Synopsis
Timetrics Governance, Risk and Compliance - The Brunei Insurance Industry report is the result of extensive research into the insurance regulatory framework in Brunei.
It provides detailed analysis of the insurance regulations for life, property, motor, liability, personal accident and health, and marine, aviation and transit insurance. The report specifies various requirements for the establishment and operation of insurance and reinsurance companies and intermediaries.
The report brings together Timetrics research, modeling and analysis expertise, 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. The report also includes the scope of non-admitted insurance in the country.
Scope
• The report covers details of the insurance regulatory framework in Brunei.
• The report contains details of the rules and regulations governing insurance products and insurance entities.
• The report lists and analyzes key trends and developments pertaining to the countrys insurance regulatory framework.
• The report analyzes the rules and regulations pertaining to the establishment and operation of insurance businesses in the country.
• The report provides details of taxation imposed on insurance products and insurance companies.
Summary
The report provides insights into the governance, risk and compliance framework pertaining to the insurance industry in Brunei , including:
• An overview of the insurance regulatory framework in Brunei .
• The latest key changes, and changes expected in the countrys 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 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 Brunei.
• Track the latest regulatory changes, and expected changes impacting the Bruneian 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.
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
Table Of Contents
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 Regulations
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 Workmens compensation insurance
2.5 Supervision and Control
2.5.1 International Association of Insurance Supervisors
2.5.2 Monetary Authority of Brunei Darussalam
2.6 Non-Admitted Insurance Regulatory Trends
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 Types 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 margins
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
3.1 Methodology
3.2 Contact Timetric
3.3 About Timetric
3.4 Timetrics Services
3.5 Disclaimer
List Of Tables
Table 1: Insurance Industry Definitions
Table 2: Brunei - Insurance Regulatory Framework Key Features
Table 3: Brunei - Intermediary Remuneration for Non-Life Insurance Business
Table 4: Brunei - Life Insurance Regulatory Framework
Table 5: Brunei - Property Insurance Regulatory Framework
Table 6: Brunei - Motor Insurance Regulatory Framework
Table 7: Brunei - Liability Insurance Regulatory Framework
Table 8: Brunei - Corporate Tax Rates for the Financial Year 2016
List Of Figures
Figure 1: Brunei - Insurance Supervision and Control at Various Levels
Figure 2: Brunei - Insurance Regulatory Frameworks for Company Registration and Operation
