Takaful Order, 2008 · As enacted · Part III
34. Regulation of contributions under family takaful certificates
Official textFrom Attorney General's Chambers, unchanged
( 1)
A takaful operator shall not issue a family takaful certificate of any description, being a Brunei Darussalam certificate, without the prior approval in writing of the Authority.
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;
Such family takaful certificate shall only be issued if the rate of contribution under the certificate is approved by the actuary appointed under section 33, or the value of the rates fixed for such certificates, is a contribution approved by the actuary.
family takaful
"family takaful" means takaful for financial aid and assistance to a participant and his family in case of his accidental death or disablement;
An actuary shall not for the purposes of this section approve a contribution for a certificate or a rate of contribution for any description of a 3008
actuary
"actuary" means a Fellow of the Institute of Actuaries in England, a Fellow of the Faculty of Actuaries in Scotland, a Fellow of the Society of Actuaries in the United States of America, a Fellow of the Canadian Institute of Actuaries, the Australian Institute of Actuaries or any person holding an equivalent qualification and approved in writing by the Authority as an actuary for the purposes of this Order;
certificate, unless it is satisfied that it is suitable and in accordance with sound takaful principles.
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;
An actuary, in giving his approval in respect of any description of family takaful certificate, shall have regard to the maximum rate of commission proposed to be paid or allowed to any person in respect of that description of certificate, and shall certify the maximum rate.
commission
"commission" means an amount or a benefit in kind, whether expressed as a percentage of contribution or not, agreed to be paid by a takaful operator to a takaful broker or takaful intermediary including introducer's fees;
Where in the case of any takaful operator a rate of contribution is approved by an actuary for any description of family takaful certificate, the takaful operator shall not, except with the approval of the Authority, pay or allow in respect of any certificate of that description a commission at a rate greater than the maximum rate of commission certified by the actuary.
The Authority may by notice in writing require any Brunei Darussalam takaful operator to obtain and furnish him within a time specified in the notice with a report by an actuary as to the suitability of the rates of contribution for the time being chargeable by the takaful operator for any description of family takaful certificate and, if the actuary considers that the rates are not suitable or not in accordance with sound takaful principles, a report as to the rates of contribution which the actuary approves for that description of certificate; and for the purposes of subsection (2) regard shall be had to any such report to the exclusion of any previous approval or report.
Authority
"Authority" means such person as is appointed by His Majesty the Sultan and Yang Di-Pertuan under section 4(1) to be the Authority for the purposes of this Order;
For each occasion on which a takaful operator issues a certificate or allows a commission in contravention of this section, the takaful operator shall be guilty of an offence and shall be liable on conviction to a fine not exceeding
$5,000.
Terms defined in s 2
actuary
Defined · s 2"actuary" means a Fellow of the Institute of Actuaries in England, a Fellow of the Faculty of Actuaries in Scotland, a Fellow of the Society of Actuaries in the United States of America, a Fellow of the Canadian Institute of Actuaries, the Australian Institute of Actuaries or any person holding an equivalent qualification and approved in writing by the Authority as an actuary for the purposes of this Order;
Authority
Defined · s 2"Authority" means such person as is appointed by His Majesty the Sultan and Yang Di-Pertuan under section 4(1) to be the Authority for the purposes of this Order;
commission
Defined · s 2"commission" means an amount or a benefit in kind, whether expressed as a percentage of contribution or not, agreed to be paid by a takaful operator to a takaful broker or takaful intermediary including introducer's fees;
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;
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 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;