Insurance Order, 2006 · s 66

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66.
(1}
The persons who petition under the Companies Act (Chapter 39) for the winding-up of an insurer or insurance broker registered under this Order, or for the continuance of the winding-up of such an insurer or insurance broker subject to the supervision of the Court, shall include the Minister.
(2}
The Minister may, in accordance with the provisions of the Companies
Act (Chapter 39}, present a petition for the winding-up of an insurer or insurance broker registered under this Order if the insurer or insurance broker has contravened or failed to comply with any provision of this Order.
(3}
The Minister shall be a party to any proceedings under the Companies
Act (Chapter 39) relating to the winding-up of such an insurer or insurance bro-ker, and the liquidator in such a winding-up shall give him such information as he may require about the affairs of the insurer or insurance broker, as the case may be.
(4)
The Minister if he thinks fit, may support or oppose the petition.
(5}
For the purposes of any proceedings under the Companies Act
(Chapter 39} for the winding-up of such an insurer by the court, the contingent and prospective liabilities of the insurer in respect of policies shall, in determining whether it is unable to pay its debts, be estimated in accordance with such rules as may be prescribed; and evidence that the insurer was insolvent at the close of the last accounting period for which statements of account have been lodged with the Authority under section 59 shall be evidence that the insurer continues to be unable to pay its debts.
(6)
In the winding-up of an insurer registered under this Order, section 249
of the Companies Act (Chapter 39) shall not apply to the valuation of liabilities in respect of policies; but in any such winding-up, whether the insurer is insolvent or not, those liabilities shall be estimated in accordance with any prescribed rules or, as regards matters not fixed by the rules, on a basis approved by the Authority.
(7)
References in this section to an insurer registered under this Order shall extend to a Brunei Darussalam insurer which has ceased to be so registered but remains under any liability in respect of Brunei Darussalam policies.
1043

Transfers of business

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s 66(1}

The persons who petition under the Companies Act (Chapter 39) for the winding-up of an insurer or insurance broker registered under this Order, or for the continuance of the winding-up of such an insurer or insurance broker subject to the supervision of the Court, shall include the Minister.

(2}

The Minister may, in accordance with the provisions of the Companies

Act (Chapter 39}, present a petition for the winding-up of an insurer or insurance broker registered under this Order if the insurer or insurance broker has contravened or failed to comply with any provision of this Order.

(3}

The Minister shall be a party to any proceedings under the Companies

Act (Chapter 39) relating to the winding-up of such an insurer or insurance bro-ker, and the liquidator in such a winding-up shall give him such information as he may require about the affairs of the insurer or insurance broker, as the case may be.

(4)

The Minister if he thinks fit, may support or oppose the petition.

(5}

For the purposes of any proceedings under the Companies Act

(Chapter 39} for the winding-up of such an insurer by the court, the contingent and prospective liabilities of the insurer in respect of policies shall, in determining whether it is unable to pay its debts, be estimated in accordance with such rules as may be prescribed; and evidence that the insurer was insolvent at the close of the last accounting period for which statements of account have been lodged with the Authority under section 59 shall be evidence that the insurer continues to be unable to pay its debts.

(6)

In the winding-up of an insurer registered under this Order, section 249

of the Companies Act (Chapter 39) shall not apply to the valuation of liabilities in respect of policies; but in any such winding-up, whether the insurer is insolvent or not, those liabilities shall be estimated in accordance with any prescribed rules or, as regards matters not fixed by the rules, on a basis approved by the Authority.

(7)

References in this section to an insurer registered under this Order shall extend to a Brunei Darussalam insurer which has ceased to be so registered but remains under any liability in respect of Brunei Darussalam policies.

1043

Transfers of business