Section 3
Section 3
(1)
For the purposes of this Order, insurance business shall be divided into 2
classes –
(a)
life business, which in addition to all insurance business concerned with life policies shall include, in the case of any insurer, any type of insurance business carried on as incidental only to the insurer’s other life business; and
(b)
general business, that is to say, all insurance business which is not life business.
(2)
For the purposes of this Order, the reinsurance of liabilities under insurance policies shall be treated as insurance business of the class and type to which the policies would have belonged if they had been issued by the reinsurer.
(3)
Notwithstanding anything in subsections (1) and (2), if the Authority is satisfied that any part of an insurer’s business which belongs to a particular class or type of insurance business ought in the insurer’s case to be treated as belonging to another class or type, the
Authority may direct that it shall be so treated for the purposes of this Order.
(4)
For the purposes of this Order, references to carrying on insurance business include carrying it on through an agent, or as agent; but “insurer” shall not include an insurance agent as such nor, in the case of a person who is both insurer and insurance agent, have references to business done as insurance agent.
(5)
For the purposes of this Order, “insurer”, means a person who carries on insurance business as an insurer; and references to carrying on insurance business, or any class of insurance business, in Brunei Darussalam mean the receipt of proposals for, or issuing of, policies in Brunei Darussalam or the collection or receipt in Brunei Darussalam of premiums on insurance policies.
Incorporating amendments until S 1/2016
(Clean copy) NANI/H.AFIF/fiqah _ as of 3rd July 2020
7
BLUV as at 14th January 2016
(6)
The operation, otherwise than for profit, of a scheme or arrangement relating to service in particular offices or employments, and having for its object or one of its objects to make provision in respect of persons serving therein against future retirement or partial retirement, or against future termination of service through death or disability, or against similar matters, shall not be treated for the purposes of this Order as carrying on the business of insurance.
(7)
The definitions set out in the Second Schedule shall have effect for the construction of references in this Order to policies of insurance, policy owners and policy moneys.