Section 30

In the case of a life policy issued as a Brunei Darussalam policy after the commencement of this Order, to a policy owner who is a citizen of Brunei Darussalam, any policy moneys or moneys payable on the surrender of the policy shall, notwithstanding anything in the policy or in any agreement relating thereto, be paid in Brunei Darussalam currency, unless at the time of payment it is otherwise agreed between the insurer and the person entitled to payment.

Where an insurer satisfies the Authority as regards any life policy registered under this Order by the insurer that the policy moneys (including any moneys payable on the surrender of the policy) are not, under the policy or any agreement relating thereto, to be paid in Brunei Darussalam currency, then for the purpose of subsection (3) of section 23 there shall be disregarded from the value of the assets of the relevant insurance fund such amount as is equal to the value of the insurer’s liability in respect of the policy determined on a basis approved by the Authority.

Assumption of risk by insurer and collection and refund of premium.