Insurance Order, 2006 · As enacted · Part III
5. Requirements for carrying on business as insurer
Official textFrom Attorney General's Chambers, unchanged
Subject to this Order, no person shall carry on any class of insurance business in Brunei Darussalam as insurer unless the person is registered as a company under the Companies Act (Chapter 39).
insurance business
"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;
No such company shall carry on life business or general business of insurance in Brunei Darussalam as insurer unless
{a}
it has been registered under this Order in respect of that class of business;
(bJ it maintains a surplus of assets over liabilities of not less than such amount as may be prescribed;
(cJ it has the deposit required by this Order in respect of it; and
(dJ it is a member of an association of insurers approved by 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;
For the purpose of paragraph (bJ of subsection 2, the surplus of assets shall be in the form of cash or securities specified in the Third Schedule.
For the purpose of this section, the value of assets and liabilities may be determined on a basis to be prescribed.
Any person who contravenes subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $25,000, imprisonment for a term not exceeding 3 years or both, and in the case of a continuing offence to a further fine not exceeding $2,000 for every day during which the offence continues after conviction.
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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 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;