Insurance Order, 2006 · As enacted · Part IV
Section 60
Official textFrom Attorney General's Chambers, unchanged
Subject to this section, an insurer registered under this Order in respect of life business shall once in a period of 12 months have an investigation to be made by a qualified actuary into the financial condition of its life business and shall lodge with the Authority (together with any prescribed fee) such abstract of the actuary's report and certificate relating thereto and such statements as to that business as are prescribed under subsection (1) of section 59.
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;
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(2}
An investigation under subsection (1) shall be made as at the end of each accounting period. The actuary shall certify that in his opinion the reserves of the insurer are adequate or otherwise for the insurer's business and also how the surplus if any, of the funds of the insurer attributable to its life insurance business shall be apportioned between its participating policy owners and its shareholders.
accounting period
"accounting period", in relation to any insurer, means the period for which the insurer makes up the accounts of the insurance business carried on by him in Brunei Darussalam; but, unless in any particular case the Authority allows those accounts to be made up for a longer or shorter period, every accounting period for which those accounts have not been made up before the commencement of this Order shall be a period of 12 months beginning from the commencement of that business or from the end of the preceding accounting period, and
In the case of a company incorporated or established outside Brunei
Darussalam, the investigation required by subsection (1) need not extend beyond the business for which an insurance fund is maintained under this Order, but if such a company is required by the law relating to insurance in the country in which it is incorporated or established to furnish the authority having the administration of that law with returns as to actuarial investigations of its life business, the document to be lodged with the Authority under this section shall be accompanied by certified copies of any such returns made since the company was first registered under this Order in respect of life business (or in, the case of an existing insurer, since the commencement of this Order), other than returns of which copies have previously been furnished under this subsection. References in this section to documents lodged with the Authority shall be deemed not to include documents required by this section to accompany documents so lodged.
existing
"existing" means existing immediately before the commencement of this Order;
Where an insurer registered under this Order in respect of life business-
{a)
has an actuarial investigation made into the life business for which it maintains an insurance fund under this Order (whether with or without any other life business carried on by it); and
{b)
the investigation is not made to comply with subsection (1} or with any provision as to returns in the law relating to insurance in a country outside Brunei Darussalam, but the results of the investigation are made public, then the insurer shall, as to the lodging of documents with the Authority, comply with the requirements of subsection ( 1) as in the case of an investigation made under that subsection.
Power to require returns under section 59 or 60 to be rectified.
Terms defined in s 2
accounting period
Defined · s 2"accounting period", in relation to any insurer, means the period for which the insurer makes up the accounts of the insurance business carried on by him in Brunei Darussalam; but, unless in any particular case the Authority allows those accounts to be made up for a longer or shorter period, every accounting period for which those accounts have not been made up before the commencement of this Order shall be a period of 12 months beginning from the commencement of that business or from the end of the preceding accounting period, and
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;
existing
Defined · s 2"existing" means existing immediately before the commencement 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;