Section 2

the Faculty of Actuaries in Scotland;

the Society of Actuaries in the United States of America;

the Society of Actuaries in Canada; or

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the Australian Institute of Actuaries, or any person holding an equivalent qualification and approved in writing by the Authority as an actuary for the purposes of this Order;

“affiliated”, in relation to a company, has the meaning given by Part II of the

Schedule;

“approved auditor” has the meaning assigned thereto in subsection (1) of section 2 of the International Business Companies Order, 2000 (S 56/2000);

“Authority” means the Autoriti Monetari Brunei Darussalam established by the

Autoriti Monetari Brunei Darussalam Order, 2010;

“benefit” in relation to a policy, includes any money, entitlement, right, interest, power, profit, whether vested or contingent, present or future, and whether direct or indirect, or any other benefit howsoever, whensoever and wheresoever arising;

“certificate” means a written statement of fact which the person making it signs and certifies to be true and complete;

“cellular” and “cell” refer to cells created by a DCC;

“company” includes any corporate legal person, co-operative enterprise, group formed to promote mutual interests of persons, mutual company or fraternal company or any other entity formed or incorporated with or without limited liability in any part of the world, and includes any IBC, DCC and foreign international company however constituted;

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“constituent documents” includes instruments or documents, including the memorandum and articles of association, statute, charter, constitution, rules and by-laws, partnership agreement or other instrument, under or by which a person or body of persons is constituted and the scope of that person’s or body’s functions, business, powers and duties are established;

“controller” has the meaning given by Part I of the Schedule;

“controlling”, in relation to a company, has the meaning given by Part II of the

Schedule;

“Court” means the High Court;

“DCC” means a dedicated cell company incorporated or converted under Part

XIIA of the International Business Companies Order, 2000 (S 56/2000);

“designated supervisory authority”, in relation to a country or territory outside

Brunei Darussalam, means an authority exercising in that country or territory supervisory functions corresponding to those of the Authority under this Order;

“director” includes any person who occupies the position of a director, by whatever name so called, and any alternate or substitute director, and without prejudice to the foregoing in the case of –

a limited company, means a member of the board of directors;

a statutory body, means a member of the board, committee, council, or other governing body, howsoever called, of that statutory body;

a co-operative society, means a member of the board, or other governing body, howsoever called, of that co-operative society;

a partnership, means a partner;

any other body, association or group of persons, whether corporate or unincorporate, means any person having the direction and control of the management of its affairs or business;

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“document” includes information that is inscribed, stored or otherwise fixed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form;

“domestic insurance business” means insurance business including takaful business where the subject-matter of the contract is –

property which at the time of the making of the contract is situated in or is in transit to or from Brunei Darussalam;

a ship or aircraft registered in Brunei Darussalam and all liabilities arising from the ownership and operation of such ship or aircraft;

the life or any contingency related to any person who, at the time of the making of the contract, is a resident;

a risk of any nature in respect of any person who, at the time of the making of the contract, is a resident; or

any other insurance business conducted with a resident within

Brunei Darussalam pursuant to any written law relating to domestic insurance;

“establishment” in relation to –

a limited company, means incorporation or other applicable constituting process;

a statutory body, means coming into existence under the law establishing, appointing or constituting it;

a co-operative society, means registration, incorporation or otherwise coming into legal existence as a mutual or co-operative society, and whether as a legal person or a legal relationship between persons;

a partnership, means formation;

a sole proprietorship, means lawful commencement of its business;

any other body, association or group of persons, whether corporate or unincorporate, which requires registration or any other form of licensing, recording or recognition under any written law or by means of a legally binding agreement before it can lawfully commence its activities, means

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registration, licensing, recording, recognition, receiving of consent or completion under such written law or legally binding agreement;

“financial loss insurance business” includes general insurance business consisting of the effecting and carrying out of contracts of insurance –

against risks of loss to the persons insured arising from the insolvency of their debtors or from the failure (otherwise than through insolvency) of their debtors to pay their debts to the persons insured when due;

against risks of loss to the persons insured arising from their having to perform contracts of indemnity or guarantee entered into by them;

for fidelity bonds, performance bonds, administration bonds, bail bonds, customs bonds or similar contracts of guarantee;

against risks of loss to the persons insured attributable to interruptions of the carrying on of business carried on by them or to reduction of the scope of business so carried on;

against risks of loss to the persons insured attributable to their incurring unforeseen expense;

and such other international insurance business which the Authority determines to be substantially similar to any of the foregoing;

“foreign currency” means any currency other than the currency of Brunei

Darussalam;

“foreign international company” means a company established in a country or territory outside Brunei Darussalam and registered under Part XI of the

International Business Companies Order, 2000 (S 56/2000);

“general insurance business” includes, subject to subsections (2) and (3), any insurance business which is not long-term business;

“holding”, in relation to a company, has the meaning given by Part II of the

Schedule;

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“IBC” means an international business company incorporated or converted under the International Business Companies Order, 2000 (S 56/2000), and includes a DCC;

“insurance business” includes the business of effecting and carrying out contracts –

protecting persons against loss or liability to loss in respect of risks to which such persons may be exposed; or

to pay a sum of money or render money’s worth upon the happening of an event, and includes takaful, re-insurance and re-takaful business;

“insurer” means a person who carries on insurance business;

“international captive insurance business” includes international insurance business where the insured is a holding or affiliated company or other related or associate company of the international insurer or where the insured is a member of a common group, industry or association, or any other person in respect of whom the international insurer is authorised by the Authority to provide insurance or re-insurance, and without limiting the generality of the foregoing includes the classes of captive insurance business known as rent-a-captives, associated captive, cellular captives, agent captives and captive pools;

“international insurance broker” means a person who arranges –

international insurance business on behalf of prospective or existing policy owners; or

international re-insurance business on behalf of any insurer seeking re-insurance, other than an appropriately licensed bank or registered agent and trustee licensed under the Banking Act (Chapter 95), the International Banking Order,

2000 (S 53/2000) or the Registered Agents and Trustees Licensing Order, 2000

(S 54/2000) respectively;

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“international insurance business” means insurance business which is not domestic insurance business and which is transacted in a foreign currency, and includes international takaful and re-takaful business, and international captive insurance business;

“international insurance manager” means a person who provides management or administration services related to international insurance business, but does not include an international underwriting manager;

“international insurer” means a licensee who carries on international insurance business;

“international underwriting manager” means a person, not being a bona fide employee, who provides underwriting services, including the administration of the business, to one or more international insurers;

“liabilities” includes debts, duties and obligations of every kind, whether present or future, and whether vested or contingent;

“licensee” means a person licensed under this Order;

“linked long-term business” means long-term business consisting of contracts under which the benefits payable are determined substantially or exclusively by reference to the value of, or the income from, property of any description

(whether or not specified in the contracts) or by reference to fluctuations in, or in an index of, the value of any property whether or not so specified;

“long-term business” means insurance business of any of the following kinds –

effecting and carrying out contracts of insurance on human life or contracts to pay annuities on human life or which contains elements of both such insurance or annuities;

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effecting and carrying out contracts of insurance against risks of the persons insured sustaining injury as the result of an accident (whether of a specified class or otherwise) or dying as the result of an accident (whether of a specified class or otherwise) or becoming incapacitated or dying in consequence of disease or disease of a specified class, being contracts that are expressed to be in effect for a period of not less than 18 months or without limit of time and either not expressed to be terminable by the insurer before the expiration of 18

months from taking effect thereof or expressed to be so terminable before the expiration of that period only in the special circumstances therein mentioned;

effecting and carrying out contracts of insurance, whether effected by the issue of policies, bonds or endowment certificates or otherwise, whereby in return for one or more premiums paid to the insurer a sum or a series of sums is to become payable to the persons insured in the future, not being contracts such as fall within paragraph (a) or (b);

effecting and carrying out contracts and schemes of family takaful business;

permanent health insurance business whereby individuals rendered unable to work through illness or accident receive income during the period of such inability;

any other insurance business or class of business as may be designated in writing by the Authority;

“long-term business fund” means a fund referred to in section 49;

“long-term insurance” has the same meaning as “long-term business”;

“margin of solvency” has the meaning assigned thereto in section 21;

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“member”, in relation to –

a limited company, means a shareholder;

a statutory body, means a shareholder or, where the statutory body has no share capital, a person who, wholly or jointly with other persons, owns the statutory body;

a co-operative society, means a shareholder or a subscriber;

a partnership, means a partner;

a sole proprietorship, means the sole proprietor; or

any other body, association or group of persons, whether corporate or unincorporate, means any person who has any proprietary interest in such body, association or group of persons;

“Authority” means the Authority of Finance;

“net premium income”, in relation to a financial year, means the premiums receivable under contracts of insurance or re-insurance after deducting any premiums payable for re-insurance arranged in respect of such contracts of insurance or re-insurance;

“office” means any place of business;

“officer”, in relation to a limited company, includes –

a director, executive, company secretary or manager of the limited company;

a receiver or manager of any part of the undertaking of the limited company appointed under a power contained in a debenture or any similar instrument; and

the liquidator of the limited company appointed in a voluntary winding-up;

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“person” includes an individual and any company or association or body of persons, corporate or unincorporate;

“policy” means an insurance policy, bond, certificate, receipt or other document and includes any written contract of insurance and any amendment lawfully effected thereto however respectively concluded, and whether or not embodied in or evidenced by an instrument in the form of an insurance policy; and any reference to a policy of an insurer includes a reference to any policy in respect of which the insurer is under any liability, whether the policy was issued by the insurer or the liability was transferred to the insurer from another insurer;

“policy holder” includes any person however described who for the time being is the legal holder of a policy and, where the context so admits, the representatives, agents successors and assigns of such person;

“property” includes –

money, goods, choses in action, land and every description of property whether movable or immovable; and

obligations, easements and every description of estate, interest and profit, present or future, vested or contingent, arising out of, or incidental to, any property as defined in paragraph (a);

“re-insurance business” means a business whereby the re-insurer assumes a part of the liability under an original contract of insurance of another insurer or re-insurer, and includes re-takaful;

“re-insurer” means a person who carries on re-insurance business;

“related”, in relation to a company, has the same meaning as “affiliated”;

“resident” means any person who is –

an individual residing in Brunei Darussalam; or

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a company incorporated or registered under the Companies Act

(Chapter 35);

“specify” means specify in writing, and a power to specify includes the power to specify differently for different persons or different classes, categories or descriptions of persons;

“subsidiary”, in relation to a company, has the meaning given by Part II of the

Schedule;

“takaful” means insurance based on principles of mutuality and co-operation consistent with the religion of Islam and effected in conformity with the Syariah, and includes family takaful business and general takaful business, and

“re-takaful means a business whereby a person called the re-takaful provider assumes part of the liability under an original contract of takaful or of another re-takaful provider;

“working funds” means –

in relation to an IBC, or where applicable to a cell of a DCC, the paid-up capital, surplus and reserves thereof unimpaired by losses;

in relation to a foreign international company or a company registered under Part IX of the Companies Act (Chapter 39), the surplus of assets over liabilities to be maintained in the books of its branch in Brunei

Darussalam.