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  • ES-1.2 ES-1.2 Module AU — Authorisation

    • ES-1.2.1

      Module AU covers the licensing requirements for insurance licensees; registration requirements for actuaries, loss adjusters and appointed representatives; and authorisation requirements for approved persons. The Module defines what is included as part of regulated services, specifically providing definitions for:

      (a) Carrying on of insurance business (insurance firms);
      (b) The broking of insurance contracts (insurance brokers);
      (c) The offering of insurance advice (insurance consultants);
      (d) The provision of insurance management services (insurance managers); and
      (e) Operators of an insurance exchange (insurance exchange operators).
      Amended: October 2009
      Amended: October 2007
      Amended: January 2007

    • ES-1.2.2

      With the exception of captive insurersand pure reinsurers, an insurance firm cannot undertake both long-term insurance business and general insurance business. Insurance firms (including captive insurers), must operate on either conventional insurance principles or on takaful principles: they cannot combine the two. Grandfathering provisions apply for those companies whose past license granted them the right to undertake both long-term insurance business and general business.

      Amended: January 2007
      Amended: October 2007

    • ES-1.2.3

      Module AU deals with the requirements and conditions for approved persons, i.e. those wishing to undertake a controlled function in an insurance licensee. Controlled functions are those of:

      (a) Director;
      (b) Chief executive or general manager;
      (c) Head of function;
      (d) Head of risk management;
      (e) Compliance officer;
      (f) Money Laundering Reporting Officer;
      (g) Member of Shari'a Supervisory Board;
      (h) Internal Shari'a reviewer;
      (i) Unit-linked investment adviser; and
      (j) Signing Actuary (where the function is undertaken by a Director or an employee of the insurance firm).
      Amended: April 2014
      Amended: October 2009
      Amended: January 2007

    • ES-1.2.4

      The licensing conditions that must be abided by all insurance licensees are outlined as part of Chapter AU-2 of the Module.

      Amended: January 2007

    • ES-1.2.5

      The Module outlines the information requirements and procedures that must be followed as part of the process for:

      (a) Licensing;
      (b) Approved persons; and
      (c) Registration of actuaries, loss adjusters and appointed representatives.
      Amended: October 2009
      Amended: January 2007