Section 61
Section 61
(1)
Subject to this section, a takaful operator registered under this Order in respect of family takaful business shall once in every period of one year have an investigation to be made by an actuary into the financial condition of its family takaful business and shall lodge with the Authority (together with any prescribed fee) such abstract of the actuary,s report and certificate relating thereto and such statements as to that business as are referred to in section 60(1).
(2)
An investigation under subsection (1) shall be made at the end of each accounting period. The actuary shall certify that in his opinion the reserves of the takaful operator are adequate or otherwise for the takaful operator’s business and also how the surplus if any, of the funds of the takaful operator attributable to its family takaful business shall be apportioned between its participants and its shareholders.
(3)
In the case of a company incorporated or established outside Brunei
Darussalam, the investigation required by subsection (1) need not extend beyond the business for which a takaful fund is maintained under this Order, but if such a company is required by the law relating to takaful in the country in which it is incorporated or established to furnish the authority having the administration of that law with returns as to actuarial investigations of its family takaful business, the document to be lodged with the Authority under this section shall be accompanied by certified copies of any such returns made since the company was first registered under this Order in respect of family takaful business (or, in the case of an existing takaful operator, since the commencement of this Order), other than returns of which copies have previously been furnished under this subsection. References in this section to documents lodged with the Authority shall be deemed not to include documents required by this section to accompany documents so lodged.
Incorporating amendments until S 1/2016
(Clean Version) NANI/Amiriah/Fiqah/Karimah as of 8th July 2019
57
BLUV as at 14th January 2016
(4)
Where a takaful operator registered under this Order in respect of family takaful business –
(a)
has an actuarial investigation made into the family business for which it maintains a takaful fund under this Order (whether with or without any other family business carried on by it); and
(b)
the investigation is not made to comply with subsection (1) or with any provision as to returns in the law relating to takaful in a country outside Brunei
Darussalam, but the results of the investigation are made public, then the takaful operator shall, as to the lodging of documents with the Authority, comply with the requirements of subsection (1) as in the case of an investigation made under that subsection.
(5)
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, 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.
Power to require returns under sections 60 or 61 to be rectified.