Section 59
of International Insurance and Takaful Order, 2002
Section 59
(1)
Notwithstanding any written law or rule of law or equity, a person shall, for the purposes of this Order and without prejudice to any other insurable interest however arising, be deemed to have an insurable interest relative to any life insured under a policy of long-term business where –
(a)
he establishes that he is a beneficiary of a policy holder under a policy and the life insured has, without reserving his right to claim compensation, prior to the effecting of the policy, irrevocably agreed in writing that the policy may be effected upon his life;
(b)
the person effecting the policy has a legal liability or moral obligation, howsoever arising, to insure the life insured; or
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BLUV as at 14th January 2016
(c)
the life insured has irrevocably given his prior written consent to the effecting of a policy nominating a third party to be the recipient of benefits, and in any of such cases, the policy holder shall, subject to the terms of the policy, have full power of disposition in relation to the policy prior to the time or event at or upon which the insured risk has materialised.
(2)
No insurable risk shall be deemed to arise or exist pursuant to subsection (1)
where the terms of the policy are held by the Court to constitute or to further a result or event which is unlawful under any written law or is otherwise contrary to public policy in Brunei
Darussalam.
Provision of information to designated supervisory authority.