Section 82

Every Labuan takaful operator which is a foreign Labuan company shall, prior to the making of any change of its principal officer, furnish to the Authority the particulars in writing of any proposed change for the approval of the Authority.

Every Labuan takaful operator which is a foreign Labuan company or a branch of a Malaysian takaful operator shall notify in writing within three months after the making of any amendment or alteration to any of its constituent documents, or any change of its person in control or director, furnish to the Authority particulars in writing of such amendment, alteration or change duly authenticated in a manner acceptable to the Authority by its director.

Every takaful licensee shall immediately notify the Authority of any amendment or alteration to any information which had been furnished to the Authority in connection with the application for the takaful licence.

No Labuan takaful operator shall make any amendment or alteration to its constituent documents which are contrary to any written law.

Where the Labuan takaful operator is a Labuan company, no participant of the Labuan takaful operator who holds fifteen per centum or more of the paid-up capital of the applicant shall be changed without the prior written approval of the Authority and, where the Labuan takaful operator is a foreign Labuan company, it shall promptly notify the Authority of any change in its participants who hold fifteen per centum or more of its paid-up capital.

Labuan Islamic Financial Services and Securities 105