(1) Except with the prior written approval of the Bank, no person shall insure or cause to be insured property, or liability, with an insurer other than a licensed general insurer.
Penalty: Five hundred thousand ringgit.
(2) The Bank, if it is satisfied that insurance of the property, or liability, is not available from any licensed general insurer, and after consultation with the Minister, may approve under subsection (1) for the insurance to be effected outside Malaysia.
(3) An approval under subsection (2) shall be granted for such duration and subject to such condition as the Bank may specify.
(4) A person shall furnish to the Bank such information on the insurance of any property, or liability, as it may require by notice in writing within such period as may be specified in the notice.
Penalty: Five hundred thousand ringgit.
(5) In this section-
(a) "property" means property, movable or immovable, located in Malaysia, including any ship or aircraft registered in Malaysia;
(b) "liability" means liability of a person resident in Malaysia to a third party.