International Insurance and Takaful Order, 2002 · As enacted
37. Further functions of Minister and Authority
Official textFrom Attorney General's Chambers, unchanged
Under the general supervision of the Minister, the Authority shall be responsible for ensuring the proper administration of this Order.
In addition to any functions conferred on it by or under by other provisions of this Order, the Authority shall have the following functions -
808
where it thinks fit or when required to do so by or under this Order or any other written law, to examine by way of the receipt of regular returns or in such other way as it thinks fit the affairs or business of any licensee for the purpose of determining that all the requirements of this Order are being met and that the licensee is carrying on its business in a satisfactory manner;
where it has reasonable grounds to believe that a licensee or any director or other officer of a licensee has or may have contravened any of the provisions of this Order or of any other written law, to conduct or assist in the investigation of that contravention;
to examine the accounts of licensees of which copies are required to be sent to it under this Order.
The Authority may exercise any of the powers conferred by this Part for the purpose of assisting a designated supervisory authority in the performance of any of its material supervisory functions.
Any reference in this Part to a designated supervisory authority is a reference to that authority which, in a country or territory designated by the
Minister for the purposes of this Order, exercises in that country or territory functions corresponding to those of the Authority under this
Order and, in relation to such an authority,
"material supervisory functions"
means functions which so correspond.
The
Minister shall not designate any country or territory for the purposes of this Order unless he is satisfied that the supervisory authority there is subject to provisions of confidentiality which are at least equivalent to those which apply to the Authority, whether under this Order or otherwise.