Takaful Order, 2008 · As enacted
69. Priority of claim of participants
Official textFrom Attorney General's Chambers, unchanged
Where a takaful operator becomes insolvent or is unable to meet its obligations, the assets of the takaful operator shall be available to meet its liabilities to all participant of Brunei Darussalam certificates and these liabilities shall have priority over all unsecured liabilities of the takaful operator other than the preferential debts referred to in section 250(1) of the Companies Act
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;
(Chapter 39).
Terms defined in s 2
participant
Defined · s 2"participant" includes, where a certificate has been assigned, the assignee for the time being and, where they are entitled as against the takaful operator to the benefit of the certificate, the personal representatives of a deceased participant;
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;