Section 49
Section 49
(1)
No person shall, without being registered by the Authority, carry on takaful business in Brunei Darussalam as a takaful agent.
(2)
In registering a takaful agent, the Authority may appoint a person, a body of persons or an association of takaful operators to administer examinations for a person who wishes to apply for registration as a takaful agent.
Incorporating amendments until S 1/2016
(Clean Version) NANI/Amiriah/Fiqah/Karimah as of 8th July 2019
46
BLUV as at 14th January 2016
(2A)
In registering a takaful agent, the Authority may impose such conditions as he thinks fit and may at any time add to, vary or revoke such conditions.
(2B)
The Authority may revoke the registration of any takaful agent if he is satisfied that any of the conditions imposed in relation to the registration has been breached or that it is in the interests of the public to do so.
(2C)
The Authority shall cause notice of any registration or of the revocation of any registration of a takaful agent to be published in the Gazette.
(3)
Notwithstanding subsection (2), the Authority may register a person as a takaful agent for a period not exceeding one year, pending the passing of the required examination.
(4)
The registration of a takaful agent under this section shall be for a period of one year and is renewable every year.
(5)
Takaful agents shall pay such registration and annual fees as may be prescribed.
(6)
No director or other management staff, or any member of his immediate family, or any company carrying on business as a takaful agent, shall hold shares in any takaful company. Upon the commencement of this Order, any such person holding shares or any other interest in any takaful company shall within a period of one year after such commencement relinquish such shares or other interest.
(7)
For the purposes of subsection (6), “member of his immediate family” includes the wife, husband, father, mother, son and daughter of that person.
(8)
The Authority may, with the approval of His Majesty the Sultan and Yang Di-Pertuan, by regulations prescribe such qualifications for takaful agents as he considers fit.
Incorporating amendments until S 1/2016
(Clean Version) NANI/Amiriah/Fiqah/Karimah as of 8th July 2019
47
BLUV as at 14th January 2016
(9)
Any person who contravenes subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $20,000, imprisonment for a term not exceeding 6 months or both, and in the case of a continuing offence to a further fine not exceeding $2,000 for every day during which the offence continues after conviction.
Pre-contract disclosure by takaful intermediary.