Section 26

Without the prior written consent of the Authority, no licensed international insurance manager shall provide any services other than administrative services, and no licensed international underwriting manager shall provide any services other than underwriting services.

Without the prior written consent of the Authority, no licensed international underwriting manager shall provide underwriting services in or from Brunei Darussalam to any person not licensed under this Order or to any business carried on by an insurer registered under any written law relating to domestic insurance.

Without the prior written consent of the Authority, no licensed international insurance broker shall act as a broker in respect of domestic insurance business, but a licensed international insurance broker may, notwithstanding any other written law, deal with the re-insurance of domestic insurance business, including the re-insurance of domestic insurance business transacted in the currency of Brunei Darussalam.

Every licensed international insurance manager or licensed international underwriting manager who acts on behalf of an international insurer shall keep its own funds separate from the funds of the international insurer, and shall not apply the funds of such international insurer to meet any of its expenses or liabilities other than in respect of the international insurance business.

Any consent given by the Authority under subsection (1), (2) or (3) may be given subject to such conditions, including the payment of a fee, as the Authority may determine, and may at any time be varied or revoked.

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BLUV as at 14th January 2016

List of international insurers to be supplied by international insurance managers and international underwriting managers.