PART V - DIRECTION AND CONTROL OF DEFAULTING INSURER
Section 62. Provisions relating to assumption of control under subsection 59(4).
(1) Where control of a licensed insurer has been assumed in pursuance of an order under subsection 59(4),the licensed insurer, its employee and director shall provide the Bank or the appointed person with such facilities, documents and information as may be required to carryon its business.
Penalty: Imprisonment for five years or five million ringgit or both. Default penalty.
(2) The Bank or the appointed person shall control, and carry on the property, business and affairs of the licensed insurer, as the case may be, in the name and on behalf of that licensed insurer until the order under subsection 59(4) is revoked.
(3) During the period an order under subsection 59(4) is in force-
(a) no director of the licensed insurer shall engage in any activity in relation to the licensed insurer, directly or indirectly, except as may be required or authorized by the Bank, or the appointed person;
(b) no remuneration shall accrue or be payable to a director of the licensed insurer unless approved in writing by the Bank, or the appointed person, in relation to the activity required or authorized by the Bank, or the appointed person; and
(c) the Bank or the appointed person shall be vested with all the powers of the licensed insurer, and its board of directors, under its constituent documents, or exercisable by the licensed insurer or its directors under any written law regardless whether the powers are exercisable by resolution.
Penalty: Imprisonment for five years or five million ringgit or both. Default penalty.