Takaful Order, 2008 · As enacted · Part III
54. Registration of takaful brokers
Official textFrom Attorney General's Chambers, unchanged
No person shall, without being registered by the Authority, carry on takaful business in Brunei Darussalam as a takaful broker unless -
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;
{a) it is a company as defined in the Companies Act (Chapter 39);
company
"company" means a company incorporated or registered under the Companies Act;
{b) it has a minimum paid-up share capital as may be prescribed;
{c)
it has a professional indemnity takaful as may be prescribed; and
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;
{d) the Authority has been furnished with such documents and information as may be prescribed or as he may require in any particular case.
In registering a takaful broker, the Authority may impose such conditions as he thinks fit and may at any time add to, vary or revoke such conditions.
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;
The registration of a takaful broker shall be for a period of one year and is renewable every year.
Takaful brokers shall pay such registration and annual fees as may be prescribed.
The Authority may revoke the registration of any takaful broker if he is satisfied that any of the conditions imposed in relation to the registration has been breached or that it is in the interests of the public to do so.
No director or other management staff, or any member of his immediate family, or any company carrying on business as a takaful broker 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 3019
BRUNEI DARUSSALAM GOVERNMENT GAZETTE within a period of one year after such commencement relinquish such shares or other interest.
For the purposes of subsection (6), "member of his immediate family"
includes the wife, husband, father, mother, son and daughter of that person.
Any person who contravenes subsection [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, 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.
Takaful brokers in takaful transactions.
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 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';