AFSA NOTICE № AFSA-Q-OA-2020-0031 ON MODIFICATION FOR TAKAFUL OPERATORS
THE ASTANA FINANCIAL SERVICES AUTHORITY HEREBY GIVES NOTICE THAT:
The Rule specified in the left hand column of Table A herein does not apply to the Takaful Operators in the form appearing in the AIFC Takaful and Retakaful Prudential Rules (TRR) but instead applies as modified in the right hand column of Table A.
TABLE A – RULES MODIFIED
The Rule specified in the left-hand column of Table A is modified to the extent shown in the right hand column of Table A below. In this table, underlining indicates new text and striking through indicates deleted text, otherwise the Rule remains unaltered.
TRR 1.1 (3) of Schedule 4
1.1 The Capital Floor
(3) The Capital Floor is:
(d) US$5,000,000 for an AIFC-Incorporated Takaful Operator carrying on Family Takaful Business; or
(e) An amount specified in writing by the AFSA.
This notice comes into effect from 1 November 2020 and remains effective until 1 November 2023.
Defined terms are identified in this notice by the capitalisation of the initial letter of a word or of each word in a phrase and are defined in the AIFC Glossary. Unless the context otherwise requires, where capitalisation of the initial letter is not used, an expression has its natural meaning.
THIS NOTICE IS ISSUED PURSUANT TO SECTION 9 OF THE FINANCIAL SERVICES FRAMEWORK REGLATIONS BY THE ASTANA FINANCIAL SERVICES AUTHORITY.