Insurance Order, 2006 · s 21

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21.
Paid-up capital and margins of solvency
( 1)
Every registered insurer shall maintain -
{a) a fund margin of solvency in respect of each of the insurance funds established by the insurer under this Order; and
(b J a margin of solvency, of such amounts as may be prescribed or determined in accordance with regulations.
(2)
The Minister may prescribe-
{a) a paid-up share capital of an insurer incorporated in Brunei
Darussalam or, where an insurer incorporated outside Brunei Darussalam does not have a share capital, its surplus of assets over liabilities, different margins of solvency under subsection ( 1) for different classes of insurance business and for different types of insurers; and
{b J in respect of any type of insurers, any exception from the requirements of subsection ( 1).
(3)
Without prejudice to the generality of section 89, regulations made under this Order may -
1013
{a) provide for the determination of the value of assets and the amount of liabilities in any case in which the value or amount is required by this section to be determined in accordance with regulations;
(b) provide that, for any specified purpose, assets or liabilities of any specified class or description shall be left out of account or shall be taken into account only to a specified extent; and
{c) make different provision in relation to different cases or circumstances.
(4)
For the purposes of this section-
(a} the fund margin of solvency in respect of any insurance fund is the excess of the value of the assets over the liabilities of the fund;
(b J the margin of solvency of a registered insurer is the excess of the value of its assets over the amount of its liabilities; and
(c) that value and amount being determined in accordance with any applicable valuation regulations.

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s 21Paid-up capital and margins of solvency

( 1)

Every registered insurer shall maintain -

{a) a fund margin of solvency in respect of each of the insurance funds established by the insurer under this Order; and

(b J a margin of solvency, of such amounts as may be prescribed or determined in accordance with regulations.

(2)

The Minister may prescribe-

{a) a paid-up share capital of an insurer incorporated in Brunei

Darussalam or, where an insurer incorporated outside Brunei Darussalam does not have a share capital, its surplus of assets over liabilities, different margins of solvency under subsection ( 1) for different classes of insurance business and for different types of insurers; and

{b J in respect of any type of insurers, any exception from the requirements of subsection ( 1).

(3)

Without prejudice to the generality of section 89, regulations made under this Order may -

1013

{a) provide for the determination of the value of assets and the amount of liabilities in any case in which the value or amount is required by this section to be determined in accordance with regulations;

(b)

provide that, for any specified purpose, assets or liabilities of any specified class or description shall be left out of account or shall be taken into account only to a specified extent; and

{c) make different provision in relation to different cases or circumstances.

(4)

For the purposes of this section-

(a} the fund margin of solvency in respect of any insurance fund is the excess of the value of the assets over the liabilities of the fund;

(b J the margin of solvency of a registered insurer is the excess of the value of its assets over the amount of its liabilities; and

(c)

that value and amount being determined in accordance with any applicable valuation regulations.