Takaful Order, 2008 · As enacted · Part III
52. (1)
Official textFrom Attorney General's Chambers, unchanged
Subject to subsection (2), no takaful broker shall in the course of his business as such negotiate any contract of takaful with a takaful operator other than a takaful operator entitled under this Order to carry on the business in question in Brunei Darussalam, and no person in Brunei Darussalam shall solicit takaful business for a takaful operator not entitled to carry on that business in
takaful broker
"takaful broker" means any company who, for compensation as an independent contractor, in any manner solicits, negotiates or procures takaful contracts or the renewal or continuance thereof on behalf of a takaful operator other than himself;
Brunei Darussalam; and any person contravening this subsection shall be guilty 3018
of an offence and shall be liable on conviction to a fine not exceeding $20,000, imprisonment for a term not exceeding one year or both, and in the case of a continuing offence to a further fine not exceeding $4,000 for every day during which the offence continues after conviction.
The references in subsection (1) to a contract of takaful and to takaful business shall not apply to re-takaful or business relating to risks outside 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 or such other risks as may be prescribed.
Application of sections 42 to 46 to takaful brokers.
Terms defined in s 2
re-takaful
Defined · s 2"re-takaful" means an arrangement consistent with sound takaful principles for re-takaful of liabilities in respect of risks undertaken or to be undertaken by the takaful operator in the course of his carrying on takaful business;
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 broker
Defined · s 2"takaful broker" means any company who, for compensation as an independent contractor, in any manner solicits, negotiates or procures takaful contracts or the renewal or continuance thereof on behalf of a takaful operator other than himself;
takaful business
Defined · s 2"takaful business" includes the business of takaful whose aims and operations are in accordance with Hukum Syara';
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;