International Insurance and Takaful Order, 2002 · As enacted
Section 11
Official textFrom Attorney General's Chambers, unchanged
Every applicant for a licence to carry on business as an international insurance manager, international underwriting manager or international insurance broker shall satisfy the Authority that -
{a}
the controllers, directors and chief executive officers of the applicant are fit and proper persons having knowledge of the insurance-related activities proposed to be conducted to properly discharge and perform such activities; and
{b}
the applicant is able to satisfy to the best of its ability that it will be able to maintain sufficient funds in its business to cover its expenses in the proposed activities in Brunei
Darussalam for the period covered by its business plan.
Every application for a licence to carryon or transact any business as an international insurance manager, international underwriting manager or international insurance broker shall be submitted to the
Authority in the prescribed form and shall be accompanied by the prescribed fee, together with such documents and information relating to such applicant as are referred to in section 9.
The Authority may require from an applicant such further information and documents as may be specified by the
Authority for the purpose of determining the application.
The matters specified under subsection
may differ as between applicants, or different classes, categories or descriptions of applicants and as between the class or classes of business to be conducted.