Section 51 — Takaful Order, 2008

(1)

Any takaful intermediary who collects money on behalf of a takaful operator shall remit such money to the takaful operator without undue delay –

(a)

in respect of a takaful agent who carries on family takaful business, within 7 days from the date of receipt thereof;

(b)

in respect of a takaful agent who carries on general takaful business, within 30 days from the date of receipt thereof.

(2)

Any amount collected under subsection (1) is deemed to have been collected by the takaful operator.

Incorporating amendments until S 1/2016

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

48

BLUV as at 14th January 2016

(3)

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 $20,000, imprisonment for a term not exceeding 6 months or both.

Takaful brokers to act only for takaful operators entitled to carry on business in Brunei

Darussalam.