PART II - LICENSING OF INSURER, INSURANCE BROKER AND ADJUSTER
Section 33. Effect of revocation of licence.
(1) Where the revocation of a licence has taken effect, the insurer, insurance broker,adjuster or financial adviser, as the case may be, shall immediately cease to carry on its business.
[Am. Act A1247:s.17]
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.17]
(2) The revocation of a licence shall not prejudice the enforcement of any right or claim by, or against, an insurer, an insurance broker, an adjuster or a financial adviser.
[Am. Act A1247:s.17]
(3) Notwithstanding the revocation of its licence, the insurer, insurance broker, adjuster or financial adviser, except where the Minister on the recommendation of the Bank otherwise decides, shall continue to be subject to this Act to the same extent as a licensee and shall continue to discharge its obligations so long as its liabilities remain unsatisfied or not otherwise provided for to the satisfaction of the Bank.