Takaful Order, 2008 · As enacted · Part IV
61. [1)
Official textFrom Attorney General's Chambers, unchanged
Subject to this section, a takaful operator registered under this Order in respect of family takaful business shall once in every period of one year have an investigation to be made by an actuary into the financial condition of its family takaful business and shall lodge with the Authority (together with any prescribed fee) such abstract of the actuary,s report and certificate relating thereto and such statements as to that business as are referred to in section 60( 1).
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;
An investigation under subsection (1) shall be made at the end of each accounting period. The actuary shall certify that in his opinion the reserves of the takaful operator are adequate or otherwise for the takaful operator's business and also how the surplus if any, of the funds of the takaful operator attributable to its family takaful business shall be apportioned between its participants and its shareholders.
actuary
"actuary" means a Fellow of the Institute of Actuaries in England, a Fellow of the Faculty of Actuaries in Scotland, a Fellow of the Society of Actuaries in the United States of America, a Fellow of the Canadian Institute of Actuaries, the Australian Institute of Actuaries or any person holding an equivalent qualification and approved in writing by the Authority as an actuary for the purposes of this Order;
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 investigation required by subsection ( 1) need not extend beyond the business for which a takaful fund is maintained under this Order, but if such a company is required by the law relating to takaful in the country in which it is incorporated or established to furnish the authority having the administration of that law with returns as to actuarial investigations of its family takaful business, the document to be lodged with the Authority under this section shall be accompanied by certified copies of any such returns made since the company was first registered under this Order in respect of family takaful business (or/ in the case of an existing takaful operator, since the commencement of this Order), other than returns of which copies have previously been furnished under this subsection. 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.
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;
Where a takaful operator registered under this Order in respect of 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;
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{a}
has an actuarial investigation made into the family business for which it maintains a takaful fund under this Order (whether with or without any other family business carried on by it); and
{b J the investigation is not made to comply with subsection ! 1) or with any provision as to returns in the law relating to takaful in a country outside
Brunei Darussalam, but the results of the investigation are made public, then the takaful operator shall, as to the lodging of documents with the Authority, comply with the requirements of subsection ! 1) as in the case of an investigation made under that subsection.
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;
Terms defined in s 2
actuary
Defined · s 2"actuary" means a Fellow of the Institute of Actuaries in England, a Fellow of the Faculty of Actuaries in Scotland, a Fellow of the Society of Actuaries in the United States of America, a Fellow of the Canadian Institute of Actuaries, the Australian Institute of Actuaries or any person holding an equivalent qualification and approved in writing by the Authority as an actuary for the purposes of this Order;
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;
existing
Defined · s 2"existing" means existing immediately before the commencement of this Order;
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;
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;