Back Custom print Link Text Only Rich Text Print

  • TA-4 TA-4 Reporting Requirements

    • TA-4.1 TA-4.1 CBB Reporting

      • TA-4.1.1

        Takaful firms are required to file annual, quarterly and group insurance returns to the CBB providing details of the financial condition of the firm and the business undertaken.

        Rulebook Reference BR-1.1
        BR-1.3
        BR-1.4
        Amended: January 2007

      • TA-4.1.2

        Details of the content of the Insurance Firm Return can be found in Section BR-1.1. The content of the Insurance Firm Return is identical to that required for conventional insurance firms, except for the calculation of the solvency margin as outlined in Chapter CA-8. The Return must be:

        (a) Deposited with the CBB within 3 months of the year end;
        (b) Reviewed by the external auditor based on agreed-upon procedures;
        (c) Be accompanied by a Directors' Certificate; and
        (d) Where applicable, include an actuarial certificate and report.
        Rulebook Reference BR-1.1
        Amended: January 2007
        Amended: October 2007

      • TA-4.1.3

        Takaful firms must disclose to the CBB material information about changes in their situation including (but not limited to):

        (a) Significant breaches in Rules and other requirements;
        (b) Civil, criminal, and disciplinary procedures, fraud, errors and other irregularities;
        (c) Financial difficulties, breach of minimum solvency requirements, insolvency, bankruptcy, winding-up;
        (d) Changes in auditors and actuaries:
        (e) Changes in address, legal status etc.; and
        (f) Changes in controllers and close links.
        Rulebook Reference BR-2.2.4
        BR-2.2.6 to BR-2.2.8
        BR-2.2.11
        BR-2.3.29
        BR-2.3.3 and BR-2.3.4
        BR-2.3.7
        Amended: January 2007
        Amended: October 2007

      • TA-4.1.4

        An insurance licensee must permit representatives of the CBB, or persons appointed for the purpose by the CBB to have access, with or without notice, during reasonable business hours to any of its business premises in relation to the discharge of the CBB's functions under the relevant law.

        Rulebook Reference BR-3.1
        Amended: January 2007

    • TA-4.2 TA-4.2 Public Disclosure

      • TA-4.2.1

        Takaful and Retakaful firms are subject to the same Public Disclosure requirements imposed in Module PD to insurance firms and overseas insurance firms.

        Rulebook Reference Module PD
        Amended: January 2007

      • TA-4.2.2

        Takaful and Retakaful firms must disclose to participants the calculation and amount of wakala fee and mudaraba share of profits paid by the takaful fund to the takaful operator.

        Rulebook Reference BC-3.4.2
        Amended: January 2007