Section 25
of International Insurance and Takaful Order, 2002
Section 25
(1)
No international insurer shall carry on any business activities in Brunei
Darussalam other than its international insurance business or business activities in connection with or for the purposes of such international insurance business.
(2)
Notwithstanding the definition of “international insurance business” and notwithstanding subsection (1) or any other written law, an international insurer may, with the prior consent of the Authority and subject to such conditions as its Authority may deem appropriate, deal with the re-insurance of domestic insurance business, including the re-insurance of domestic insurance business transacted in the currency of Brunei Darussalam.
(3)
No international insurer shall act on behalf of another international insurer as an international insurance manager or international underwriting manager unless such first-mentioned international insurer has been granted a licence to carry on business as an international insurance manager or international underwriting manager, as the case may be.
22
BLUV as at 14th January 2016
Restrictions on and duties of international insurance managers, international underwriting managers and international insurance brokers.