Stamp Act · 2022 Revised Edition · Part · Offences and Penalties
60. Not making out policy or making one not duly stamped
Official textFrom Attorney General's Chambers, unchanged
Any person who —
receives or takes credit for any premium or consideration for any insurance other than a sea insurance and does not within 3 months after receiving or taking credit for the premium or consideration make out and execute a duly stamped policy of insurance; or
makes, executes or delivers out or pays or allows in account or agrees to pay or allow in account any money upon or in respect of any policy other than a policy of sea insurance which is not duly stamped, is guilty of an offence and liable on conviction to a fine of $400.
Terms defined in s 2
money
Defined · s 2“money” includes all sums whether expressed in the currency of Brunei Darussalam or in any other currency;
policy of insurance
Defined · s 2“policy of insurance” includes — (a) any instrument by which one person in consideration of a premium engages to indemnify another against loss, damage or liability arising from an unknown or contingent event; (b) a life policy and any policy insuring any person against accident or sickness or any other personal insurance;
policy of sea insurance
Defined · s 2“policy of sea insurance” means any insurance (including re-insurance) made upon any ship or vessel (whether for marine or inland navigation) or upon the machinery, tackle or furniture of any ship or vessel or upon any goods, merchandise or property of any description whatever on board of any ship or vessel or upon the freight of or any other interest which may be lawfully insured in or relating to any ship or vessel; and includes any insurance of goods, merchandise or property for any transit which includes, not only a sea risk as above, but also any other risk incidental to the transit insured from the commencement of the transit to the ultimate destination covered by the insurance. Where any person, in consideration of any sum of money paid or to be paid for additional freight or otherwise, agrees to take upon himself any risk attending goods, merchandise or property of any description whatever while on board of any ship or vessel, or engages to indemnify the owner of such goods merchandise or property from any risk, loss or damage, such agreement or engagement is deemed to be a contract for sea insurance;