Insurance Order, 2006 · As enacted
Section 41
Official textFrom Attorney General's Chambers, unchanged
No insurer incorporated in Brunei Darussalam shall appoint a person as its managing director, director, chief executive or principal officer, and no insurer incorporated outside Brunei Darussalam or otherwise carrying on business outside Brunei Darussalam shall appoint a chief executive or principal officer for
principal officer
"principal officer" means a person, by whatever designation called, appointed by an insurer and charged with the responsibility of managing the affairs of the insurer;
Brunei Darussalam, unless-
{a) the insurer has served on the Authority a notice in writing stating that the person it proposes to appoint fulfills the minimum criteria of a
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;
"fit and proper person" as may be prescribed; and
{b)
the Authority has, before the expiration of 3 months from the date of service of the notice, notified the insurer in writing that there is no objection to that person being appointed to the specified position or such period elapses without the Authority having served on the insurer a notice of objection in writing.
A notice under paragraph {a) of subsection (1) shall contain a statement signed by the person proposed to be appointed that it is served with his knowledge and consent.
The Authority may object to the person proposed to be appointed and serve notice thereof under paragraph {b) of subsection Ill on the ground that it appears to him that such person is not a "fit and proper person" to be so appointed, but before serving such notice the Authority shall serve on the insurer and on the person a preliminary notice in writing stating -
{a)
that the Authority is considering the service on the insurer of a notice of objection on that ground; and
{b)
that the insurer and that person may, within one month from the date of service of the preliminary notice, make representations in writing to the Authority.
The Authority shall not be obliged to disclose any particulars of the grounds on which he is considering the service of the notice of objection or on which he serves the notice of objection.
Where representations are made in accordance with this section the
Authority shall take them into consideration in deciding whether to serve the notice of objection.
1026
Approval of person proposing to become controller of insurer where section 41(1) does not apply.
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;
principal officer
Defined · s 2"principal officer" means a person, by whatever designation called, appointed by an insurer and charged with the responsibility of managing the affairs of the insurer;