Insurance Order, 2006 · As enacted
Section 15
Official textFrom Attorney General's Chambers, unchanged
( 1 J An insurer shall not carry on investment-linked insurance business or annuity insurance business in Brunei Darussalam without the approval in writing of the Authority and subject to such conditions as he may impose.
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;
For the purpose of this section, "investment-linked insurance business"
means the effecting and carrying out of a contract of life insurance under which the benefits payable to the policy owner is the greater between -
1007
(a} a specified minimum amount payable on death, on survival to a specified date, or at specified intervals; and
{b) an amount which is determined by reference to the value at the relevant date of, or the income during the relevant period from, assets of a description specified in the policy or in any related statement.
Deposits, register of policies, insurance funds and reinsurance
Terms defined in s 2
annuity
Defined · s 2"annuity" means a right to a series of periodical payments at intervals of one year or less under a contract with a life insurer;
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;