Insurance Order, 2006 · As enacted · Part IV
66. (1}
Official textFrom Attorney General's Chambers, unchanged
The persons who petition under the Companies Act (Chapter 39) for the winding-up of an insurer or insurance broker registered under this Order, or for the continuance of the winding-up of such an insurer or insurance broker subject to the supervision of the Court, shall include the Minister.
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;
(2}
The Minister may, in accordance with the provisions of the Companies
Act (Chapter 39}, present a petition for the winding-up of an insurer or insurance broker registered under this Order if the insurer or insurance broker has contravened or failed to comply with any provision of this Order.
(3}
The Minister shall be a party to any proceedings under the Companies
Act (Chapter 39) relating to the winding-up of such an insurer or insurance bro-ker, and the liquidator in such a winding-up shall give him such information as he may require about the affairs of the insurer or insurance broker, as the case may be.
The Minister if he thinks fit, may support or oppose the petition.
(5}
For the purposes of any proceedings under the Companies Act
(Chapter 39} for the winding-up of such an insurer by the court, the contingent and prospective liabilities of the insurer in respect of policies shall, in determining whether it is unable to pay its debts, be estimated in accordance with such rules as may be prescribed; and evidence that the insurer was insolvent at the close of the last accounting period for which statements of account have been lodged with the Authority under section 59 shall be evidence that the insurer continues to be unable to pay its debts.
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 winding-up of an insurer registered under this Order, section 249
of the Companies Act (Chapter 39) shall not apply to the valuation of liabilities in respect of policies; but in any such winding-up, whether the insurer is insolvent or not, those liabilities shall be estimated in accordance with any prescribed rules or, as regards matters not fixed by the rules, on a basis approved by the Authority.
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;
References in this section to an insurer registered under this Order shall extend to a Brunei Darussalam insurer which has ceased to be so registered but remains under any liability in respect of Brunei Darussalam policies.
1043
Transfers of business
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;
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;