Section 51
of International Insurance and Takaful Order, 2002
Section 51
(1)
Notwithstanding any other provision of this Order, any other written law, the common law or the doctrines of equity to the contrary, no long-term business fund or funds shall be chargeable with or liable for –
(a)
any liability, obligation or loss arising from any general or other business of the insurer maintaining such account;
(b)
the claims of any creditor or of any person, except as provided in this
Part or expressly in the policy; or
(c)
any liability, obligation or loss arising from or primarily relating to any other policy holder of the insurer, whether that other policy holder is entitled to the protections of this Part or not.
43
BLUV as at 14th January 2016
(2)
Neither the cash, liquidation or residual value under any policy as to which a protected premium account is maintained, nor dividends or other income paid to, by or for any such account, shall be subject to any lien, charge, charging order, encumbrance, attachment or sequestration by any court except to the extent provided in a final order or judgment made under section 50.
(3)
No residual interest of an insurer, or any interest of a beneficiary in or under a policy to which this Part applies shall be subject to any injunction, lien, charge, charging order, encumbrance, injunction, attachment or sequestration.
(4)
No judgment or order made by any court, tribunal, arbitration panel or government of any other country or jurisdiction which is contrary to this Part shall be enforceable in Brunei Darussalam.
Extent of avoidance of payment of premium.