1.5. Core obligations of Takaful Operators
1.5.1. Obligation to establish and maintain systems and controls
A Takaful Operator must establish and maintain systems and controls in accordance with the requirements of TRR 2 (Governance Framework) and GEN 5 (Systems and Controls).
1.5.2. Obligation to maintain a risk management strategy
A Takaful Operator must establish and implement a Risk Management Strategy in accordance with the requirements of TRR 3 (Risk Management Strategy).
1.5.3. Obligation to conduct Own Risk and Solvency Assessment
An AIFC-Incorporated Takaful Operator must conduct an Own Risk and Solvency Assessment and submit a report thereon to AFSA in accordance with the requirements of TRR 4.
1.5.4. Obligation to maintain Eligible Capital
An AIFC-Incorporated Takaful Operator must at all times maintain Eligible Capital in an amount and of a quality required by TRR 5.
1.5.5. Obligations in respect of Investments
A Takaful Operator must make investments in accordance with the requirements of TRR 6 (Investments).
1.5.6. Obligation to maintain Long Term Takaful Funds
A Takaful Operator carrying on Family Takaful Business must segregate its Family Takaful assets and liabilities in accordance with TRR 7 (Segregation of Family Takaful assets and liabilities).
1.5.7. Obligations in respect of Assets and Liabilities
An AIFC-Incorporated Takaful Operator must value its assets and liabilities in accordance with the requirements of TRR 8 (Valuation).
1.5.8. Obligation to produce actuarial reports
A Takaful Operator must prepare and submit to the AFSA the actuarial reports that it is required to produced pursuant to the requirements of TRR 9 (Actuarial reporting).
1.5.9. Obligations in respect of groups
A Takaful Operator that is a member of a group must comply with the requirements of TRR 10 (Takaful Operators that are members of Groups).
1.5.10. Obligations in respect of Takaful Business Transfers
A Takaful Operator that is party to a Takaful Business Transfer must comply with the requirements of TRR 11 (Transfer of Takaful business).
1.5.11. Obligations in respect of Run-off
A Takaful Operator that is in Run-off must comply with the requirements of TRR 12 (Takaful Operators in run-off).
1.5.12. Obligation to prepare prudential returns
A Takaful Operator must prepare the prudential returns that it is required to produced pursuant to TRR 13 (Prudential returns).