For the purposes of this policy document-
“S” denotes a standard, requirement or specification that must be complied with. Failure to comply may result in one or more enforcement actions;
“G” denotes guidance which may consist of such information, advice or recommendation intended to promote common understanding and sound industry practices which are encouraged to be adopted; and
“licensed person” refers to a licensed insurer and licensed takaful operator collectively, but does not include a licensed professional reinsurer or a licensed professional retakaful operator.