Section 184. Agent, insurance broker and financial adviser.
[Am. Act A1247:s.24]
(1) No person shall act on behalf of a person not licensed under this Act in relation to the carrying on of insurance business in Malaysia unless approved in writing by the Bank.
Penalty: Imprisonment for three years or three million ringgit or both. Default penalty.
(2) An approval under subsection (1) shall be granted for such duration, and may be subject to such condition as the Bank may specify.
(3) No licensed insurance broker shall negotiate a contract of insurance with an insurer not licensed under this Act except-
(a) a contract of reinsurance; and
(b) insurance of property or liability approved by the Bank under subsection 140(2).
Penalty: Imprisonment for three years or three million ringgit or both.
(4) No licensed financial adviser shall negotiate a contract of insurance with an insurer not licensed under this Act.
Penalty: Imprisonment for two years or two million ringgit or both.