Section 71
Section 71
(1)
Before an application is made to the High Court for confirmation of a scheme under section 70 –
(a)
a copy of the scheme shall be lodged with the Authority, together with the copies of the actuarial and other reports (if any) upon which the scheme is founded;
(b)
not earlier than one month after the copy is so lodged, notice of the intention to make the application (containing such particulars as are prescribed) shall
Incorporating amendments until S 1/2016
(Clean Version) NANI/Amiriah/Fiqah/Karimah as of 8th July 2019
68
BLUV as at 14th January 2016
be published in the Gazette and in not less than 2 newspapers approved by the
Authority; and
(c)
for a period of 15 days after the publication of the notice, a copy of the scheme shall be kept at each office in Brunei Darussalam of every takaful operator concerned, and shall be open to inspection by all members and participants of such a takaful operator who are affected by the scheme.
(2)
The Authority may cause a report on the scheme to be made by an actuary independent of the parties to the scheme and, if he does so, shall cause a copy of the report to be sent to each of the takaful operators concerned.
(3)
Copies of the scheme and any report mentioned in subsections (1)(a) or (2) or summaries approved by the Authority of the scheme and of any such report shall, except in so far as the High Court upon an application made in that behalf otherwise directs, be transmitted by the takaful operators concerned, at least 15 days before the application is made for confirmation of the scheme, to every participant who is affected by the scheme.
(4)
An application to the High Court with respect to any matter connected with the scheme may, at any time before confirmation by the High Court, be made by the Authority or by any person who in the opinion of the High Court is likely to be affected by the scheme.
(5)
The High Court may confirm the scheme without modification or subject to modifications agreed to by the takaful operator concerned, or may refuse to confirm the scheme.
(6)
The takaful operators concerned shall be jointly and severally liable to reimburse the Authority any expenses incurred by him under this section in connection with any scheme or proposed scheme (subject to any order of the High Court as to costs); and a scheme shall include provision as to how that liability is as between the takaful operators, to be borne.
Incorporating amendments until S 1/2016
(Clean Version) NANI/Amiriah/Fiqah/Karimah as of 8th July 2019
69
BLUV as at 14th January 2016
Documents to be filed when scheme confirmed.