Section 67

The persons who may petition under the Insolvency Order, 2016 for the winding-up of a takaful operator or takaful broker registered under this Order or for the continuance of the winding-up of such a takaful operator or takaful broker subject to the supervision of the High Court, shall include the Authority.

The Authority may, in accordance with the provisions of the Insolvency Order,

2016, present a petition for the winding-up of a takaful operator or takaful broker registered under this Order if the takaful operator or takaful broker has contravened or failed to comply with any provision of this Order.

The Authority shall be a party to any proceedings under the Insolvency Order,

2016 relating to the winding-up of such a takaful operator or takaful broker, and the liquidator in such a winding-up shall give him such information as he may require about the affairs of the takaful operator or takaful broker, as the case may be.

The Authority if he thinks fit, may support or oppose the petition.

For the purposes of any proceedings under the Insolvency Order, 2016, for the winding-up of such a takaful operator by the High Court, the contingent and prospective liabilities of the takaful operator in respect of certificates shall, in determining whether it is unable to pay its debts, be estimated in accordance with such rules as may be prescribed, and

Incorporating amendments until S 1/2016

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

64

BLUV as at 14th January 2016

evidence that the takaful operator was insolvent at the close of the last accounting period for which statements of account have been lodged with the Authority under section 60 shall be evidence that the takaful operator continues to be unable to pay its debts.

In the winding-up of a takaful operator registered under this Order, section 146(2) of the Insolvency Order, 2016 shall not apply to the valuation of liabilities in respect of certificates, but in any such winding-up, whether the takaful operator is insolvent or not, those liabilities shall be estimated in accordance with any prescribed rules or, as regards matters not fixed by the rules, on a basis approved by the Authority.

References in this section to a takaful operator registered under this Order shall extend to a Brunei Darussalam takaful operator which has ceased to be so registered but remains under any liability in respect of Brunei Darussalam certificates.

Transfers of business

Special provision for takaful operators directed to cease takaful business.