PART II - LICENSING OF INSURER, INSURANCE BROKER AND ADJUSTER
Section 11. Use of the words "insurance", "assurance" , "underwriter", or "financial adviser".
(1) Except with the prior written approval of the Bank—
(a) no person other than a licensee shall use the words "insurance", "assurance" or "underwriter"; and
(b) no person who is not licensed under this Act to carry on financial advisory business shall use the words "financial adviser",
or any of its derivatives in any language, or any other words in any language capable of being construed as indicating the carrying on of any of the licensed businesses in the name, description or title under which he carries on business or make any representation to such effect in any bill head, letter paper, notice or advertisement or in any other manner.
Penalty: Five hundred thousand ringgit. Default penalty.
(2) Subsection (1) shall not apply to—
(a) a person who appends to his name an insurance qualification conferred on him by a prescribed body, where the qualification so appended is followed with the initials of the name of that body;
(b) an association of licensees or association of employees of licensees;
(c) an insurance agent registered with Life Insurance Association of Malaysia or General Insurance Association of Malaysia in relation to the use of the words "insurance", "assurance" or "underwriter" in paragraph (1)(a); and
(d) persons mentioned in paragraphs 9(3)(a) to (d) in relation to the use of the words "financial adviser" in paragraph (1)(b).