Labuan Islamic Financial Services and Securities Act 2010 · Updated to 15 Oct 2022 · Part VII · Labuan Takaful Business and Labuan Takaful Related Activities
82. Continuing licensing requirements
Feedback & supportEvery Labuan takaful operator which is a Labuan company shall, prior to the making of any amendment or alteration to any of its constituent documents, or prior to any change of its person in control, director or principal officer, furnish to the Authority particulars in writing of any such proposed amendment, alteration or change, for the approval of the Authority.
Labuan takaful operator
“Labuan takaful operator” means a person who is licensed to carry on Labuan takaful business;
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.
foreign Labuan company
“foreign Labuan company” means a foreign company registered under Part VIII of the Labuan Companies Act 1990;
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.
Malaysian takaful operator
“Malaysian takaful operator” means a takaful operator which is licensed under the *Takaful Act 1984;
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.
takaful licensee
“takaful licensee” means any person licensed under this Part;
No Labuan takaful operator shall make any amendment or alteration to its constituent documents which are contrary to any written law.
constituent documents
“constituent documents” means the statute, charter, memorandum of association and articles of association, rules, by-laws, partnership agreement, or other instrument, under or by which a person is established and the scope of that person’s functions, business, powers and duties are set out, whether contained in one or more documents;
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 company
“Labuan company” has the meaning assigned to it in the Labuan Companies Act 1990;
Labuan Islamic Financial Services and Securities 105
Financial requirements and duties of and restrictions on takaful licencees
takaful
“takaful” means a scheme in compliance with Syariah principles based on brotherhood, solidarity and mutual assistance which provides for mutual financial aid and assistance to the participants in case of need whereby the participants mutually agree to contribute for that purpose;