Takaful Order, 2008 · s 21

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21.
Paid-up capital and margins of solvency
(1)
Every takaful operator shall maintain-
{a} a fund margin of solvency in respect of each of the takaful funds established by the takaful operator under this Order; and
(b J a margin of solvency, of such amounts as may be determined by the Authority.
(2)
The Minister may prescribe-
{a}
a paid-up share capital of a takaful operator incorporated in
Brunei Darussalam or, where a takaful operator incorporated outside Brunei
Darussalam does not have a share capital, its surplus of assets over liabilities, different margins of solvency under subsection ( 1) for different classes of takaful business and for different types of takaful operators; and
{b} in respect of any type of takaful operator, any exception from the requirements of subsection ( 1).
(3)
Without prejudice to the generality of section 91, regulations made under this Order may -
{a} provide for the determination of the value of assets and the amount of liabilities in any case in which the value or amount is required by this section to be determined in accordance with regulations;
(bJ provide that, for any specified purpose, assets or liabilities of any specified class or description shall not be taken into account or shall be taken into account only to a specified extent; and
(cJ make different provision in relation to different cases or circumstances.
2998
(4)
For the purposes of this section -
{a} the fund margin of solvency in respect of any takaful fund is the excess of the value of the assets over the liabilities of the fund;
{b J the margin of solvency of a takaful operator is the excess of the value of its assets over the amount of its liabilities, and
{c} that value and amount being determined in accordance with any applicable valuation regulations.

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s 21Paid-up capital and margins of solvency

(1)

Every takaful operator shall maintain-

{a} a fund margin of solvency in respect of each of the takaful funds established by the takaful operator under this Order; and

(b J a margin of solvency, of such amounts as may be determined by the Authority.

(2)

The Minister may prescribe-

{a}

a paid-up share capital of a takaful operator incorporated in

Brunei Darussalam or, where a takaful operator incorporated outside Brunei

Darussalam does not have a share capital, its surplus of assets over liabilities, different margins of solvency under subsection ( 1) for different classes of takaful business and for different types of takaful operators; and

{b} in respect of any type of takaful operator, any exception from the requirements of subsection ( 1).

(3)

Without prejudice to the generality of section 91, regulations made under this Order may -

{a} provide for the determination of the value of assets and the amount of liabilities in any case in which the value or amount is required by this section to be determined in accordance with regulations;

(bJ provide that, for any specified purpose, assets or liabilities of any specified class or description shall not be taken into account or shall be taken into account only to a specified extent; and

(cJ make different provision in relation to different cases or circumstances.

2998

(4)

For the purposes of this section -

{a} the fund margin of solvency in respect of any takaful fund is the excess of the value of the assets over the liabilities of the fund;

{b J the margin of solvency of a takaful operator is the excess of the value of its assets over the amount of its liabilities, and

{c} that value and amount being determined in accordance with any applicable valuation regulations.