Insurance Order, 2006 · s 13

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13.
Cancellation of registration
( 1)
The Authority may by order, at the request of the insurer or on any of the grounds set out in subsection (2), cancel the registration of any insurer either wholly or in respect of a class of business, as the case may be.
1005
(2)
The grounds referred to in subsection (1) are-
{a} that the insurer has not commenced business within 12 months after being registered;
{b} that the insurer has ceased to carry on insurance business in respect of any class of business;
{c}
that the insurer has failed to maintain the surplus of assets over liabilities required by paragraph {b} of subsection (1) of section 10;
{ d} that the insurer has neglected or refused to observe an order of the
Authority to make good any deficiency, whenever its insurance fund shall have become impaired;
(e)
that the insurer proposes to make, or has made, any composition or arrangement with its creditors or has gone into liquidation or has been wound up or otherwise dissolved;
(f)
that the insurer is carrying on its business in a manner likely to be detrimental to the interests of its policy owners;
(g) that the insurer is unable to meet its obligations;
(h) that the insurer has failed to effect satisfactory reinsurance arrangements;
(i) that the insurer is contravening or has contravened any provision of this Order or of the regulations, or any condition imposed or any direction given by the Authority under this Order;
(j) that any of the officers of the insurer holding a managerial or an executive position has been convicted of any offence under this Order;
(k) that the insurer has furnished false, misleading or inaccurate information or has concealed or failed to disclose material facts in its application for registration; or
(l) that it is in the public interest to cancel the registration.
(3}
The Authority shall, before cancelling the registration of an insurer under this section otherwise than at the request of the insurer, cause to be given to the insurer notice in writing of his intention to do so, specifying a date, not less than 14 days after the date of notice, upon which the cancellation will take effect and calling upon the insurer to show cause to the Authority why the registration should not be cancelled.
(4)
Notwithstanding the fact that the registration of an insurer has been cancelled under this section, so long as the insurer remains under any liability in respect of Brunei Darussalam policies belonging to the class of insurance business to which the registration relates, the insurer shall take such action as it considers necessary or as may be required by the Authority to ensure that reasonable provision has been or will be made for that liability and that adequate arrangements exist or will exist for payment in Brunei Darussalam of premiums and claims on those policies.
(5)
When the Authority cancels a registration under subsection (1), he shall forthwith inform the insurer of the cancellation.
(6)
An insurer whose registration has been cancelled may, within 30 days of being informed in writing of the order of cancellation, appeal to the Minister whose decision thereon shall be final.
1006
(7)

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s 13Cancellation of registration

( 1)

The Authority may by order, at the request of the insurer or on any of the grounds set out in subsection (2), cancel the registration of any insurer either wholly or in respect of a class of business, as the case may be.

1005

(2)

The grounds referred to in subsection (1) are-

{a} that the insurer has not commenced business within 12 months after being registered;

{b} that the insurer has ceased to carry on insurance business in respect of any class of business;

{c}

that the insurer has failed to maintain the surplus of assets over liabilities required by paragraph {b} of subsection (1) of section 10;

{ d} that the insurer has neglected or refused to observe an order of the

Authority to make good any deficiency, whenever its insurance fund shall have become impaired;

(e)

that the insurer proposes to make, or has made, any composition or arrangement with its creditors or has gone into liquidation or has been wound up or otherwise dissolved;

(f)

that the insurer is carrying on its business in a manner likely to be detrimental to the interests of its policy owners;

(g)

that the insurer is unable to meet its obligations;

(h)

that the insurer has failed to effect satisfactory reinsurance arrangements;

(i)

that the insurer is contravening or has contravened any provision of this Order or of the regulations, or any condition imposed or any direction given by the Authority under this Order;

(j)

that any of the officers of the insurer holding a managerial or an executive position has been convicted of any offence under this Order;

(k)

that the insurer has furnished false, misleading or inaccurate information or has concealed or failed to disclose material facts in its application for registration; or

(l)

that it is in the public interest to cancel the registration.

(3}

The Authority shall, before cancelling the registration of an insurer under this section otherwise than at the request of the insurer, cause to be given to the insurer notice in writing of his intention to do so, specifying a date, not less than 14 days after the date of notice, upon which the cancellation will take effect and calling upon the insurer to show cause to the Authority why the registration should not be cancelled.

(4)

Notwithstanding the fact that the registration of an insurer has been cancelled under this section, so long as the insurer remains under any liability in respect of Brunei Darussalam policies belonging to the class of insurance business to which the registration relates, the insurer shall take such action as it considers necessary or as may be required by the Authority to ensure that reasonable provision has been or will be made for that liability and that adequate arrangements exist or will exist for payment in Brunei Darussalam of premiums and claims on those policies.

(5)

When the Authority cancels a registration under subsection (1), he shall forthwith inform the insurer of the cancellation.

(6)

An insurer whose registration has been cancelled may, within 30 days of being informed in writing of the order of cancellation, appeal to the Minister whose decision thereon shall be final.

1006

(7)