Section 15
Section 15
(1)
An insurer shall not carry on investment-linked insurance business or annuity insurance business in Brunei Darussalam without the approval in writing of the Authority and subject to such conditions as he may impose.
(2)
For the purpose of this section, “investment-linked insurance business” means the effecting and carrying out of a contract of life insurance under which the benefits payable to the policy owner is the greater between –
(a)
a specified minimum amount payable on death, on survival to a specified date, or at specified intervals; and
(b)
an amount which is determined by reference to the value at the relevant date of, or the income during the relevant period from, assets of a description specified in the policy or in any related statement.
(3)
Any insurer who contravenes subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $50,000, and in the case of a continuing offence to a further fine not exceeding $1,000 for every day during which the offence continues after conviction.
Deposits, register of policies, insurance funds and reinsurance
Deposits.