By Haemala Thanasegaran
This booklet examines solid religion in non-marine coverage and takaful (Islamic assurance) contracts in Malaysia, and proposes holistic legislation reform of a similar. the 1st two-thirds of the ebook include an intensive comparative criminal research of the problems among Malaysia, Australia and the uk, with the ultimate 3rd devoted to a socio-economic research of legislations reform and recommendations for legislations reform quite fitted to Malaysia.
The ebook evaluates even if the obligation of maximum reliable religion (the cornerstone of coverage and takaful contracts) is successfully regulated and, in flip, saw by way of insurers (and takaful operators) and insureds alike in Malaysia. The adequacy of the assurance Act 1996 (Malaysia), the Takaful Act 1984 (Malaysia), the monetary prone Act 2013 (Malaysia) and the Islamic monetary providers Act 2013 (Malaysia) is evaluated, in addition to the assisting infrastructure and oversight measures brought by way of the Malaysian govt. In doing so, The publication examines the obligation of extreme sturdy religion from either a doctrinal and a social technology viewpoint, so as to suggest appropriate felony reform.
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Additional resources for Good Faith in Insurance and Takaful Contracts in Malaysia: A Comparative Perspective
75 This was a criticism that was levelled by Mahmood, above n 46, 49, with respect to the previous s16 (4) of the Insurance Act 1963 (Malaysia) and is applicable to the Insurance Act 1996 (Malaysia) as well. 76 Lee (1997, p. 224). 77 This section draws on research appearing in: Thanasegaran, above n 52, 149–150. 78 (1921) 2 FMSLR 248, 253. 6 Scope of Insurer’s Duty of Utmost Good Faith 27 In order then, that the plaintiff may derive any beneﬁt from this line of argument, it is necessary for him to establish the proposition that his duty of disclosure is limited to the subject matter of the question.
73 This is unlike the position in Australia for instance, where s22 (3) of the Insurance Contracts Act 1984 (Cth) clearly provides that non-compliance with s22 (1)74 would result in the insurer not being entitled to exercise a right in respect of the proposer’s failure to comply with the duty of disclosure, unless the failure was fraudulent. Apart from this, the persistent problem due to the state of the law in Malaysia is the all or nothing remedy of avoidance of the insurance contract that has remained in the event of non-disclosure by the insured.
99 In Norton v Royal Fire and Life Assurance Co,100 the insured who had presented an exaggerated claim was held not to have intended to defraud the insurers, as he had worked out the claim based on his recollection and had subsequently reduced it. 102 This is a recurrent problem in the insurance industry today, where inflating the claim to some degree is seen to be the norm as a means to commence bargaining. The inflated claim is merely seen as a bargaining ﬁgure, without any real intention to defraud the insurer.