In forceAs enactedCurrent version · As enactedSee versions on Attorney General's Chambers(opens the publisher’s site)
Insurance Order, 2006 · As enacted
Official textFrom Attorney General's Chambers, unchanged
( 1)
The assets of any insurance fund under this Order shall be kept separate from all other assets of the insurer, and shall not include assets comprised in a deposit under this Order except as provided by subsection (5), nor any amounts on account of goodwill, the benefit of development expenditure or similar items not realisable apart from the business or part of the business of the insurer.
The assets of an insurance fund established in respect of general business shall not include any amount representing the total of outstanding premiums and agents' balances which is in excess of any amount prescribed by the Minister.
that
Subject to section 27, the assets of any insurance fund shall be such
{a} the value of Brunei Darussalam assets as specified in the Third
Schedule, with any such additions as are permitted by subsection (4), is not less than any amount prescribed; and
{b)
the value of investments in securities of the Government or of a body incorporated in Brunei Darussalam is not less than 25 per cent of the total value of the assets of the fund.
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