Find Insurance and Reinsurance expertise in Brunei Darussalam
The Brunei insurance market is small and remains overcrowded, despite the removal of a number of companies in recent years. One of the key objectives of the new insurance legislation introduced in 2006 is that of reducing the number of active general insurance companies – of which there are around 15; compared to the few life insurers (2011). Like banking, the insurance industry is supervised by the Financial Institutions Division, a department of the Ministry of Finance. The primary legislation governing the industry is the Insurance Order, 2006 (IO) and Insurance Regulations, 2006 Acts. The General Insurance Association of Negara Brunei Darussalam is the main association of insurers. Being an Islamic country, takaful insurance is an important sector in the country, in both the life and general insurance forms.
|Insurance and Reinsurance organisations in Brunei Darussalam|
|General Insurance Association Brunei, The||