Insurance Order, 2006 · s 14

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s 14

(1)

Where an order of cancellation made by the Minister becomes effective under section 13 -

{a}

notice of the cancellation shall be published in the Gazette; and

(b)

the insurer shall, as from the date of cancellation, cease to carry on in Brunei Darussalam insurance business of the class in respect of which its registration has been cancelled under this Order, otherwise than by the collection or receipt of premiums on Brunei Darussalam policies belonging to that class effected before the date of cancellation of registration and section 6, shall not apply to the insurer in the respect of the collection or receipt of those premiums.

(2)

The provisions of paragraph (b) of subsection (1) shall not prejudice the enforcement by any policy owner or person of any right or claim against the insurer or by the insurer of any right or claim against any policy owner or person.

Prohibition of investment-linked insurance business or annuity insurance business without approval.