The Authority examiners or any person assigned by it shall have the right to conduct office and field examinations of all accounts, records, documents, and transactions related to the Takaful affairs of the Company and the Takaful and Re-Takaful Services Provider. The Company employees shall provide all information, particulars and documents required by the examiners.
When appointing an Actuary, the Company shall waive any duty of confidentiality on the part of the Actuary, such that the Actuary may report to the Authority any concerns held regarding material failures by the Company to comply with Authority requirements.
The Authority may from time to time inspect under conditions of secrecy the records of the Company and of any of its branch offices.
The Authority has the right to submit a formal letter to any Company employee for the following reasons:
a) Provide the Authority with any information; or
b) Appear before the Authority to discuss any topic that the Authority may request.
An examiner authorized by the Authority shall examine, without any prior notice, the documents related to:
a) The Company, or its agent, inside or outside the UAE; or
b) The Company in liquidation or an insurance company whose license has been suspended.
The examiner may examine the Company or a person whom he believes to be acquainted with the facts and circumstances of the case, including the External Auditor or the Actuary of the Company, the Company or the person shall give such document or information as the examiner may require within such time as he may specify.
An External Auditor or an Actuary shall not be liable for breach of a contract relating to, or duty of, confidentiality for giving a document or information to the examiner.
In case it becomes evident to the Authority that the actuarial report does not reflect the correct financial status of the Company, the Authority may order a re-examination by an Actuary appointed by Authority and the expenses to be borne by the Company for re-examination ordered by the Authority.
In the case of any material discrepancies in the data or the records provided by the Company, the Authority may request to amend them within a specified period.
The Company should submit any documents or information requested by the Authority or any Company that has an ownership relationship with the Company, pertaining to the Company’s records and within the time period set by the Authority.