Section 18
of International Insurance and Takaful Order, 2002
Section 18
(1)
Every licensee which is an IBC or a company incorporated under the Companies
Act (Chapter 39) shall, prior to the making of any amendment or alteration to any of its constituent documents, or prior to any change of its controller, any director or chief executive officer, furnish to the Authority particulars in the prescribed form of any such proposed amendment, alteration or change, for the approval of the Authority.
(2)
Every licensee which is a foreign international company or a company registered under Part IX of the Companies Act (Chapter 39) shall, upon the making of any amendment or alteration to any of its constituent documents, or prior to any change of its controller, any director or chief executive officer within Brunei Darussalam, notify the
Authority in the prescribed form of any such amendment, alteration or change.
(3)
Any person who contravenes this section is guilty of an offence and shall be liable on conviction to a fine not exceeding $20,000.
Annual licence fee.