Stamp Act · 2022 Revised Edition · Part · Offences and Penalties
61. Assuring unless under policy duly stamped
Official textFrom Attorney General's Chambers, unchanged
Any person who —
becomes an assurer upon any sea insurance or enters into any contract for sea insurance, or directly or indirectly receives or contracts or takes credit in account for any premium or consideration for any sea insurance, or knowingly takes upon himself any risk, or renders himself liable to pay, or pays any sum of money upon any loss, peril or contingency relative to any sea insurance, unless the insurance is expressed in a policy of sea insurance duly stamped; or
makes or effects or knowingly procures to be made or effected any sea insurance, or directly or indirectly gives or pays, or renders himself liable to pay, any premium or consideration for any sea insurance, or enters into any contract for sea insurance, unless the insurance is expressed in a policy of sea insurance duly stamped; or
is concerned in any fraudulent contrivance or device, or is guilty of any wilful act, neglect or omission with intent to evade the duties payable on policies of sea insurance or whereby the duties may be evaded, is guilty of an offence and liable on conviction to a fine of $400.
Stamp
Every broker, agent or other person negotiating or transacting any sea insurance contrary to the true intent and meaning of this Act, or executing any policy of sea insurance upon paper not duly stamped, shall for every such offence be liable to a fine of $400 and shall not have any legal claim to any charge for brokerage, commission or agency or for any money expended or paid by him with reference to the insurance, and any money paid to him in respect of any such charge is deemed to be paid without consideration, and shall remain the property of his employer.
policy of sea insurance
“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;
Any person who makes or issues or causes to be made or issued any document purporting to be a copy of a sea policy, and there is not at the time of the making or issue in existence a policy duly stamped whereof the said document is a copy, shall for such offence, in addition to any other fine or penalty to which he may be liable, be liable 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;
paper
Defined · s 2“paper” includes every material upon which words or figures can be expressed;
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;
property
Defined · s 2“property” includes movable and immovable property and any estate in any property movable or immovable and any debt and anything in action and any other right or interest in the nature of property whether in possession or not;