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Ministry of Finance
INSURANCE COMPANIES AND
TAKAFUL
Market
Structure
There are two types of insurance in Brunei
Darussalam namely conventional and Islamic-based insurance (or Takaful). Both types offer
a wide range of non-life, life and composite (non-life and life) insurance products. Of
all the classes of insurance offered, motor insurance collects the highest volume of gross premiums.
Enactment
Motor Vehicles (Third Party Risks) Act Cap. 90
Regulation
The three major administrative regulations
introduced since 1 January 1995 are as follows:-
Security Deposit of B$1 million for insurance
companies underwriting motor insurance business
Minimum Paid-Up Capital of B$1 million for general
insurance companies
Solvency Margin for general insurers (20 % of Net Premium
Income of the preceding year)
- All takaful/insurance companies are required to submit the
following to FID :-
- Audited Accounts – annually
- ASEAN Unified Statistics – annually
- Premium Collection - Quarterly
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