Insurance Order, 2006 · As enacted
45. (1)
Official textFrom Attorney General's Chambers, unchanged
The Authority may cause to be inspected, under conditions of secrecy, the books, accounts and transactions of any insurer, and of any of its branch offices.
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;
For the purposes of an inspection pursuant to subsection (1), the insurer shall allow access to its books, accounts and documents and shall give such information and facilities as may be required to conduct the inspection:
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Provided that the books, accounts and documents shall not be required to be produced at any time or place which interferes with the proper conduct of the normal daily business of the insurer.
Where the Authority is of the opinion that it is necessary for any of the purposes of this Order to do so, he may by notice in writing require any director, officer or representative of any insurer -
{a) to furnish him with any information; or
{b) to appear before him, in connection with any matter related to any business carried on by that insurer in or outside Brunei Darussalam in the manner and to the extent and, in the case of an appearance before him, at the time and place, specified in the notice.
Any person who fails to comply with any requirement under subsection (1), (2) or (3) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $20,000, and in the case of a continuing offence to a further fine not exceeding $5,000 for every day during which the offence continues after conviction.
There shall be no change in the control of an insurer incorporated in
Brunei Darussalam unless the Authority has given approval in writing for such change.
In subsection (5), "control" means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policy of the insurer.
Insurance Intermediaries
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;