Insurance Order, 2006 · As enacted
Section 48
Official textFrom Attorney General's Chambers, unchanged
No person shall, without being registered by the Authority, carry on insurance business in Brunei Darussalam as an insurance agent.
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;
In registering an insurance agent, the Authority may appoint a person, a body of persons or an association of insurers to administer examinations for a person who wishes to apply for registration as an insurance agent.
insurance agent
"insurance agent" means a person who does all or any of the following- {a} solicits or obtains a proposal for insurance on behalf of an insurer; 999 20th. MARCH, 2006 {b) offers or assumes to act on behalf of an insurer in negotiating a policy; {c) does any act on behalf of an insurer in relation to the issuance, renewal or continuance of a policy;
Notwithstanding subsection (2L the Authority may register a person as an insurance agent on a temporary basis, for a period not exceeding one year, pending the passing of the required examination.
The registration of an insurance agent under this section shall be for a period of one year and is renewable every year.
Insurance agents shall pay such fees as may be prescribed.
No director or other management staff, or any member of his immediate family, or a company carrying on business as an insurance agent shall hold shares in any insurance company. Upon the date of commencement of this
Order, any such person holding shares or any other interest in any insurance company shall within a period of one year after such date relinquish such shares or other interest.
For the purpose of subsection (6), "member of his immediate family"
includes a wife, husband, father, mother, son and daughter.
The Minister may, with the approval of His Majesty the Sultan and Yang
Di-Pertuan, by regulations, prescribe such qualifications for insurance agents as he sees fit.
Any person who contravenes subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $10,000 1 increased by a fine not exceeding $2,000 for each day on which he is proved to have done so, imprisonment for a term not exceeding 6 months or both.
Pre-contract disclosure by insurance intermediary.
insurance intermediary
"insurance intermediary" means a person who, as an agent for one or more insurers or as an agent for insured or intending insured, arranges contracts of insurance;
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;
insurance agent
Defined · s 2"insurance agent" means a person who does all or any of the following- {a} solicits or obtains a proposal for insurance on behalf of an insurer; 999 20th. MARCH, 2006 {b) offers or assumes to act on behalf of an insurer in negotiating a policy; {c) does any act on behalf of an insurer in relation to the issuance, renewal or continuance of a policy;
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;
insurance intermediary
Defined · s 2"insurance intermediary" means a person who, as an agent for one or more insurers or as an agent for insured or intending insured, arranges contracts of insurance;