Section 38 — TAKAFUL ACT 1984

(2)

The Director General shall not be required to consider an application for a licence under this section unless he has been furnished with such documents and information as may be prescribed or he may in the particular case require.

(3)

In granting a licence under this section the Director General may impose such conditions as he thinks fit and may at any time add to, vary or revoke such conditions.

(4)

Every licence under this section shall be granted for a period of twelve months and on the payment of the prescribed fees.

(5)

The Director General may revoke any licence granted under this section if he is satisfied that any of the conditions imposed on the licence has been breached or it is in the interest of the public to do so.

(6)

Nothing in this section shall apply to—

(a)

an advocate and solicitor and members of other professions who act or assist in adjusting takaful claims as an incident to the practice of their professions and who do not hold themselves out as adjusters;

(b)

an adjuster of maritime losses;

(c)

an employee of an operator who, in the course of his employment, acts or assists in adjusting takaful claims and who does not hold himself out as an adjuster.

(7)

Every adjuster shall within one month after the end of each quarter of the year submit to the Director General a quarterly report in the prescribed form of all losses which are the subject of adjustments effected by him.

(8)

Sections 30 and 33 shall apply to adjusters.

(9)

A person who contravenes subsection (1) shall be guilty of an offence and shall, on conviction, be liable to a fine not exceeding twenty thousand ringgit, increased by four thousand ringgit for each day on which he is proved to have done so, or to imprisonment for a term not exceeding twelve months or to both.

(10)

Where a person fails to submit a report as required by subsection (7), he shall be guilty of an offence and shall, on conviction, be liable to a fine not exceeding twenty thousand ringgit and to a daily fine not exceeding two hundred ringgit.