Section 48
of International Insurance and Takaful Order, 2002
Section 48
(1)
In this Part, unless the context otherwise requires –
“creditor” means a person to whom an obligation is owed and includes any person who alleges or pursues a claim or claim or cause of action on behalf of or in the name of a creditor;
40
BLUV as at 14th January 2016
“intent to defraud” means an intention wilfully to defeat an obligation owed to a creditor;
“long-term premium” means any money, money’s worth or property (including existing policies of insurance or annuities) that is paid or transferred to an insurer licensed under this Order as, or held by such insurer as security for payment of, a bona fide premium under a contract of long-term insurance issued by that insurer;
“obligation” means a qualified binding obligation or liability due to a specific creditor that existed on or before the date of a transfer of a long-term premium to an insurer and of which the debtor had actual knowledge or notice;
“protected policy holder” means a policy holder in respect of long-term business, and who pays or is obligated under that contract or an associated contract or policy to pay a long-term premium.
(2)
This Part applies to –
(a)
any action or proceedings in any jurisdiction relating to the transfer or payment of money or other property, or the exchange of an existing policy, as a long-term premium payment to a licensee hereunder in return for a contract or policy of long-term international insurance, whether the money or property so transferred has its situs within Brunei Darussalam or elsewhere after such transfer or disposition, so long as the transfer, payment or exchange of policies takes place after the date of commencement of this Order;
(b)
any action or proceeding by a creditor alleging fraudulent conveyance, fraud or a cause of action sounding in fraud against a protected policy holder who has paid a long-term insurance premium to an insurer, whether or not against the insurer to which or for whose benefit such premium was paid, to the exclusion of any other remedy, principle or rule of law of any jurisdiction, whether provided by statute, the common law or the doctrines of equity.
41
BLUV as at 14th January 2016
(3)
For the purposes of this Part, a premium shall be deemed paid when it is transferred to an international insurance agent, an appropriately licensed bank or registered agent as mentioned in section 2(1) or a broker when an existing contract or policy is exchanged in lieu of payment of a premium.
(4)
This Part shall operate subject to the provisions of any written law relating to money-laundering or the recovery of the proceeds of crime.
Assets attributable to long-term business.