Governance, Risk and Compliance - The Brunei Insurance Industry

Governance, Risk and Compliance - The Brunei Insurance Industry

  • February 2019 •
  • 50 pages •
  • Report ID: 3083805 •
  • Format: PDF
Governance, Risk and Compliance - The Brunei Insurance Industry

Summary
The insurance industry of Brunei is supervised and regulated by the Monetary Authority of Brunei Darussalam (AMBD), which is corporate body acting as the central bank of the country and it replaced its predecessor - the Brunei International Financial Centre (BIFC) as the regulatory authority of monetary policies, supervision of financial institutions and currency management.

The AMBD was founded in January 2011 in accordance with the Monetary Authority on Brunei Darussalam Order 2010.It is responsible for monitoring all insurance and reinsurance companies and their intermediaries operating in Brunei.

The AMBD derives its power from Insurance Order 2006 and its subsidiary legislation - Insurance Regulations 2006 and Takaful Order 2008 regulating the Bruneian industry. The regulatory frameworks in the country help to maintain the stability and transparency of the industry and ensure the protection of the consumers’ interests.

The report "Governance, Risk and Compliance - The Brunei Insurance Industry", report is the result of extensive research into the insurance regulatory framework in the Brunei.The report specifies various requirements for the establishment and operation of insurance and reinsurance companies and intermediaries.

It also includes the scope of non-admitted insurance in the country.

It provides detailed analysis of the insurance regulations for life, property, motor, liability, personal accident and health, and marine, aviation and transit insurance giving insurers access to information on prevailing insurance regulations, and recent and upcoming changes in the regulatory framework, taxation and legal system in the country.

Key Highlights
- Insurance industry in Brunei is regulated by the Monetary Authority of Brunei Darussalam.
- 100% FDI is allowed in the Bruneian insurance industry.
- Insurance products and services in Brunei are exempted from VAT.
- The placement of non-admitted insurance and reinsurance are not permitted in Brunei.
- Motor third-party liability insurance, professional indemnity insurance, oil pollution liability and workers’ compensation insurance are the compulsory classes of insurance in Brunei.

Scope
The report provides insights into the governance, risk and compliance framework pertaining to the insurance industry in the Brunei, including -
- An overview of the insurance regulatory framework in the Brunei.
- The latest key changes, and changes expected in the country’s insurance regulatory framework.
- Key regulations and market practices related to different types of insurance product in the country.
- Rules and regulations pertaining to key classes of compulsory insurance, and the scope of non-admitted insurance in the Brunei.
- Key parameters including licensing requirements, permitted foreign direct investment, minimum capital requirements, solvency and reserve requirements, and investment regulations.
- Details of the tax and legal systems in the country.

Reasons to buy
- Gain insights into the insurance regulatory framework in the Brunei.
- Track the latest regulatory changes, and expected changes impacting the Brunei insurance industry.
- Gain detailed information about the key regulations governing the establishment and operation of insurance entities in the country.
- Understand key regulations and market practices pertaining to various types of insurance product.
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