Insurance Order, 2006 · As enacted
Section 33
Official textFrom Attorney General's Chambers, unchanged
An insurer shall not issue a life policy of any description, being a Brunei
Darussalam policy, without the prior approval in writing of the Authority.
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;
Such life policy shall only be issued if the rate g;_premium under the policy is approved by the actuary appointed under section~ or the value of the rates &xed for such policies, is a premium approved by the actuary.
( 3)
An actuary shall not for the purposes of this section approve a premi urn for a policy or a rate of premium for any description of policy, unless he is satisfied that it is suitable and in accordance with sound insurance principles.
An actuary in giving his approval in respect of any description of life policy shall have regard to the maximum rate of commission proposed to be paid or allowed to any person in respect of that description of policy, and shall certify the maxim urn rate.
commission
"commission" means an amount or a benefit in kind, whether expressed as a percentage of premium or not, agreed to be paid by an insurer to an insurance broker or insurance intermediary including introducer 1S fees;
Where in the case of any insurer a rate of premium is approved by an actuary for any description of life policy, the insurer shall not, except with the approval of the Authority, pay or allow in respect of any policy of that description a commission at a rate greater than the maximum rate of commission certified by the actuary.
The Authority may by notice in writing require any Brunei Darussalam insurer to obtain and furnish him within a time specified in the notice with a report by an actuary as to the suitability of the rates of premium for the time being chargeable by the insurer for any description of life policy, and if the actuary considers that the rates are not suitable or not in accordance with sound insurance principles, a report as to the rates of premium which the actuary approves for that description of policy; and for the purposes of subsection (2)
regard shall be had to any such report to the exclusion of any previous approval or report.
For each occasion on which an insurer issues a policy or allows a commission in contravention of this section, the insurer shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $5,000.
Notice regarding proof of age.
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;
commission
Defined · s 2"commission" means an amount or a benefit in kind, whether expressed as a percentage of premium or not, agreed to be paid by an insurer to an insurance broker or insurance intermediary including introducer 1S fees;