Insurance Order, 2006 · s 50

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s 50

(1)

Any insurance intermediary who collects money on behalf of an insurer shall remit such money to the insurer without undue delay-

(a} in respect of an individual insurance agent who carries on life insurance business, within 7 days from the date of receipt thereof;

(b)

in respect of a corporate insurance agent who carries on general insurance business, within 30 days from the date of receipt thereof.

(2)

Any amount collected under subsection (1) is deemed to have been collected by the insurer.

(3)

Any person who fails to comply with this section shall be guilty of an offence and shall be liable on conviction to a :ftne not exceeding $10,000 1

imprisonment for a term not exceeding 6 months or both.

Insurance brokers to act only for insurers entitled to carry on business in Brunei Darussalam.