Section 30

A takaful operator shall make and maintain arrangements consistent with sound takaful principles for re-takaful of liabilities in respect of risks undertaken or to be undertaken by the takaful operator in the course of his carrying on takaful business.

The Authority may by notice in writing require a takaful operator to produce for his inspection, and review within a period specified in the notice, treaties on re-takaful, such

Incorporating amendments until S 1/2016

(Clean Version) NANI/Amiriah/Fiqah/Karimah as of 8th July 2019

33

BLUV as at 14th January 2016

other detailed information pertaining thereto and any other such re-takaful arrangements as he may in any particular case require.

Where as a result of a review of the re-takaful treaties, contracts or arrangements, the Authority is of the view that it is in the public interest to do so, the Authority shall direct the takaful operator to cause amendments to be made to the re-takaful treaties, contracts or arrangements when they come up for renewal.

Any person who fails to comply with subsection (2) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $10,000, and in the case of a continuing offence to a further fine not exceeding $1,000 for every day during which the offence continues after conviction.

Miscellaneous requirements as to conduct of business

Payment in Brunei Darussalam currency of certificate moneys under family takaful certificates.