Section 10. Holding out as an insurer, insurance broker, adjuster or financial adviser. (INSURANCE ACT 1996

ACT 553
INSURANCE ACT 1996

PART II - LICENSING OF INSURER, INSURANCE BROKER AND ADJUSTER

Section 10. Holding out as an insurer, insurance broker, adjuster or financial adviser.

[Am. Act A1247:s.5]

No person shall hold himself out to be an insurer, insurance broker, adjuster or financial adviser unless he is licensed under this Act.

[Am. Act A1247:s.5]

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.5]