Section 3
Section 3
(1)
For the purposes of this Order, takaful business shall be divided into 2
classes —
(a)
family takaful business which, in addition to all takaful business concerned with family takaful certificates shall include, in the case of any takaful operator, any type of takaful business carried on as incidental only to the takaful operator’s other family takaful business; and
(b)
general takaful business, that is to say all takaful business which is not family takaful business.
(2)
For the purposes of this Order, the re-takaful of liabilities under takaful certificates shall be treated as takaful business of the class and type to which the certificates would have belonged if they had been issued by the re-takaful operator.
(3)
Notwithstanding anything in subsections (1) and (2), if the Authority is satisfied that any part of a takaful operator’s business which belongs to a particular class or type of takaful business ought in the takaful operator’s case to be treated as belonging to another class or type, the Authority may direct that it shall be so treated for the purposes of this Order.
(4)
For the purposes of this Order, references to carrying on takaful business include carrying it on through an agent, or as agent; but “takaful operator” shall not include a takaful agent as such nor, in the case of a person who is both takaful operator and takaful agent, have references to business done as takaful agent.
(5)
For the purposes of this Order, “takaful operator” means a person who carries on takaful business as a takaful operator; and references to carrying on takaful business, or any class of takaful business, in Brunei Darussalam mean the receipt of proposals for, or issuing of, takaful certificates in Brunei Darussalam or the collection or receipt in Brunei Darussalam of contributions on takaful certificates.
Incorporating amendments until S 1/2016
(Clean Version) NANI/Amiriah/Fiqah/Karimah as of 8th July 2019
8
BLUV as at 14th January 2016
(6)
The operation, otherwise than for profit, of a scheme or arrangement relating to service in particular offices or employments, and having for its object or one of its objects to make provision in respect of persons serving therein against future retirement or partial retirement, or against future termination of service through death or disability, of against similar matters, shall not be treated for the purposes of this Order as carrying on takaful business.
(7)
The definitions set out in the Second Schedule shall have effect for the construction of references in this Order to takaful certificates, participants and certificate moneys.