING OF INSURER, INSURANCE BROKER AND ADJUSTER
Section 9. Prohibition to carry on business unless licensed.
(1) No person, unless he is licensed under this Act, shall carry on-
(a) insurance business;
(b) insurance broking business;
[Am. Act A1247:s.4]
(c) adjusting business; or
[Am. Act A1247:s.4]
(d) financial advisory business.
[Ins. Act A1247:s.4]
Penalty: Insurer- Imprisonment for ten years or ten million ringgit or both. Default penalty.
Insurance broker- Imprisonment for three years or three million ringgit or both. Default penalty.
Adjuster - Imprisonment for one year or one million ringgit or both. Default penalty.
Financial adviser – Imprisonment for two years or two million ringgit or both. Default penalty.
[Ins. Act A1247:s.4]
(2) Paragraph (1)(c) shall not apply to-
(a) an advocate, solicitor or a member of any other profession who acts or assists in adjusting insurance claims incidental to his practice and who does not hold himself out as an adjuster;
(b) an adjuster of aviation or maritime losses; or
(c) an employee of a licensed insurer who, in the course of his employment, acts or assists in adjusting insurance claims and who does not hold himself out as an adjuster.
(3) Paragraph (1)(d) shall not apply to—
(a) a licensed insurer or licensed insurance broker;
(b) a licensed institution as defined under the Banking and Financial Institutions Act 1989 [Act 372];
(c) an Islamic bank licensed under the Islamic Banking Act 1983 [Act 276];
(d) a takaful operator or takaful broker as defined under the Takaful Act 1984 [Act 312];
(e) an insurance agent or takaful operator's agent;
(f) a company registered under the Trust Companies Act 1949 [Act 100];
(g) an advocate and solicitor or accountant in practice whose carrying on of that business is solely incidental to the practice of his profession;
(h) a person who is the proprietor of a newspaper and holder of a permit issued under the Printing Presses and Publications Act 1984 [Act 301]
where—
(i) insofar as the newspaper is distributed generally to the public, it is distributed only to subscribers for and purchasers of the newspaper for value;
(ii) the advice is given, or the analyses or reports are issued or promulgated only through that newspaper;
(iii) that person receives no commission or other consideration for giving the advice, or for issuing or promulgating the analyses or reports; and
(iv) the advice is given, or the analyses or reports are issued or promulgated solely as incidental to the conduct of that person's business as a newspaper proprietor;
(i) a person who owns, operates or provides an information service through an electronic, broadcasting or telecommunications medium, where—
(i) the service is generally available to the public in Malaysia;
(ii) the advice is given, or analyses or reports are issued or promulgated only through that service;
(iii) that person receives no commission or other consideration for giving the advice, or for issuing or promulgating the analyses or reports; and
(iv) the advice is given, or the analyses or reports are issued or promulgated solely as incidental to that person's ownership, operation or provision of that service; or