Section 21

a fund margin of solvency in respect of each of the insurance funds established by the insurer under this Order; and

a margin of solvency, of such amounts as may be prescribed or determined in accordance with regulations.

a paid-up share capital of an insurer incorporated in Brunei Darussalam or, where an insurer incorporated outside Brunei Darussalam does not have a share capital, its surplus of assets over liabilities, different margins of solvency under subsection (1) for different classes of insurance business and for different types of insurers; and

in respect of any type of insurers, any exception from the requirements of subsection (1).

provide for the determination of the value of assets and the amount of liabilities in any case in which the value or amount is required by this section to be determined in accordance with regulations;

provide that, for any specified purpose, assets or liabilities of any specified class or description shall be left out of account or shall be taken into account only to a specified extent; and

make different provision in relation to different cases or circumstances.

the fund margin of solvency in respect of any insurance fund is the excess of the value of the assets over the liabilities of the fund;

the margin of solvency of a registered insurer is the excess of the value of its assets over the amount of its liabilities; and

Incorporating amendments until S 1/2016

(Clean copy) NANI/H.AFIF/fiqah _ as of 3rd July 2020

23

BLUV as at 14th January 2016

that value and amount being determined in accordance with any applicable valuation regulations.