Takaful Order, 2008 · As enacted · Part III
14. Effect of cancellation of registration
Official textFrom Attorney General's Chambers, unchanged
( 1)
When the cancellation of registration becomes effective under section 13
notice of the cancellation shall be published in the Gazette; and
the takaful operator shall, as from the date of cancellation, cease to carry on in Brunei Darussalam takaful business of the class in respect of which its registration has been cancelled, otherwise than by the collection or receipt of contributions on Brunei Darussalam certificates belonging to that class effected before the date of cancellation of registration, and section 6
takaful operator
"takaful operator" means a takaful operator which has been registered by the Authority under this Order; 11Undertakingn shall be construed in accordance with Part III of the First Schedule;
shall not apply to the takaful operator in respect of the collection or receipt of those contributions.
The provisions of subsection (1)(b) shall not prejudice the enforcement by a participant or person of any right or claim against the takaful operator or by the takaful operator of any right or claim against any participant or person.
participant
"participant" includes, where a certificate has been assigned, the assignee for the time being and, where they are entitled as against the takaful operator to the benefit of the certificate, the personal representatives of a deceased participant;
Prohibition of investment-linked takaful business or annuity takaful business without approval.
takaful business
"takaful business" includes the business of takaful whose aims and operations are in accordance with Hukum Syara';
Terms defined in s 2
participant
Defined · s 2"participant" includes, where a certificate has been assigned, the assignee for the time being and, where they are entitled as against the takaful operator to the benefit of the certificate, the personal representatives of a deceased participant;
takaful business
Defined · s 2"takaful business" includes the business of takaful whose aims and operations are in accordance with Hukum Syara';
takaful operator
Defined · s 2"takaful operator" means a takaful operator which has been registered by the Authority under this Order; 11Undertakingn shall be construed in accordance with Part III of the First Schedule;