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bruneilawsby aturio
In force2023 Revised Edition
Contents

Act

Deposit Protection Act

A deposit protection scheme and the corporation that runs it

In plain English

Not legal advice

The Deposit Protection Act provides for a deposit protection scheme and sets up a deposit protection corporation. The corporation runs the scheme for all protected deposits placed with a member institution. A depositor's deposits with a member institution are added together and protected up to $50,000. A financial institution may apply in writing to the minister to be exempt from having to be a member institution. No law on insolvency or winding up applies to the corporation, and it can never be wound up.

Summary · Drafted with AI, checked against the official text on 30 Sep 2026.

Part

Preliminary

Official textFrom Attorney General's Chambers, unchanged

s 1Citation

This Act may be cited as the Deposit Protection Act.

s 2Interpretation

In this Act, unless the context otherwise requires —

“assessment year”, in relation to the calculation and payment of premiums under this Act, means the period beginning on the first day of January and ending on the 31st day of December of each year or such other period as may be approved by the Minister;

“Authority” means the Authority as stated in the Banking

Order, 2006 (S 45/2006), the Islamic Banking Order, 2008

(S 96/2008) and in the case of the Finance Companies Act

(Chapter 89), the Minister;

“Board” means the Board of Directors of the Corporation;

“Chairman” means the Chairman of the Board;

“Chief Executive Officer” means the Chief Executive of the

Corporation;

“Corporation” means the Brunei Darussalam Deposit Protection

Corporation established by section 3;

“deposit” means a deposit as defined in section 2(3) of the Banking

Order, 2006 (S 45/2006), a deposit as defined in section 2(3) of the

Islamic Banking Order, 2008 (S 96/2008) and a deposit as defined in section 2 of the Finance Companies Act (Chapter 89), as the case may be;

Deposit Protection 10

“depositor” means a person —

(a)

whose account has been or is to be credited in respect of monies constituting a deposit or part of such deposit; or

(b)

to whom a member institution is liable in respect of an instrument issued for monies constituting a deposit or part of such deposit;

“deposit protection” means the protection provided to the depositors of a member institution in case of its failure to pay its deposits;

“director” means a director of the Board;

“financial institution” means a bank licensed under section 4 or 23 of the Banking Order, 2006 (S 45/2006), an Islamic bank licensed under section 4 or 23 of the Islamic Banking Order, 2008 (S 96/2008) and a finance company licensed under section 3 of the Finance Companies

Act (Chapter 89);

“Hukum Syara’ ” means the Laws of Islam according to the Syafeite,

Hanafi, Maliki or Hanbali Sect of the Ahli Sunnah Waljamaah;

“member institution” means any financial institution deemed to be a member institution under section 27 whose membership has not been cancelled under section 31 or terminated under section 32;

“Minister” means the Minister of Finance and Economy;

“protected deposits” means the deposits protected pursuant to section 45.

Part

Brunei Darussalam Deposit Protection Corporation

Chapter 1

Read on from Chapter 1

Chapter 2

Read on from Chapter 2

Chapter 3

Read on from Chapter 3

Chapter 4

Read on from Chapter 4

Part

Finance

Read on from Part

Part 4

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Part

Offences

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Part

General

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