Insurance Order, 2006 · As enacted · Part III
10. Requirements before registration
Official textFrom Attorney General's Chambers, unchanged
The Authority shall not register any applicant under section 9, unless the applicant -
Authority
"Authority" means such person as is appointed by His Majesty the Sultan and Yang Di-Pertuan under subsection 11) of section 4 to be the Authority for the purposes of this Order;
{a)
is a company as defined in the Companies Act (Chapter 39) or a company incorporated outside Brunei Darussalam which has an established place of business in Brunei Darussalam;
{b) -tt-has a surplus of assets over liabilities of not less than such amount as may be prescribed; and
{c)
has made the deposit under section 16.
For the purpose of paragraph {b) of subsection (1), different amounts may be prescribed for different classes of insurance business or for different types of insurers.
insurance business
"insurance business" includes the business of effecting and carrying out contracts {a} protecting persons against loss or liability to loss in respect of risks to which such persons may be exposed; or {b) to pay a sum of money or render money and includes reinsurance business;
1004
Conditions of registration.
Terms defined in s 2
Authority
Defined · s 2"Authority" means such person as is appointed by His Majesty the Sultan and Yang Di-Pertuan under subsection 11) of section 4 to be the Authority for the purposes of this Order;
insurance business
Defined · s 2"insurance business" includes the business of effecting and carrying out contracts {a} protecting persons against loss or liability to loss in respect of risks to which such persons may be exposed; or {b) to pay a sum of money or render money and includes reinsurance business;