Insurance Order, 2006 · As enacted
Section 51
Official textFrom Attorney General's Chambers, unchanged
Subject to subsection (2), no insurance broker shall in the course of his business as such negotiate any contract of insurance with an insurer other than an insurer entitled under this Order to carry on the business in question in Brunei
insurance broker
"insurance broker" means any company who, for compensation as an independent contractor, in any manner solicits, negotiates or procures insurance or the renewal or continuance thereof on behalf of an insured other than himself;
Darussalam{ and no person in Brunei Darussalam shall solicit insurance business for an insurer not entitled to carry on that business in Brunei Darussalam; and any person contravening this subsection shall be guilty of an offence and shall be liable on conviction to a :ftne not exceeding $20,000, increased by a :ftne not exceeding $4,000 for each day on which he is proved to have done so, imprisonment for a term not exceeding one year or both.
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;
The references in subsection ( 1) to a contract of insurance and to insurance business shall not apply to reinsurance or business relating to risks outside Brunei Darussalam or such other risks as may be prescribed.
1031
Application of sections 40 to 45.
Terms defined in s 2
insurance broker
Defined · s 2"insurance broker" means any company who, for compensation as an independent contractor, in any manner solicits, negotiates or procures insurance or the renewal or continuance thereof on behalf of an insured other than himself;
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;