12.1.1. Application

TRR 12 applies to:

• (a) every AIFC-Incorporated Takaful Operator; and
• (b) every Branch in respect of its AIFC Takaful Business operations.

12.1.2 Meanings of terms relating to run-off

In this Chapter:

• (a) a Takaful Operator in Run-off means a Takaful Operator that has ceased to effect Takaful Contracts in respect of the whole or a category of its Takaful Business (or, in the case of a Branch, the whole or a category of its AIFC Takaful Business), and a Family Takaful Fund in run-off is construed accordingly; and
• (b) going into run-off or placing Takaful Business into run-off means ceasing to effect Takaful Contracts, and placing a Family Takaful Fund into run-off is construed accordingly.

12.1.3. Compliance with TRR 12 by Takaful Operator directed to go into run-off

A Takaful Operator in Run-off by virtue of a decision or notice of the AFSA to the effect that the Takaful Operator is to cease to effect Takaful Contracts shall comply with TRR 12 except to the extent the AFSA acting under its powers in the FSFR directs otherwise.

12.1.4. Certain contracts to be disregarded

For the purposes of this Chapter, in determining whether a Takaful Operator is effecting Takaful Contracts or has ceased to effect Takaful Contracts, including Takaful Contracts effected through a Family Takaful Fund, Takaful Contracts effected under a term of an existing Takaful Contract will be ignored unless the AFSA decides otherwise in respect of any particular contract.