Takaful Order, 2008 · As enacted · Part III
Section 51
Official textFrom Attorney General's Chambers, unchanged
Any takaful intermediary who collects money on behalf of a takaful operator shall remit such money to the takaful operator without undue delay -
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;
{a} in respect of an individual takaful agent who carries on family takaful business, within 7 days from the date of receipt thereof;
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;
{b) in respect of a corporate takaful agent who carries on general takaful business, within 30 days from the date of receipt thereof.
general takaful
"general takaful" means takaful for financial aid and assistance to a participant in case of loss or damage caused to his property, assets or body due to a casuality or disaster such as fire, flood, accident;
Any amount collected under subsection (1) is deemed to have been collected by the takaful operator.
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;
{3)
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 $10,000, imprisonment for a term not exceeding 6 months or both.
Takaful brokers to act only for takaful operators entitled to carry on business in Brunei
Darussalam.
Terms defined in s 2
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;
general takaful
Defined · s 2"general takaful" means takaful for financial aid and assistance to a participant in case of loss or damage caused to his property, assets or body due to a casuality or disaster such as fire, flood, accident;
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 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;