Section 6
of International Insurance and Takaful Order, 2002
Section 6
(1)
Every applicant for a licence to carry on international insurance business shall satisfy the Authority that, subject to section 7, the working funds of the applicant shall meet the requirements prescribed by the Authority by notice in the Gazette, and until so prescribed –
(a)
where the applicant proposes to carry on long-term insurance business
(other than linked long-term business only), shall be at least $500,000 or its equivalent in any foreign currency;
(b)
where the applicant proposes to carry on only general insurance business, shall be at least $250,000 or its equivalent in any foreign currency;
(c)
where the applicant proposes to carry on only re-insurance business, shall be at least $1,000,000 or its equivalent in any foreign currency;
(d)
where the applicant proposes to carry on both general and long-term insurance business shall be at least $750,000 or its equivalent in a foreign currency;
14
BLUV as at 14th January 2016
(e)
where the applicant proposes to carry on only international captive insurance business shall be at least $75,000 or its equivalent in any foreign currency or, if the applicant is a DCC having two or more cells, at least $75,000 or its equivalent in any foreign currency in respect of each cell;
(f)
where the applicant proposes to carry on only linked long-term business, shall be at least $100,000 or its equivalent in any foreign currency plus such amount (if any) as the applicant may deem prudent having regard to that portion of any linked long-term business under which the benefits payable under any contract exceed benefits determined exclusively by reference to the value of, or the income from, property or fluctuations in, or in an index of, the value of property as provided for in such a contract.
(2)
Every applicant for a licence to carry on international insurance business shall satisfy the Authority that –
(a)
at the time the application is made, and subject to section 7, the amount of working funds specified in subsection (1) shall be certified to the Authority by a bank or an approved auditor to be held in an account of the applicant with a bank in Brunei
Darussalam;
(b)
the controllers, directors and chief executive officers of the applicant are fit and proper persons to conduct the licensed activities of an international insurer under this Order;
(c)
the applicant will establish its management in Brunei Darussalam which shall have adequate knowledge and expertise of the international insurance business to be carried on and shall appoint at least one director resident in Brunei Darussalam, or a licensed international underwriting manager resident in Brunei Darussalam, who shall have adequate knowledge and experience of the business to be carried on; and in both cases such persons shall be regarded as officers of the applicant responsible for the proper exercise of the licence granted.
Variation of working funds requirements.