International Insurance and Takaful Order, 2002 · s 7

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s 7

Notwithstanding section 6, the Authority may, having regard to the nature, extent and volume of the international insurance business which the applicant proposes to carry on -

(a)

specify in writing a greater or a lesser amount of working funds;

and

(b)

specify an amount

(in no case to exceed 60% of the amount specified under section 6) which may be provided by way of guarantee to be governed by the law of Brunei Darussalam from a person and in a form acceptable to the Authority.