Section 45

A person who becomes or ceases to be controller of a takaful operator shall, within 7 days from the day following that on which he becomes or ceases to be a controller, notify the takaful operator in writing of that fact and of such other matters as may be prescribed;

and a person who is appointed a managing director, director, chief executive or principal officer of any such takaful operator shall, within 7 days from the day following that on which he is so appointed, notify the takaful operator in writing of such matters as may be prescribed.

Incorporating amendments until S 1/2016

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

44

BLUV as at 14th January 2016

A takaful operator shall give notice in writing to the Authority of the fact that any person has become or ceased to be its controller or appointed or ceased to be a managing director, director, chief executive or principal officer and of any matter of which such person is required to notify the takaful operator under subsection (1); and the notice shall be given within 14 days from the day following that on which that fact or matter came to the knowledge of the takaful operator.

Any person who fails to comply with this section shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $10,000.