Section 54
Section 54
(1)
No person shall, without being registered by the Authority, carry on takaful business in Brunei Darussalam as a takaful broker.
(lA)
Such person shall not be registered by the Authority unless –
(a)
it is a company defined in the Companies Act (Chapter 39);
(b)
it has such minimum paid-up share capital as may be prescribed;
(c)
it has such professional indemnity takaful as may be prescribed; and
(d)
the Authority has been furnished with such documents and information as may be prescribed or as he may require in any particular case.
Incorporating amendments until S 1/2016
(Clean Version) NANI/Amiriah/Fiqah/Karimah as of 8th July 2019
49
BLUV as at 14th January 2016
(2)
In registering a takaful broker, the Authority may impose such conditions as he thinks fit and may at any time add to, vary or revoke such conditions.
(3)
The registration of a takaful broker shall be for a period of one year and is renewable every year.
(4)
Takaful brokers shall pay such registration and annual fees as may be prescribed.
(5)
The Authority may revoke the registration of any takaful broker 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.
(5A)
The Authority shall cause notice of any registration or the revocation of any registration of a takaful broker to be published in the Gazette.
(6)
No director or other management staff, or any member of his immediate family, or any company carrying on business as a takaful broker 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)
Any person who contravenes subsection (1) or (lA) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $50,000, 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.
Incorporating amendments until S 1/2016
(Clean Version) NANI/Amiriah/Fiqah/Karimah as of 8th July 2019
50
BLUV as at 14th January 2016
Takaful brokers in takaful transactions.