PART II - LICENSING OF INSURER, INSURANCE BROKER AND ADJUSTER
Section 18.Minimum paid-up share capital or surplus of assets over liabilities.
(1) A licensed local insurer shall maintain a minimum paid-up share capital of such amount as may be prescribed.
Penalty: Three million ringgit. Default penalty.
(2) A licensed foreign insurer shall maintain in Malaysia at all times a minimum surplus of assets over liabilities of such amount as may be prescribed.
Penalty: Three million ringgit. Default penalty.
(3) A licensed insurance broker, licensed adjuster or licensed financial adviser shall maintain at all times a minimum paid-up share capital unimpaired by losses of such amount as may be prescribed.
[Am. Act A1247:s.10]
Penalty: One hundred thousand ringgit. Default penalty.