Article (3) – Types of Records
IA-BOD-RES 26/2014 Effective from 28/12/2014 - 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.
- Further guidance on types of records in Addendum (1) of the regulations herein shall be applied.
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