Insurancw Law (2)

Insurance

“constituent document”, in relation to an institution, means the
statute, charter, memorandum of association and articles of
association, rules and by-laws, partnership agreement, or other
instrument, under or by which the institution is established and its
governing and administrative structure and the scope of its functions
and business are set out, whether contained in one or more documents;
“controller”, in relation to an institution, means—
(a) a chief executive officer of the institution or of a body
corporate of which the institution is a subsidiary;
(b) a person who, either alone or with any associate—
(i) has interest in one-third or more of its voting shares;
(ii) has the power to appoint, or cause to be appointed,
a majority of its directors; or
(iii) has the power to decide, or cause to be decided, in
respect of its business or administration;
“co-operative society” means a co-operative society registered
under the Co-operative Societies Act 1993 [Act 502];
“corporation” has the meaning in the Companies Act 1965;
“credit facility” means an advance, loan or any other facility by
which the borrower has access, directly or indirectly, to the funds
of the lender and includes the giving of a guarantee in relation to
a credit facility;
“director” includes a person who occupies the position of a
director and includes a person in accordance with whose directions
or instructions the directors or officers are accustomed to act and
an alternate or substitute director, and without prejudice to the
foregoing, in the case of—
(a) a co-operative society, means a member of the board, or
other governing body of the co-operative society;
(b) a statutory body, means a member of the board, committee,
council or other governing body of the statutory body;
(c) a partnership, means a partner;
(d) a sole-proprietorship, means the sole-proprietor; and
16 Laws of Malaysia ACT 553
(e) any other body, association or group of persons, whether
corporate or unincorporate, means a person having the
direction and control of the management of its business
or affairs;
“document” has the meaning in the Evidence Act 1950 [Act 56]
and includes books and accounts;
“effective date” means the date of coming into force of this Act;
“employee”, in relation to a licensee, includes the chief executive
officer;
“financial adviser” means a person who carries on financial
advisory business;
“financial adviser’s representative” means an individual by
whatever name described, in the direct employment of or acting
for or by arrangement with a financial adviser, who performs for
the financial adviser any of the functions of a financial adviser
other than work ordinarily performed by accountants, clerks or
cashiers, whether his remuneration, if any, is by way of payment
of salary, wages, commission or otherwise and includes an officer
of the financial adviser who performs for the financial adviser any
of those functions, whether or not his remuneration is as aforesaid;