Insurance Order, 2006 · s 20th

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20th. MARCHI 2006
(4)
For the purposes of subsection (3), there may be added to the value of items specified in the Third Schedule the amount or value of any assets of the fund of the following descriptions -
{a)
income arising from those items but not yet received;
{b)
outstanding premiums on life policies on which future liabilities may be met out of the assets of the fund, being premiums which are to be paid in Brunei Darussalam currency;
{c)
outstanding premiums and agents' balances in respect of Brunei
Darussalam policies for general business but not exceeding the amount permitted in subsection (2);
{d)
interest not yet received on loans secured on any such policies, being interest which is to be paid in Brunei Darussalam currency;
{e)
sums representing claims recoveries from reinsurers in or outside
Brunei Darussalam.
(5)
The Authority may, in respect of assets of any insurance fund, require an insurer-
{a)
not to make investments of a specified class or description;
{b)
to realise~ before the expiration of a specified period or such extended period as the Authority may allow/ the whole or a specified proportion of investments of a specified class or description held by the insurer when the requirement is made.
(6)
For the purpose of this section, the assets representing any reinsurer's deposit held by the insurer to meet liabilities of an insurance fund shall be treated as assets of the fund.

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s 20th

MARCHI 2006

(4)

For the purposes of subsection (3), there may be added to the value of items specified in the Third Schedule the amount or value of any assets of the fund of the following descriptions -

{a)

income arising from those items but not yet received;

{b)

outstanding premiums on life policies on which future liabilities may be met out of the assets of the fund, being premiums which are to be paid in Brunei Darussalam currency;

{c)

outstanding premiums and agents' balances in respect of Brunei

Darussalam policies for general business but not exceeding the amount permitted in subsection (2);

{d)

interest not yet received on loans secured on any such policies, being interest which is to be paid in Brunei Darussalam currency;

{e)

sums representing claims recoveries from reinsurers in or outside

Brunei Darussalam.

(5)

The Authority may, in respect of assets of any insurance fund, require an insurer-

{a)

not to make investments of a specified class or description;

{b)

to realise~ before the expiration of a specified period or such extended period as the Authority may allow/ the whole or a specified proportion of investments of a specified class or description held by the insurer when the requirement is made.

(6)

For the purpose of this section, the assets representing any reinsurer's deposit held by the insurer to meet liabilities of an insurance fund shall be treated as assets of the fund.