Section 31
( 1)
of Insurance Regulations, 2006
Subsidiary LegislationIn forceProvision 31 of 42
Section 31
Where a policy belonging to the insurer, s life business is under subsection (4) of section 19 of the Order removed from the register of Brunei
Darussalam policies, the maximum amount that may be withdrawn from the insurance fund in respect of that policy shall be an amount equal to the insurer's liabilities in respect of the policy as at the date of the removal.
(2)
The said liabilities shall be valued on the basis adopted for the last statutory valuation relating to the insurer's life business (or, if there has been no such valuation, on the minimum basis in the case of a life policy and on a basis approved by the Authority in other cases) and shall be valued as for a statutory valuation.
1091
Minimum surrender.