Section 53
Section 53
(1)
No person shall, without being registered by the Authority, carry on insurance business in Brunei Darussalam as an insurance broker.
Incorporating amendments until S 1/2016
(Clean copy) NANI/H.AFIF/fiqah _ as of 3rd July 2020
47
BLUV as at 14th January 2016
(1A)
Such person shall not be registered by the Authority unless –
(a)
it is a company defined in the Companies Act (Chapter 39);
(b)
it has such minimum paid-up share capital as may be prescribed;
(c)
it has such professional indemnity insurance as may be prescribed; and
(d)
the Authority has been furnished with such documents and information as may be prescribed or as he may require in any particular case.
(2)
In registering an insurance broker, the Authority may impose such conditions as he thinks fit and may at any time add to, vary or revoke such conditions.
(3)
The registration of an insurance broker under this section shall be for a period of one year and is renewable every year.
(4)
Insurance brokers shall pay such fees annual and registration as may be prescribed.
(5)
The Authority may revoke the registration of any insurance broker 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.
(5A)
The Authority shall cause notice of any registration or the revocation of any registration of an insurance broker to be published in the Gazette.
(6)
No director or other management staff, or any member of his immediate family, or a company carrying on business as an insurance broker shall hold shares in any insurance company. Upon the 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.
Incorporating amendments until S 1/2016
(Clean copy) NANI/H.AFIF/fiqah _ as of 3rd July 2020
48
BLUV as at 14th January 2016
(7)
For the purpose of subsection (6), “member of his immediate family” includes a wife, husband, father, mother, son and daughter.
(8)
Any person who contravenes subsection (1) or (1A) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $50,000, 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.
Insurance brokers in insurance transactions.