Takaful Order, 2008 · s 49

Suggest a correction

Tell us what is wrong in this text. We check every suggestion against the official version before we change anything.

What is wrong?Wrong or mistyped wordsWrong structure or numberingWrong title or detailsText that appears twice

What should change, and whyUp to 2,000 characters.The text as it should read (optional)

49.
Registration of takaful agents
(1)
No person shall, without being registered by the Authority1 carry on takaful business in Brunei Darussalam as a takaful agent.
(2)
In registering a takaful agent, the Authority may appoint a person, a body of persons or an association of takaful operators to administer examinations for a person who wishes to apply for registration as a takaful agent.
(3)
Notwithstanding subsection (2), the Authority may register a person as a takaful agent for a period not exceeding one year, pending the passing of the required examination.
(4) The registration of a takaful agent under this section shall be for a period of one year and is renewable every year.
(5)
Takaful agents shall pay such registration and annual fees as may be prescribed.
(6)
No director or other management staff, or any member of his immediate family, or any company carrying on business as a takaful agent, shall hold shares in any takaful company. Upon the commencement of this Order, any such person holding shares or any other interest in any takaful company shall within a period of one year after such commencement relinquish such shares or other interest.
(7)
For the purposes of subsection (6), "member of his immediate family"
includes the wife, husband, father, mother, son and daughter of that person.
(8)
The Minister may, with the approval of His Majesty the Sultan and Yang
Di-Pertuan, by regulations prescribe such qualifications for takaful agents as he considers fit.
(9)
A person who contravenes subsections (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $10,000, imprisonment for a term not exceeding 6 months or both 1 and in the case of a continuing offence to a further fine not exceeding $2,000 for every day during which the offence continues after conviction.
3017

Pre-contract disclosure by takaful intermediary.

Edit the text above. Up to 20,000 characters.Where you checked it (optional)A link to the official version, if you have one.

The text as we hold it

Open the official text

s 49Registration of takaful agents

(1)

No person shall, without being registered by the Authority1 carry on takaful business in Brunei Darussalam as a takaful agent.

(2)

In registering a takaful agent, the Authority may appoint a person, a body of persons or an association of takaful operators to administer examinations for a person who wishes to apply for registration as a takaful agent.

(3)

Notwithstanding subsection (2), the Authority may register a person as a takaful agent for a period not exceeding one year, pending the passing of the required examination.

(4)

The registration of a takaful agent under this section shall be for a period of one year and is renewable every year.

(5)

Takaful agents shall pay such registration and annual fees as may be prescribed.

(6)

No director or other management staff, or any member of his immediate family, or any company carrying on business as a takaful agent, shall hold shares in any takaful company. Upon the commencement of this Order, any such person holding shares or any other interest in any takaful company shall within a period of one year after such commencement relinquish such shares or other interest.

(7)

For the purposes of subsection (6), "member of his immediate family"

includes the wife, husband, father, mother, son and daughter of that person.

(8)

The Minister may, with the approval of His Majesty the Sultan and Yang

Di-Pertuan, by regulations prescribe such qualifications for takaful agents as he considers fit.

(9)

A person who contravenes subsections (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $10,000, imprisonment for a term not exceeding 6 months or both 1 and in the case of a continuing offence to a further fine not exceeding $2,000 for every day during which the offence continues after conviction.

3017

Pre-contract disclosure by takaful intermediary.