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Brunei Insurance Industry Governance, Risk and Compliance Report 2019 - ResearchAndMarkets.comThe "Governance, Risk and Compliance - The Brunei Insurance Industry" report has been added to ResearchAndMarkets.com's offering. "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. 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. 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
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Key Topics Covered: 1 INTRODUCTION 1.1 What is this Report About? 1.2 Definitions 2 GOVERNANCE, RISK AND COMPLIANCE 2.1 Legislation Overview and Historical Evolution 2.2 Latest Changes in Regulation 2.3 Legislation and Market Practice by Type of Insurance 2.3.1 Life insurance 2.3.2 Property insurance 2.3.3 Motor insurance 2.3.4 Liability insurance 2.3.5 Marine, aviation and transit insurance 2.3.6 Personal accident and health insurance 2.4 Compulsory Insurance 2.4.1 Motor third-party liability insurance 2.4.2 Merchant Shipping (Civil Liability and Compensation for Oil Pollution) 2.4.3 Workmen's compensation insurance 2.4.4 Professional indemnity insurance for insurance brokers 2.4.5 Group medical insurance for foreign workers 2.5 Supervision and Control 2.5.1 International Association of Insurance Supervisors 2.5.2 Monetary Authority of Brunei Darussalam 2.5.3 Brunei Insurance and Takaful Association 2.6 Non-Admitted Insurance Regulations 2.6.1 Overview 2.6.2 Intermediaries 2.6.3 Market practices 2.6.4 Fines and Penalties 2.7 Company Registration and Operations 2.7.1 Type of insurance organization 2.7.2 Establishing a local company 2.7.3 Foreign ownership 2.7.4 Types of license 2.7.5 Capital requirements 2.7.6 Solvency margin 2.7.7 Reserve requirements 2.7.8 Investment regulations 2.7.9 Statutory return requirements 2.7.10 Fee structure 2.8 Taxation 2.8.1 Insurance premium or policy taxation 2.8.2 Withholding taxes on premium paid overseas 2.8.3 Corporate tax 2.8.4 VAT 2.8.5 Captives 2.9 Legal System 2.9.1 Introduction 2.9.2 Access to court 2.9.3 Alternative dispute resolution 3 APPENDIX For more information about this report visit https://www.researchandmarkets.com/research/dz3wz8/brunei_insurance?w=4 View source version on businesswire.com: https://www.businesswire.com/news/home/20190222005132/en/ |