Section 19
Section 19
(1)
Every registered insurer shall establish and keep a register of Brunei Darussalam policies where it carries on business relating to Brunei Darussalam policies.
(2)
Subject to this section, there shall be entered in the register of Brunei
Darussalam policies all Brunei Darussalam policies of the insurer and no policy entered in the register shall be removed from it so long as the insurer is under any liability in respect of that policy.
(3)
Subject to this section, there may be entered in the register of Brunei
Darussalam policies such other policies as the insurer, with the consent (express or implied) of the policy owners may determine, and this Order shall apply in relation to any policy so entered as if it were a Brunei Darussalam policy.
(4)
Subject to subsection (5), an insurer carrying on life business outside Brunei
Darussalam (and not doing so only by the collection or receipt of premiums) may, at the request of the policy owner of a policy belonging to the insurer’s life business –
(a)
refrain from entering the policy in the register of Brunei Darussalam policies, notwithstanding that it is a Brunei Darussalam policy; or
Incorporating amendments until S 1/2016
(Clean copy) NANI/H.AFIF/fiqah _ as of 3rd July 2020
18
BLUV as at 14th January 2016
(b)
remove the policy from the register of Brunei Darussalam policies, and this Order shall thereafter apply in relation to the policy as if it were not a Brunei
Darussalam policy.
(5)
Regulations may provide that subsection (3) or (4) shall apply only in such cases as may be prescribed or shall have effect subject to any prescribed exceptions or restrictions.
(6)
A Brunei Darussalam insurer shall, at the request of any person having an interest in any policy of the insurer, inform him whether or not the policy is entered in any register of policies established by the insurer under this Order.
(7)
Where a Brunei Darussalam insurer has established under this Order any register of policies, the register shall cease to exist as a statutory register under this Order of policies belonging to either class of insurance business, if the insurer ceases to be registered under this Order in respect of that class of business; and any reference in this Order to policies registered under this Order shall be construed accordingly.
(8)
Subject to subsection (7), the register shall, notwithstanding that the insurer at any time has ceased to carry on in Brunei Darussalam either class of insurance business, continue to be maintained by the insurer for policies belonging to that class so long as the insurer is under any liability in respect of those policies registered or required to be registered at that time; but no policies belonging to either class of business shall be entered in the register under subsection (3) when the insurer is not carrying on that class of business in Brunei
Darussalam or is doing so only by the collection or receipt of premiums.
(9)
The register of an existing insurer shall be established as at the beginning of the initial accounting period, and shall be taken for the purposes of this Order to be the date of the establishment of the register.
Incorporating amendments until S 1/2016
(Clean copy) NANI/H.AFIF/fiqah _ as of 3rd July 2020
19
BLUV as at 14th January 2016
Establishment and maintenance of insurance funds and allocation of surplus.