Section 34

A takaful operator shall not issue a family takaful certificate of any description, being a Brunei Darussalam certificate, without the prior approval in writing of the Authority.

Such family takaful certificate shall only be issued if the rate of contribution under the certificate is approved by the actuary appointed under section 33, or the value of the rates fixed for such certificates, is a contribution approved by the actuary.

An actuary shall not for the purposes of this section approve a contribution for a certificate or a rate of contribution for any description of a certificate, unless it is satisfied that it is suitable and in accordance with sound takaful principles.

An actuary, in giving his approval in respect of any description of family takaful certificate, shall have regard to the maximum rate of commission proposed to be paid or

Incorporating amendments until S 1/2016

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

36

BLUV as at 14th January 2016

allowed to any person in respect of that description of certificate, and shall certify the maximum rate.

Where in the case of any takaful operator a rate of contribution is approved by an actuary for any description of family takaful certificate, the takaful operator shall not, except with the approval of the Authority, pay or allow in respect of any certificate of that description a commission at a rate greater than the maximum rate of commission certified by the actuary.

The Authority may by notice in writing require any Brunei Darussalam takaful operator to obtain and furnish him within a time specified in the notice with a report by an actuary as to the suitability of the rates of contribution for the time being chargeable by the takaful operator for any description of family takaful certificate and, if the actuary considers that the rates are not suitable or not in accordance with sound takaful principles, a report as to the rates of contribution which the actuary approves for that description of certificate; and for the purposes of subsection (2) regard shall be had to any such report to the exclusion of any previous approval or report.

For each occasion on which a takaful operator issues a certificate or allows a commission in contravention of this section, the takaful operator shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $10,000.

Notice regarding proof of age.