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PIB 2.5.2

An Insurer that undertakes Insurance Business in Class 7(b) must ensure that:

(a) in any reporting period, the amount of its Gross Written Premium attributable to Class 7(b) does not exceed 5% of its total Gross Written Premium in all classes of non-life insurance;
(b) the Person insured under any Contract of Insurance in Class 7(b) is:
(i) a Body Corporate; or
(ii) if not a Body Corporate, a Financial Institution;
(c) at the time of effecting a Contract of Insurance in Class 7(b), the Person insured under that contract has a rating of BBB or better; and
(d) the maximum period of any Contract of Insurance in Class 7(b) does not exceed twenty years.
[Added] RM46/2007 (Made 5th July 2007). [VER6/07-07]