Takaful Order, 2008 · As enacted
82. Insurable interest required for family takaful business
Official textFrom Attorney General's Chambers, unchanged
A family takaful certificate providing the takaful coverage of anyone, other than the person effecting the takaful or a person connected with him as mentioned in subsection (2), shall be void unless the person effecting the takaful has an insurable interest in that life at the time the takaful is effected; and the certificate moneys paid under such a certificate shall not exceed the amount of that insurable interest at that time.
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;
The lives excepted from subsection (1), besides that of the person effecting the takaful, are those of that person's wife or husband, that person's child or ward being of the age of majority at the time the takaful was effected, and of anyone on whom that person was at that time wholly or partly dependent.
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;
In so far as in the case of any family takaful certificate where the certificate moneys do not consist wholly of a cash payment due on the death in question, the limit under this section on the amount to be paid shall be applied by reference to the value of the right to the certificate moneys immediately after the death or to the happening before the death of any event on which they become payable.
This section shall not affect certificates issued before the commencement of this Order.
In this section, "providing the takaful coverage" of a person means covering the payment of money (or the equivalent) on the person's death or on the happening of any contingency dependent on the termination or continuance of that person' life, and includes the granting of an annuity to commence on that 3039
BRUNEI DARUSSALAM GOVERNMENT GAZETTE death or at a time to be determined by reference thereto or to any such a contingency.
Terms defined in s 2
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;