Takaful Order, 2008 · As enacted · Part III
49. Registration of takaful agents
Official textFrom Attorney General's Chambers, unchanged
No person shall, without being registered by the Authority1 carry on takaful business in Brunei Darussalam as a takaful agent.
takaful business
"takaful business" includes the business of takaful whose aims and operations are in accordance with Hukum Syara';
In registering a takaful agent, the Authority may appoint a person, a body of persons or an association of takaful operators to administer examinations for a person who wishes to apply for registration as a takaful agent.
takaful agent
"takaful agent" means a person who does all or any of the following - (a) solicits or obtains a proposal for takaful on behalf of a takaful operator; (b) offers or assumes to act on behalf of a takaful operator in negotiating a certificate; (c) does any act on behalf of a takaful operator in relation to the issuance, renewal or continuance of a certificate;
Notwithstanding subsection (2), the Authority may register a person as a takaful agent for a period not exceeding one year, pending the passing of the required examination.
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;
The registration of a takaful agent under this section shall be for a period of one year and is renewable every year.
Takaful agents shall pay such registration and annual fees as may be prescribed.
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;
No director or other management staff, or any member of his immediate family, or any company carrying on business as a takaful agent, shall hold shares in any takaful company. Upon the commencement of this Order, any such person holding shares or any other interest in any takaful company shall within a period of one year after such commencement relinquish such shares or other interest.
company
"company" means a company incorporated or registered under the Companies Act;
For the purposes of subsection (6), "member of his immediate family"
includes the wife, husband, father, mother, son and daughter of that person.
The Minister may, with the approval of His Majesty the Sultan and Yang
Di-Pertuan, by regulations prescribe such qualifications for takaful agents as he considers fit.
A person who contravenes subsections (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $10,000, imprisonment for a term not exceeding 6 months or both 1 and in the case of a continuing offence to a further fine not exceeding $2,000 for every day during which the offence continues after conviction.
3017
Pre-contract disclosure by takaful intermediary.
Terms defined in s 2
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;
company
Defined · s 2"company" means a company incorporated or registered under the Companies Act;
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 agent
Defined · s 2"takaful agent" means a person who does all or any of the following - (a) solicits or obtains a proposal for takaful on behalf of a takaful operator; (b) offers or assumes to act on behalf of a takaful operator in negotiating a certificate; (c) does any act on behalf of a takaful operator in relation to the issuance, renewal or continuance of a certificate;
takaful business
Defined · s 2"takaful business" includes the business of takaful whose aims and operations are in accordance with Hukum Syara';