Labuan Islamic Financial Services and Securities Act 2010 · Updated to 15 Oct 2022 · Part VII · Labuan Takaful Business and Labuan Takaful Related Activities
92. Conduct of business
Feedback & supportEvery Labuan takaful operator shall—
Labuan takaful operator
“Labuan takaful operator” means a person who is licensed to carry on Labuan takaful business;
conduct its takaful business with due diligence and care in accordance with Syariah principles;
follow accepted international accounting standards or such other standards as may be approved by the Authority;
register all assets in its name, or in the name of a custodian or nominee for such Labuan takaful operator where assets are acquired in the name of such custodian or nominee, and in the case of bearer shares, hold them in safe custody; and
indicate clearly on its letterhead, stationery and other documents containing its name that it is licensed under this Act, together with the number of its takaful licence.
No Labuan takaful operator shall advertise or publish, in any form, information which is untrue or which is likely to mislead another person in relation to the written laws applicable to Labuan takaful operators and their related business and activities or that
Labuan takaful operator’s financial status or takaful or retakaful plans or any other matter in respect of its Labuan takaful business.
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;
Paragraphs (1)(a) and (d) and subsection (2) shall apply with the necessary modifications to a Labuan takaful manager,
Labuan takaful manager
“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;
Labuan takaful underwriting manager and Labuan takaful broker.
Labuan takaful underwriting manager
“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;
Payment of policy monies under a family takaful policy and personal accident takaful policy
policy
“policy” means a takaful certificate and any reference to a policy of a Labuan takaful operator and includes a reference to any policy in respect of which the Labuan takaful operator is under any liability, whether the policy was issued by the Labuan takaful operator or the liability was transferred to the Labuan takaful operator from another takaful operator;