Takaful Order, 2008 · s 65

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65.
Inspections and investigations of affairs of takaful operators
( 1)
The Authority may from time to time inspect the books, accounts and transactions of a takaful operator and institute an investigation into the whole or any part of the takaful business carried on in Brunei Darussalam by the takaful operator.
(2)
The costs and expenses of any investigation under subsection (1) shall be paid by the takaful operator.
(3)
In making an inspection or investigation under this section, the
Authority may by notice in writing require -
(a) the takaful operator or any person having the custody thereof on behalf of the takaful operator;
(b) any person who is or has at any time been or acted as a director, actuary, auditor, officer, servant or agent of the takaful operator; or
(c) any past or present member or participant of the takaful operator, to produce for his inspection and allow him to copy the whole or any part of any books, accounts, records or other documents of the takaful operator, whether kept in Brunei Darussalam or elsewhere (including documents evidencing the takaful operator's title to any assets):
Provided that a requirement under this subsection shall extend only to documents relating to business carried on by the takaful operator in Brunei
Darussalam or evidencing the takaful operator's title to assets held for the purposes of any such business.
(4)
For the purpose of this Order, "assets" include-
(i)
immovable property
(ii)
movable property any land, building and fixtures;
any furniture, equipment, books, periodicals and any motor vehicles, vessels, ships, aircraft and other means of conveyance of whatever description, including tractors, bulldozers and any other type of light and heavy machinery, as well as tools and appliances;
3028
(iii)
(iv)
(v)
(vi)
investments company and other investments cash other assets 15th. OCTOBER, 2008
any Government Securities, including bonds and securities of any quasi-government bodies or agencies and
Treasury Bills which are in accordance with Hukum Syara ,;
any stocks and shares, whether quoted on any stock exchange or unquoted, including any bondsl ordinary or preference shares and debentures which are in accordance with Hukum Syara';
any cash deposited in any bank or lending institution or placed with any other body or agency for whatever period, either on current or fixed deposit account!
including any determinable amount of cash in hand; and any outstanding contribution, commission and other debt or payment due and payable, and rights contractual or otherwise.
(5)
In making an investigation under this section, the Authority may require any such person as is referred to in subsection (3) to attend before him and be examined on oath with respect to the takaful operator's business, and for the purposes of this subsection may administer oaths.
(6)
Any person who refuses or fails when required to do so under subsections (3) or (5) to produce any document in his custody, to attend for or submit to examination by the Authority or any person appointed by him or to answer any question put to him on such examination shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $10,000, and in the case of a continuing offence to a further fine not exceeding $1,000 for every day during which the offence continues after conviction.
Power of Authority to issue directions.

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s 65Inspections and investigations of affairs of takaful operators

( 1)

The Authority may from time to time inspect the books, accounts and transactions of a takaful operator and institute an investigation into the whole or any part of the takaful business carried on in Brunei Darussalam by the takaful operator.

(2)

The costs and expenses of any investigation under subsection (1) shall be paid by the takaful operator.

(3)

In making an inspection or investigation under this section, the

Authority may by notice in writing require -

(a)

the takaful operator or any person having the custody thereof on behalf of the takaful operator;

(b)

any person who is or has at any time been or acted as a director, actuary, auditor, officer, servant or agent of the takaful operator; or

(c)

any past or present member or participant of the takaful operator, to produce for his inspection and allow him to copy the whole or any part of any books, accounts, records or other documents of the takaful operator, whether kept in Brunei Darussalam or elsewhere (including documents evidencing the takaful operator's title to any assets):

Provided that a requirement under this subsection shall extend only to documents relating to business carried on by the takaful operator in Brunei

Darussalam or evidencing the takaful operator's title to assets held for the purposes of any such business.

(4)

For the purpose of this Order, "assets" include-

(i)

immovable property

(ii)

movable property any land, building and fixtures;

any furniture, equipment, books, periodicals and any motor vehicles, vessels, ships, aircraft and other means of conveyance of whatever description, including tractors, bulldozers and any other type of light and heavy machinery, as well as tools and appliances;

3028

(iii)

(iv)

(v)

(vi)

investments company and other investments cash other assets 15th. OCTOBER, 2008

any Government Securities, including bonds and securities of any quasi-government bodies or agencies and

Treasury Bills which are in accordance with Hukum Syara ,;

any stocks and shares, whether quoted on any stock exchange or unquoted, including any bondsl ordinary or preference shares and debentures which are in accordance with Hukum Syara';

any cash deposited in any bank or lending institution or placed with any other body or agency for whatever period, either on current or fixed deposit account!

including any determinable amount of cash in hand; and any outstanding contribution, commission and other debt or payment due and payable, and rights contractual or otherwise.

(5)

In making an investigation under this section, the Authority may require any such person as is referred to in subsection (3) to attend before him and be examined on oath with respect to the takaful operator's business, and for the purposes of this subsection may administer oaths.

(6)

Any person who refuses or fails when required to do so under subsections (3) or (5) to produce any document in his custody, to attend for or submit to examination by the Authority or any person appointed by him or to answer any question put to him on such examination shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $10,000, and in the case of a continuing offence to a further fine not exceeding $1,000 for every day during which the offence continues after conviction.

Power of Authority to issue directions.