27. Requirements as to documents evidencing title to assets of takaful funds

( 1)

Where a takaful operator has established a takaful fund under this

Order, the takaful operator shall secure that any documents evidencing the takaful operator's title to assets of the fund, or assets falling within section 23(6), so long as the documents are held by or on behalf of the takaful operator, shall be kept in Brunei Darussalam or, if not so kept, shall be kept in the custody of a person approved by the Authority, and at a place and on terms so approved:

Provided that the Authority may, in the case of a takaful operator who is being investigated under this Order or where the Authority is satisfied that the affairs of a takaful operator are being conducted in a manner likely to be detrimental to the interests of participants or potential participants, direct that all such documents be handed over to be kept by him or by a person approved by him and at a place and on terms so approved.

A takaful operator who has established a takaful fund under this Order shall from time to time notify the Authority in writing -

Any document kept by the Authority or by a person approved by him pursuant to the proviso to subsection ( 1) shall not be released except with the consent in writing of the Authority.

Any document which is for the time being held by or on behalf of the takaful operator shall, on the Authority giving not less than one day's notice in writing to the takaful operator or to the person having the custody of the document, be produced for inspection to the Authority by the person to whom the notice is given.

Any person who fails to comply with this section shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $5,000, 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.