Section 60
Section 60
(1)
Subject to this section, an insurer registered under this Order in respect of life business shall once in a period of 12 months have an investigation to be made by an actuary into the financial condition of its life business and shall lodge with the Authority (together with any prescribed fee) such abstract of the actuary’s report and certificate relating thereto and such statements as to that business as are prescribed under subsection (1) of section 59.
Incorporating amendments until S 1/2016
(Clean copy) NANI/H.AFIF/fiqah _ as of 3rd July 2020
55
BLUV as at 14th January 2016
(2)
An investigation under subsection (1) shall be made as at the end of each accounting period. The actuary shall certify that in his opinion the reserves of the insurer are adequate or otherwise for the insurer’s business and also how the surplus if any, of the funds of the insurer attributable to its life insurance business shall be apportioned between its participating policy owners and its shareholders.
(3)
In the case of a company incorporated or established outside Brunei
Darussalam, the investigation required by subsection (1) need not extend beyond the business for which an insurance fund is maintained under this Order, but if such a company is required by the law relating to insurance in the country in which it is incorporated or established to furnish the authority having the administration of that law with returns as to actuarial investigations of its life business, the document to be lodged with the Authority under this section shall be accompanied by certified copies of any such returns made since the company was first registered under this Order in respect of life business (or in, the case of an existing insurer, since the commencement of this Order), other than returns of which copies have previously been furnished under this subsection. References in this section to documents lodged with the Authority shall be deemed not to include documents required by this section to accompany documents so lodged.
(4)
Where an insurer registered under this Order in respect of life business –
(a)
has an actuarial investigation made into the life business for which it maintains an insurance fund under this Order (whether with or without any other life business carried on by it); and
(b)
the investigation is not made to comply with subsection (1) or with any provision as to returns in the law relating to insurance in a country outside Brunei
Darussalam, but the results of the investigation are made public, then the insurer shall, as to the lodging of documents with the Authority, comply with the requirements of subsection (1) as in the case of an investigation made under that subsection.
Incorporating amendments until S 1/2016
(Clean copy) NANI/H.AFIF/fiqah _ as of 3rd July 2020
56
BLUV as at 14th January 2016
(5)
Any person who fails to comply with this section shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $20,000, 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.
Power to require returns under section 59 or 60 to be rectified.