Takaful Order, 2008 · As enacted · Part IV
60. (1)
Official textFrom Attorney General's Chambers, unchanged
Every takaful operator and registered takaful broker shall prepare such statements of account and other statements in the form and manner as set out in the Fourth Schedule and lodge them with the Authority.
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 takaful operator and registered takaful broker shall cause to be kept such books and records according to international accounting standards including, but not limited to, those issued by the Auditing Organisation for
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;
Islamic Financial Institutions (AAOIFI), the International Accounting Standards
Board (IASB) or as directed by the Authority as will sufficiently explain the transactions and financial position of the takaful operator in Brunei Darussalam and enable the takaful operator to comply with the requirements of this section and of section 61, and shall cause such books and records to be kept in such manner as to enable them to be conveniently and properly audited.
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;
( 3)
A takaful operator shall have its accounts audited for each accounting period for which statements of account have been prepared in accordance with subsection { 1).
{4)
A registered takaful broker shall have its accounts audited for each financial year for which statements of account have been prepared in accordance with subsection ( 1).
financial year
"financial year", in relation to a registered takaful operator, means the period for which the registered takaful operator makes up the accounts of its business which shall be a period of one year calculated from the commencement of the business or from the end of the immediately preceding financial year, as the case may be, or such longer or shorter period as the Authority in relation to a particular registered takaful operator, may approve in a particular occasion; 2983 15th. OCTOBER, 2008
No person shall act as auditor for any takaful operator or registered takaful broker unless -
{a)
he has a place of business in Brunei Darussalam;
{b)
he has been authorised pursuant to section 131 of the Companies
Act (Chapter 39) to perform the duties required by that Act to be performed by an auditor; and
{c)
he has the approval of the Authority.
An auditor shall not be approved by the Authority as an auditor for takaful operators or registered takaful brokers unless he is able to comply with such conditions in relation to the discharge of his duties as may be determined by the Authority.
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;
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The Authority may impose all or any of the following duties on an auditor-
(a} a duty to submit such additional information in relation to his audit as the Authority considers necessary;
a duty to enlarge or extend the scope of his audit of the business and affairs of the takaful operator;
(c} a duty to carry out any other examination or establish any procedure in any particular case; and
(d} a duty to submit a report on any of the matters referred to in paragraphs (b} or (c}, and the takaful operator or takaful broker shall remunerate the auditor in respect of the discharge by him of all or any of these duties.
An auditor's report made under subsection (7) shall be lodged with the
Authority, together with the statements of accounts lodged by the takaful operator or the takaful broker under subsection (1).
If an auditor, in the course of the performance of his duties as an auditor of a takaful operator, is satisfied that-fa}
there has been a serious breach or non-observance of the provisions of this Order or that a criminal offence involving fraud or dishonesty has been committed;
(b} any transaction or dispute has taken place which will have a material effect on the solvency of any takaful fund established by the takaful operator under this Order;
(c}
serious irregularities have occurred, including irregularities that jeopardise the interests of participants; or
(d} where the takaful operator is incorporated or established in
Brunei Darussalam, the takaful operator is unable to meet its obligations, he shall immediately report the matter to the Authority.
( 10)
In the case of a company incorporated or established outside Brunei
company
"company" means a company incorporated or registered under the Companies Act;
Darussalam, the audit required by subsection (3) need not extend beyond the business for which a takaful fund is maintained under this Order.
{11}
The documents to be lodged with the Authority under this section for any accounting period of a takaful operator shall be accompanied by copies of any 3024
report submitted to the members of the takaful operator with respect to that period and, if it is not among the documents so lodged, by any statement of accounts so submitted with respect to that period; but references in this section to documents lodged with the Authority shall be deemed not to include documents required by this section to accompany documents so lodged.
Where any report or statement referred to in subsection {10) is in a language other than the Malay or English language, the copy required by that subsection shall be in the Malay or English language and shall be certified to be a true translation of the original by the translator.
Actuarial investigations and reports as to family takaful business.
family takaful
"family takaful" means takaful for financial aid and assistance to a participant and his family in case of his accidental death or disablement;
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;
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;
financial year
Defined · s 2"financial year", in relation to a registered takaful operator, means the period for which the registered takaful operator makes up the accounts of its business which shall be a period of one year calculated from the commencement of the business or from the end of the immediately preceding financial year, as the case may be, or such longer or shorter period as the Authority in relation to a particular registered takaful operator, may approve in a particular occasion; 2983 15th. OCTOBER, 2008
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 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;