Section 25

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"approved financial institutions"

means commercial banks, finance companies and merchant banks approved by the Authority;

"Brunei Darussalam Insurance Fund" means any insurance fund established in respect of Brunei Darussalam policies under subsection (1) of section 20

of the Order;

"Brunei Darussalam Insurance Fund Assets" shall be the aggregate of all assets for which valuation bases are specified in regulations 13 to 24 and any other asset which the Authority may allow;

"liquid assets" shall consist of securities of the Government and public authorities of Brunei Darussalam, cash and deposits in Brunei Darussalam dollars in approved financial institutions, and bills of exchange in Brunei

Darussalam dollars accepted or endorsed by banks licensed under the

Banking Act (Chapter 95), the Islamic Banking Act (Chapter 168) or any other financial institution approved by the Authority which arise from bona

{ide commercial transactions and which are payable within 3 months;

"office buildings" means buildings owned by the insurer and used as the headquarters for its operations in Brunei Darussalam and which the insurer occupies at least one-third of the office space;

"overseas assets" means loans to and securities issued by non-residents, deposits and property held overseas;

"property shares" means shares that are classified by a recognised stock exchange as property shares and, in the case of unquoted shares, means shares of any company whose investment in property constitutes not less than 50 per cent of its total assets;

"written premiums" means gross premiums during the accounting period in respect of Brunei Darussalam policies issued, and reinsurances accepted, which are entered in an insurer's register of Brunei Darussalam policies, reduced by return premiums and premiums in respect of reinsurances on Brunei Darussalam policies ceded during the accounting period to a registered insurer.

Application of this Part.