Insurance Order, 2006 · As enacted
19. Register of policies
Official textFrom Attorney General's Chambers, unchanged
Every registered insurer shall establish and keep a register of Brunei
registered insurer
"registered insurer" means an insurer which has been registered by the Authority under this Order;
Darussalam policies where it carries on business relating to Brunei Darussalam policies.
Subject to this section, there shall be entered in the register of Brunei
Darussalam policies all Brunei Darussalam policies of the insurer and no policy entered in the register shall be removed from it so long as the insurer is under any liability in respect of that policy.
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Subject to this section, there may be entered in the register of Brunei
Darussalam policies such other policies as the insurer, with the consent (express or implied) of the policy owners may determine, and this Order shall apply in relation to any policy so entered as if it were a Brunei Darussalam policy.
Subject to subsection (5), an insurer carrying on life business outside
Brunei Darussalam (and not doing so only by the collection or receipt of premiums) may, at the request of the policy owner of a policy belonging to the insurer, s life business -
{a) refrain from entering the policy in the register of Brunei
Darussalam policies, notwithstanding that it is a Brunei Darussalam policy;
or
{b) remove the policy from the register of Brunei Darussalam policies, and this Order shall thereafter apply in relation to the policy as if it were not a
Brunei Darussalam policy.
Regulations may provide that subsection (3) or (4) shall apply only in such cases as may be prescribed or shall have effect subject to any prescribed exceptions or restrictions.
A Brunei Darussalam insurer shall, at the request of any person having an interest in any policy of the insurer, inform him whether or not the policy is entered in any register of policies established by the insurer under this Order.
Where a Brunei Darussalam insurer has established under this Order any register of policies, the register shall cease to exist as a statutory register under this Order of policies belonging to either class of insurance business, if the insurer ceases to be registered under this Order in respect of that class of business; and any reference in this Order to policies registered under this Order shall be construed accordingly.
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;
Subject to subsection (7), the register shall, notwithstanding that the insurer at any time has ceased to carry on in Brunei Darussalam either class of insurance business, continue to be maintained by the insurer for policies belonging to that class so long as the insurer is under any liability in respect of those policies registered or required to be registered at that time; but no policies belonging to either class of business shall be entered in the register under subsection (3) when the insurer is not carrying on that class of business in Brunei
Darussalam or is doing so only by the collection or receipt of premiums.
The register of an existing insurer shall be established as at the beginning of the initial accounting period, and shall be taken for the purposes of this Order to be the date of the establishment of the register.
existing
"existing" means existing immediately before the commencement of this Order;
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Establishment and maintenance of insurance funds and allocation of surplus.
Terms defined in s 2
existing
Defined · s 2"existing" means existing immediately before the commencement of this Order;
initial accounting period
Defined · s 2"initial accounting period", in relation to any existing insurer, means the accounting period beginning with 1st. January, 2006, or, if the insurer has no such accounting period, the first accounting period beginning thereafter. "actuaryn means a Fellow of the Institute of Actuaries in England, a Fellow of the Faculty of Actuaries in Scotland, a Fellow of the Society BRUNEI DARUSSALAM GOVERNMENT GAZETTE of Actuaries in America or a Fellow of the Canadian Institute of Actuaries, the Australian Institute of Actuaries/ or any person holding an equivalent qualification and approved in writing by the Authority as an actuary 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;
registered insurer
Defined · s 2"registered insurer" means an insurer which has been registered by the Authority under this Order;