53. Registration of insurance brokers

Ill No person shall, without being registered by the Authority, carry on insurance business in Brunei Darussalam as an insurance broker unless -

{a}

it is a company as defi.ned in the Companies Act (Chapter 391;

{b)

it has a minimum paid-up share capital;

{c)

it has a professional indemnity insurance as may be prescribed;

and

{d)

unless the Authority has been furnished with such documents and information as may be prescribed or he may require in a particular case.

121

In registering an insurance broker, the Authority may impose such conditions as he thinks fi.t and may at any time add to, vary or revoke such conditions.

(31

The registration of an insurance broker under this section shall be for a period of one year and is renewable every year.

(41

Insurance brokers shall pay such fees as may be prescribed.

(51

The Authority may revoke the registration of any insurance broker if he is satisfied that any of the conditions imposed in relation to the registration has been breached or that it is in the interests of the public to do so.

(61

No director or other management staff, or any member of his immediate family, or a company carrying on business as an insurance broker shall hold shares in any insurance company. Upon the 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.

(71

For the purpose of subsection (61, "member of his immediate family"

includes a wife, husband, father, mother, son and daughter.

(81

Any person who contravenes subsection Ill shall be guilty of an offence and shall be liable on conviction to a fi.ne not exceeding $10,000, increased by a fi.ne 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.

1032

s 2~fc7 20th. MARCH, 2006