Section 5
Section 5
(1)
Subject to this Order, no person shall carry on any class of insurance business in Brunei Darussalam as insurer unless the person is registered as a company under the
Companies Act (Chapter 39).
(2)
No such company shall carry on life business or general business of insurance in Brunei Darussalam as insurer unless –
(a)
it has been registered under this Order in respect of that class of business;
Incorporating amendments until S 1/2016
(Clean copy) NANI/H.AFIF/fiqah _ as of 3rd July 2020
8
BLUV as at 14th January 2016
(b)
it maintains a surplus of assets over liabilities of not less than such amount as may be prescribed;
(c)
it has the deposit required by this Order in respect of it; and
(d)
it is a member of an association of insurers approved by the Authority.
(3)
For the purpose of paragraph (b) of subsection 2, the surplus of assets shall be in the form of cash or securities specified in the Third Schedule.
(4)
For the purpose of this section, the value of assets and liabilities may be determined on a basis to be prescribed.
(5)
Any person who contravenes subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $150,000, imprisonment for a term not exceeding 3 years 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.
Holding out as a registered insurer.