Takaful Order, 2008 · As enacted · Part III
57. Registration of adjusters
Official textFrom Attorney General's Chambers, unchanged
No person shall, without being registered by the Authority, act or hold himself out as an adjuster 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;
fa) he is a member of an association of adjusters approved by the
Authority, provided that this paragraph shall not apply until such an association has been established;
{b) being a body corporate, he has a minimum paid-up share capital as may be prescribed; and
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 an adjuster, the Authority may impose such conditions as he thinks fit and may at any time add to, vary or revoke such conditions.
adjuster
"adjuster" means any person who for compensation, fee, commission or salary investigates and negotiates settlement of claims arising under takaful contracts, solely on behalf of either the takaful operator or the participant;
The registration of an adjuster shall be for a period of one year and is renewable every year.
Adjusters shall pay such registration and annual fees as may be prescribed.
The Authority may revoke the registration of any adjuster 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 for him to do so.
Nothing in this section shall apply to
{a) advocates and solicitors and members of other professions who act or assist in adjusting takaful claims as an incident to the practice of their respective professions and who do not hold themselves out as adjusters;
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;
{b) adjusters of maritime losses;
{c)
employees of a takaful operator who, in the course of their employment, act or assist in adjusting takaful claims and who do not hold themselves out as adjusters.
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;
Every adjuster shall within one month after the end of each quarter of the year submit to the Authority a report in the prescribed form of all losses which were the subject of adjustments effected by him during that quarter.
Sections 42 to 46 shall apply to adjusters.
3021
No person who carries on the business of a loss adjuster, loss assessor, surveyor or no other registered person providing auxiliary services to the takaful industry or any member of his immediate family, shall hold shares or other interests in a takaful company.
company
"company" means a company incorporated or registered under the Companies Act;
For the purposes of subsection (9), "member of his immediate family"
includes the wife, husband, father, mother, son and daughter of a loss adjuster, loss assessor, surveyor or any other registered person providing auxiliary services to the takaful industry.
(11}
Any person who contravenes subsection (1) shall be guilty 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 $800 for every day during which the offence continues after conviction.
(12}
Where a person fails to submit a report as required by subsection (7), he shall be guilty 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 $2,000 for every day during which the offence continues after conviction.
Terms defined in s 2
adjuster
Defined · s 2"adjuster" means any person who for compensation, fee, commission or salary investigates and negotiates settlement of claims arising under takaful contracts, solely on behalf of either the takaful operator or the participant;
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 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;