Section 48
Section 48
(1)
No person shall, without being registered by the Authority, carry on insurance business in Brunei Darussalam as an insurance agent.
(2)
In registering an insurance agent, the Authority may appoint a person, a body of persons or an association of insurers to administer examinations for a person who wishes to apply for registration as an insurance agent.
Incorporating amendments until S 1/2016
(Clean copy) NANI/H.AFIF/fiqah _ as of 3rd July 2020
44
BLUV as at 14th January 2016
(2A)
In registering an insurance agent, the Authority may impose such conditions as he thinks fit and may at any time add to, vary or revoke such conditions.
(2B)
The Authority may revoke the registration of any insurance agent if he is satisfied that any of the conditions imposed in relation to the registration has been breached or that it is in the interests of the public to do so.
(2C)
The Authority shall cause notice of any registration or of the revocation of any registration of an insurance agent to be published in the Gazette.
(3)
Notwithstanding subsection (2), the Authority may register a person as an insurance agent on a temporary basis, for a period not exceeding one year, pending the passing of the required examination.
(4)
The registration of an insurance agent under this section shall be for a period of one year and is renewable every year.
(5)
Insurance agents shall pay such registration and annual fees as may be prescribed.
(6)
No director or other management staff, or any member of his immediate family, or a company carrying on business as an insurance agent shall hold shares in any insurance company. Upon the date of commencement of this Order, any such person holding shares or any other interest in any insurance company shall within a period of one year after such date relinquish such shares or other interest.
(7)
For the purpose of subsection (6), “member of his immediate family” includes a wife, husband, father, mother, son and daughter.
Incorporating amendments until S 1/2016
(Clean copy) NANI/H.AFIF/fiqah _ as of 3rd July 2020
45
BLUV as at 14th January 2016
(8)
The Authority may, with the approval of His Majesty the Sultan and Yang Di-Pertuan, by regulations, prescribe such qualifications for insurance agents as he sees fit.
(9)
Any person who contravenes subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $20,000, imprisonment for a term not exceeding 6 months or both, and in the case of a continuing offence to a further fine not exceeding $2,000 for every day during which the offence continues after conviction.
Pre-contract disclosure by insurance intermediary.