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bruneilawsby aturio
In forceAs enacted
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Part IV

68. Special provision for takaful operators directed to cease takaful business

( 1)

Where the Authority issues a takaful operator a direction under section 66(1){e} by reason of the insolvency of the fund maintained by the takaful operator under this Order for either class of takaful business, the affairs of the takaful operator may be wound up by the High Court under the Companies Act

(Chapter 39) as if it had suspended its business for a whole year or as if it had ceased to carry on business.

(2)

Where the Authority gives a takaful operator a direction under section 66(1)(e} but, on a petition for the takaful operator to be wound up by the

High Court, the High Court is satisfied that the takaful operator will be able to pay its debts in full within one year or such longer period as the High Court thinks reasonable, the High Court may (if it thinks fit) order the affairs of the 3031

BRUNEI DARUSSALAM GOVERNMENT GAZETTE takaful operator to be wound up only as regards the takaful fund maintained for the class of business to which the direction relates.

(3)

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