90. Restrictions on and duties of Labuan takaful manager, Labuan takaful underwriting manager and Labuan takaful broker

Terms defined in s 76

• domestic takaful business

  domestic takaful business

  Defined · s 76

  “domestic takaful business” means takaful business where the subject matter of the policy is— (a) property which at the time of the making of the policy is situated in Malaysia or is in transit to or from Malaysia; (b) a ship or an aircraft registered in Malaysia and all liabilities arising from the operation of such ship or aircraft; (c) the life of any contingency related to any person who, at the time of the making of the policy, is a resident; or (d) a risk of any nature in respect of any person who, at the time of the making of the policy, is a resident.

  Open s 76
• Labuan takaful broker

  Labuan takaful broker

  Defined · s 76

  “Labuan takaful broker” means a person who is licenced to— (a) arrange for Labuan takaful business on behalf of prospective or existing policy owners; (b) arrange for Labuan retakaful business on behalf of any takaful operator seeking retakaful; or (c) analyze the financial circumstances of another person and provides a plan to meet that other person’s financial needs and objectives, whether or not a fee is charged in relation thereto.

  Open s 76
• Labuan takaful business

  Labuan takaful business

  Defined · s 76

  “Labuan takaful business” means takaful business which includes Labuan captive takaful business, Labuan retakaful business and such other takaful business approved by the Authority but does not include any takaful business that is regulated or prohibited under other written law in Malaysia;

  Open s 76
• Labuan takaful manager

  Labuan takaful manager

  Defined · s 76

  “Labuan takaful manager” means a person who is licensed to provide for management or administration services related to Labuan takaful business but does not include a Labuan takaful underwriting manager;

  Open s 76
• Labuan takaful operator

  Labuan takaful operator

  Defined · s 76

  “Labuan takaful operator” means a person who is licensed to carry on Labuan takaful business;

  Open s 76
• Labuan takaful underwriting manager

  Labuan takaful underwriting manager

  Defined · s 76

  “Labuan takaful underwriting manager” means a person, not being a bona fide employee, who is licensed to provide underwriting services, including the administration of the business, to one or more Labuan takaful operators;

  Open s 76
• takaful

  takaful

  Defined · s 76

  “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;

  Open s 76
• takaful operator

  takaful operator

  Defined · s 76

  “takaful operator” means a person who carries on takaful business;

  Open s 76