83. Appointment of actuary by licensed takaful operator

Every licensed takaful operator shall appoint an actuary in respect of a family takaful business or general takaful business carried on by the licensed takaful operator.

Any actuary to be appointed under subsection (1) shall meet such requirements or have such qualifications as set out in any standards as may be specified by the Bank under subsection 57(1).

Except with the prior written approval of the Bank, no licensed takaful operator shall appoint any person as its actuary under subsection (1) and no person shall accept such appointment.

An appointment under subsection (1) shall be for each financial year or such longer period as approved by the Bank.