Section 27
Section 27
(1)
Where an insurer has established an insurance fund under this Order, the insurer shall secure that any documents evidencing the insurer's title to assets of the fund, or assets falling within subsection (6) of section 23, so long as the documents are held by or on behalf of the insurer, shall be kept in Brunei Darussalam or, if not so kept, shall be kept in the custody of a person approved by the Authority, and at a place and on terms so approved:
Incorporating amendments until S 1/2016
(Clean copy) NANI/H.AFIF/fiqah _ as of 3rd July 2020
29
BLUV as at 14th January 2016
Provided that the Authority may, in the case of an insurer who is being investigated under this Order or where the Authority is satisfied that the affairs of an insurer are being conducted in a manner likely to be detrimental to the interests of the policy owners or potential policy owners, direct that all such documents be handed over to be kept by him or by a person approved by him at a place and on terms so approved.
(2)
An insurer who has established an insurance fund under this Order shall from time to time notify the Authority in writing –
(a)
of the person having the custody of any such documents on behalf of the insurer, and the fact of any person ceasing to do so; and
(b)
of the reason why any such documents are not held by or on behalf of the insurer, and the identity of the documents in question.
(3)
Any document kept by the Authority or by a person approved by him pursuant to the provision to subsection (1) shall not be released except with the consent in writing of the
Authority.
(4)
Any such document which is for the time being held by or on behalf of the insurer shall, on the Authority giving not less than one day’s notice in writing to the insurer or to the person having the custody of the document, be produced for inspection to the Authority by the person to whom the notice is given.
(5)
A person who fails to comply with this section shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $10,000, 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.
Enforcement of requirements as to registers of policies and insurance funds and payment of levies by insurers.