Insurance Order, 2006 · As enacted
Section 50
Official textFrom Attorney General's Chambers, unchanged
Any insurance intermediary who collects money on behalf of an insurer shall remit such money to the insurer without undue delay-
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;
(a} in respect of an individual insurance agent who carries on life insurance business, within 7 days from the date of receipt thereof;
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;
in respect of a corporate insurance agent who carries on general insurance business, within 30 days from the date of receipt thereof.
Any amount collected under subsection (1) is deemed to have been collected by the insurer.
Any person who fails to comply with this section shall be guilty of an offence and shall be liable on conviction to a :ftne not exceeding $10,000 1
imprisonment for a term not exceeding 6 months or both.
Insurance brokers to act only for insurers entitled to carry on business in Brunei Darussalam.
Terms defined in s 2
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;