By Haemala Thanasegaran
This booklet examines solid religion in non-marine assurance and takaful (Islamic assurance) contracts in Malaysia, and proposes holistic legislations reform of an analogous. 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 legislation reform and proposals for legislation reform fairly suited for Malaysia.
The e-book evaluates even if the obligation of extreme solid religion (the cornerstone of assurance 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 coverage 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 helping infrastructure and oversight measures brought by means of the Malaysian govt. In doing so, The publication examines the obligation of maximum sturdy religion from either a doctrinal and a social technology point of view, on the way to suggest appropriate felony reform.
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Extra resources for Good Faith in Insurance and Takaful Contracts in Malaysia: A Comparative Perspective
However, his Honour’s decision on the point of recoverability of damages by the insured for the insurer’s breach of its duty of disclosure was reversed on appeal. 52 Slade LJ53 at the Court of Appeal cited several reasons for this. First, that the court has the power to grant rescission of the contract in cases of duress and undue influence as well as for bad faith, none of which carries any right to damages. Secondly, the words of the Marine Insurance Act 1906 (UK) provide no indication that Parliament contemplated the remedy of damages; and lastly, it would also have to be reciprocal and therefore, result in causing greater hardship to the insured if the roles were reversed, since there is no need to prove fault.
43). The Insurance Act 1996 in turn repealed and succeeded the ﬁrst insurance regulation in Malaysia, namely the Insurance Act 1963. 48 See: Kurnia Insurance (M) Bhd v Nik Mohd Faizul bin Nik Mustafa & Anor  9 MLJ 675; Leong Kum Whay v QBE Insurance (M) Sdn Bhd  1 CLJ 1; Cheong Heng Loong Goldsmiths (KL) Sdn Bhd v Capital Insurance Bhd  1 MLJ 353; Aetna Universal Insurance Sdn Bhd v Fanny Foo May Wan  1 MLJ 227; Seah Cheoh Wah v Malayan Banking Bhd & Anor  7 CLJ 485 (takaful).
82  1 CLJ 1. 80 28 2 Duty of Utmost Good Faith on the old Insurance Act 1963 (Malaysia) (repealed)83 which was similar to s149 (4) of the recently repealed Insurance Act 1996 (Malaysia), as the policies concerned were taken out in 1991 and 1992. The appellant insured in the case sought a reversal of the High Court of Malaya’s decision refusing to set aside an arbitrator’s award relating to claims made by the appellant against various insurance companies on personal accident policies he had taken out with each of them.