Skip to main content
Entire section Custom print Text Only Rich Text Print

Article (3) – Types of Records

IA-BOD-RES 26/2014 Effective from 28/12/2014
  1. The Takaful operator must maintain adequate records for all lines of business and shall include:

    a) Underwriting, Policy Issuance and Policy Servicing records;

    b) Claim transaction records;

    c) Complaints records;

    d) Technical Provisions records;

    e) Financial Solvency records;

    f) Product related records;

    g) Reinsurance contracts and related records;

    h) Investment records;

    i) Actuarial records;

    j) Records of Company’s transactions with its subsidiaries and affiliates;

    k) Records for the participants' funds under management;

    l) Records for shareholders funds;

    m) Major agreements of the Company;

    n) Policies and Procedures for all the processes within the Company including Risk Management Policy and Procedures;

    o) Records of actuarial reports;

    p) Records for professionals related to insurance; and

    q) Any other records that the Authority may require.
     
  2. Further guidance on types of records in Addendum (1) of the regulations herein shall be applied.