Insurance Order (Brunei Darussalam)

The Insurance Order regulates insurance business in Brunei Darussalam. It divides the insurance business into two classes, life business and general business. It provides that no person shall carry on any class of insurance business in Brunei as insurer unless the person is registered as a company under the Companies Act. It also requires companies carrying on life business or general business insurance in Brunei to register under the Order in respect of that class of business, maintain the prescribed deposit and surplus of assets over liabilities, and be a member of an approved association of insurers. It prohibits holding out as a registered insurer by a company not registered for said purpose. It likewise prohibits the use of the word "insurance" in the name of a person that is not an insurer. The Order further provides the procedure and requirements for registration of an insurance business, as well as certain requirements as to the conduct of business. It also contains provision on returns, inspections and investigations, winding-up and transfer of business.