Section 66

The persons who petition under the Insolvency Order, 2016 for the winding-up of an insurer or insurance broker registered under this Order, or for the continuance of the winding-up of such an insurer or insurance broker subject to the supervision of the Court, shall include the Authority.

The Authority may, in accordance with the provisions of the Insolvency Order,

2016, present a petition for the winding-up of an insurer or insurance broker registered under this Order if the insurer or insurance broker has contravened or failed to comply with any provision of this Order.

The Authority shall be a party to any proceedings under the Insolvency Order,

2016 relating to the winding-up of such an insurer or insurance broker, and the liquidator in such a winding-up shall give him such information as he may require about the affairs of the insurer or insurance broker, as the case may be.

The Authority if he thinks fit, may support or oppose the petition.

For the purposes of any proceedings under the Insolvency Order, 2016 for the winding-up of such an insurer by the court, the contingent and prospective liabilities of the insurer in respect of policies shall, in determining whether it is unable to pay its debts, be estimated in accordance with such rules as may be prescribed; and evidence that the insurer was insolvent at the close of the last accounting period for which statements of account have been lodged with the Authority under section 59 shall be evidence that the insurer continues to be unable to pay its debts.

Incorporating amendments until S 1/2016

(Clean copy) NANI/H.AFIF/fiqah _ as of 3rd July 2020

63

BLUV as at 14th January 2016

In the winding-up of an insurer registered under this Order, section 146(2) of the Insolvency Order, 2016 shall not apply to the valuation of liabilities in respect of policies;

but in any such winding-up, whether the insurer is insolvent or not, those liabilities shall be estimated in accordance with any prescribed rules or, as regards matters not fixed by the rules, on a basis approved by the Authority.

References in this section to an insurer registered under this Order shall extend to a Brunei Darussalam insurer which has ceased to be so registered but remains under any liability in respect of Brunei Darussalam policies.

Transfers of business

Special provision for insurers directed to cease insurance business.