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bruneilawsby aturio
In forceAs enacted
Contents

Part IV

64. Inspections and investigations of affairs of insurers

(1)

The Authority may from time to time inspect the books, accounts and transactions of a registered insurer and institute an investigation into the whole or any part of the insurance business carried on in Brunei Darussalam by the insurer.

(2)

The costs and expenses of any investigation under subsection (1) shall be paid by the insurer.

(3)

In making an inspection or investigation under this section, the

Authority may, by notice in writing, require -

(a} the insurer, or any person having the custody thereof on behalf of the insurer;

1040

(b)

any person who is or has at any time been or acted as a director, actuary, auditor, officer, servant or agent of the insurer; or

(c)

any past or present member or policy owner of the insurer, to produce for his inspection, and allow him to copy the whole or any part of any books, accounts, records or other documents of the insurer, whether kept in Brunei Darussalam or elsewhere (including documents evidencing the insurer's title to any assets):

Provided that a requirement under this subsection shall extend only to documents relating to business carried on by the insurer in Brunei Darussalam, or evidencing the insurer's title to assets held for the purposes of any such business.

(4)

For the purpose of this Order, assets include-

(i)

immovable property

(ii)

movable property

(iii)

investments

(iv)

company and other investments

(v)

cash

(vi)

other assets any land, building and fixtures;

any furniture, equipment, books, periodicals and any motor vehicles, vessels, ships, aircraft and other means of conveyance of whatever description, including tractors, bulldozers and any other type of light and heavy machinery, as well as tools and appliances;

any

Government

Securities, including bonds and securities of any quasi-government bodies or agencies and

Treasury Bills;

any stocks and shares, whether quoted in any stock exchange or unquoted, including any bonds, ordinary or preference shares and debentures;

any cash deposited in any bank or lending institution, or placed with any other body or agency for whatever period, either on current or &xed deposit account, including any determinable amount of cash in hand; and any outstanding premium, commission and other debt or payment due and payable, and rights contractual or otherwise, including an interest therein accruing to or vested in the insurer.

(4)

In making an investigation under this section, the Authority may require any such person as is specified in subsection (3) to attend before him and 1041

BRUNEI DARUSSALAM GOVERNMENT GAZETTE be examined on oath with respect to the insurer's business, and for the purposes of this subsection may administer oaths.

(5)

Any person who refuses or fails when required to do so under subsection (3) or (4) to produce any document in his custody or to attend for or submit to examination by the Authority or any person appointed by him, or to answer any question put to him on such examination shall be guilty of an offence and shall be liable on conviction to a fme not exceeding $10,000, and in the case of a continuing offence to a further fine not exceeding $1,000 for every day during which the offence continues after conviction.

Powers of Authority to issue directions.

Report

Read on from s 65

Schedules