Section 23
ActRepealedProvision 23 of 68
Section 23
(1)
An operator shall have arrangements consistent with sound takaful principles for re-takaful of liabilities in respect of risks undertaken or to be undertaken by the operator in the course of his carrying on takaful business.
(2)
The Director General may by giving notice in writing require an operator to produce for his inspection, within a period specified in the notice, treaties on re-takaful, such other detailed information pertaining thereto and any such other re-takaful arrangements as he may in the particular case require.
(3)
A person who fails to comply with subsection (2) shall be guilty of an offence and shall, on conviction, be liable to a fine not exceeding two thousand ringgit, and to a daily fine not exceeding one hundred ringgit.