Takaful Order, 2008 · As enacted · Part III
Section 15th
Official textFrom Attorney General's Chambers, unchanged
OCTOBER/ 2008
Order shall apply in relation to any certificate so entered as if it were a Brunei
Darussalam takaful certificate.
takaful certificate
"takaful certificate" includes any contract of takaful for family takaful business or general takaful business whether or not embodied in or evidenced by an instrument in the form of a certificate, and references to issuing a certificate shall be construed accordingly; references to a certificate of a takaful operator include any certificate in respect of which the takaful operator is under any liability, whether the certificates were issued by the takaful operator or the liability was transferred to that takaful operator by another takaful operator; ntakaful intermediary~~ means a person who, as an agent, broker or adjuster for one or more takaful operators or as an agent, broker or adjuster for a participant or intending participant, arranges contracts of takaful;
Subject to subsection j5), a takaful operator carrying on family takaful business outside Brunei Darussalam (and not doing so only by the collection or receipt of contributions) may, at the request of the participant of a certificate belonging to the takaful operator/ s family takaful business
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;
(a} refrain from entering the certificate in the register of Brunei
Darussalam takaful certificates, notwithstanding that it is a Brunei
takaful
"takaful" means a scheme in accordance to Hukum Syara' based on brotherhood, solidarity and mutual assistance which provides for mutual financial aid and assistance to the participants in case of need whereby the participants mutually agree to contribute for the purpose;
Darussalam certificate; or
remove the certificate from the register of Brunei Darussalam takaful certificates, and this Order shall thereafter apply in relation to that certificate as if it were not a Brunei Darussalam certificate.
{5)
Regulations may provide that subsections (3) and (4) shall apply only in such cases as may be prescribed or shall have effect subject to any prescribed exceptions or restrictions.
A Brunei Darussalam takaful operator shall 1 at the request of any person having an interest in any certificate of the takaful operator, inform him whether or not the certificate is entered in any register of certificates established by the takaful operator under this Order.
{7)
Where a Brunei Darussalam takaful operator has established under this
Order any register of certificates/ the register shall cease to exist as a statutory register under this Order of certificates belonging to either class of takaful business, if the takaful operator ceases to be registered under this Order in respect of that class of business; and any reference in this Order to certificates registered under this Order shall be construed accordingly.
takaful business
"takaful business" includes the business of takaful whose aims and operations are in accordance with Hukum Syara';
Subject to subsection (7L the register shall, notwithstanding that the takaful operator at any time has ceased to carry on in Brunei Darussalam either class of takaful business, continue to be maintained by the takaful operator for certificates belonging to that class so long as the takaful operator is under any liability in respect of those certificates registered or required to be registered at that time; but no certificates belonging to either class of business shall be entered in the register under subsection {3) when the takaful operator is not carrying on that class of business in Brunei Darussalam or is doing so only by the collection or receipt of contributions.
{9)
The register of an existing takaful operator shall be established as at the beginning of the initial accounting period, which shall be taken for the purposes of this Order to be the date of the establishment of the register.
existing
"existing" means existing immediately before the commencement of this Order;
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Terms defined in s 2
existing
Defined · s 2"existing" means existing immediately before the commencement of this Order;
family takaful
Defined · s 2"family takaful" means takaful for financial aid and assistance to a participant and his family in case of his accidental death or disablement;
initial accounting period
Defined · s 2"initial accounting period", in relation to any existing takaful operator, means the accounting period beginning with the 1st. January, 2008, or, if the takaful operator has no such accounting period, the first accounting period beginning thereafter;
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
Defined · s 2"takaful" means a scheme in accordance to Hukum Syara' based on brotherhood, solidarity and mutual assistance which provides for mutual financial aid and assistance to the participants in case of need whereby the participants mutually agree to contribute for the purpose;
takaful business
Defined · s 2"takaful business" includes the business of takaful whose aims and operations are in accordance with Hukum Syara';
takaful certificate
Defined · s 2"takaful certificate" includes any contract of takaful for family takaful business or general takaful business whether or not embodied in or evidenced by an instrument in the form of a certificate, and references to issuing a certificate shall be construed accordingly; references to a certificate of a takaful operator include any certificate in respect of which the takaful operator is under any liability, whether the certificates were issued by the takaful operator or the liability was transferred to that takaful operator by another takaful operator; ntakaful intermediary~~ means a person who, as an agent, broker or adjuster for one or more takaful operators or as an agent, broker or adjuster for a participant or intending participant, arranges contracts of takaful;
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;