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Licensing Criteria

Application to be an Insurance Company/Takaful Operator

The Insurance Order, 2006 or Takaful Order, 2008 requires any company to apply for a licence to be an operator to offer insurance or takaful. Any company carrying out activities as an insurance company or takaful operator is considered as breaching the law and may be subject to penalties.

  • Insurance companies and takaful operators may apply for a licence to carry out general business or life business. There is no licence for composite businesses.
  • Conventional insurers cannot offer takaful products and likewise for takaful operators.

Licensing Requirements

BEFORE REGISTRATION
  • Must be a company registered under the Companies Act (Chapter 39) or a foreign insurer or takaful operator establishing a subsidiary or foreign branch in Brunei Darussalam;
  • Must be able to meet the capital requirements:
Minimum paid-up capital for locally incorporated companies BND8 million
Minimum surplus of assets over liabilities for foreign branches BND8 million
  • Directors, controllers and management of the company must be fit and proper to hold such positions;
  • Has a minimum surplus of assets over liabilities of 20%; and
  • Made a minimum statutory deposit of BND1 million with BDCB.
AFTER REGISTRATION
  • Becomes a member of Brunei Insurance and Takaful Association (BITA);
  • Takaful operators must establish a Syariah Advisory Body;
  • The licensee must pay annual fees to BDCB, as of 1st day of each year.

Relevant Fees

Licence fees (annual)
Main Office BND10,000
For each branch office BND3,000
For each counter BND1,000

Processes Involved

  1. Preliminary meeting with BDCB.
  2. Submission of completed application form with supporting documents.
  3. Assessment of application by BDCB.
  4. Approval of registration and commencement of operations
Note: Successful applicants are issued an approval letter by BDCB containing the conditions of registration and BDCB will issue the licence upon payment of fees.

Required Documents

  1. Completed application form;
  2. Original letter from the home country Supervisory Authority (as applicable) approving the establishment of a branch or subsidiary in Brunei Darussalam;
  3. Certified copy of Memorandum of Association and Articles of Association;
  4. Annual Audited Financial Statements of the company for the last 5 years;
  5. Proposed structure of Brunei operations;
  6. Business Plan for the first 5 years of operation (including type of business, staff support, pro forma financial data and financial projections for first 5 years);
  7. For takaful operators:
    • Names of the Syariah advisory board members;
    • Approval from Syariah Financial Supervisory Board for any Islamic financial products and services to ensure they are not contrary to Huku Syara'; and
  8. If the applicant is successful, payment of BND20,000 for the registration fee.

All completed applications, including necessary documentations, with the application fees should be submitted to:

Icon
Deputy Managing Director (Regulatory and Supervision)
Brunei Darussalam Central Bank,
Level 7 Ministry of Finance and Economy Building
Commonwealth Drive
Bandar Seri Begawan, BB3910
Brunei Darussalam

Application To Be an Insurance or Takaful General Agent

An agent can be an individual or company that offers insurance/ takaful on behalf of licensed insurers and takaful operators in Brunei

  • An agent cannot represent an insurer or takaful operator not licensed by BDCB.
  • 1 agent can represent a maximum of 3 insurance companies or takaful operators.
  • If an agent wishes to represent conventional insurers and takaful operators, the agent must apply for registration under Insurance Order, 2006 and Takaful Order, 2008.

Licensing Requirements

Individual Corporate
  • Must be registered as a sole proprietor with Registrar of Companies and Business Names, Ministry of Finance and Economy.
  • The applicant is the only one allowed to sign off on policies.
  • Before applying to BDCB, the applicant must be:
    • At least 21 years of age;
    • A citizen or permanent resident of Brunei Darussalam;
    • Fit and proper;
    • Qualified and hold a qualification approved by BDCB; and
    • Registered with BITA.
  • Must be a company registered with Registrar of Companies and Business Names, Ministry of Finance and Economy.
  • The owner of the company must be a citizen or permanent resident of Brunei Darussalam.
  • Corporate nominees must be appointed to carry out the agency business and sign off on policies.
  • Before applying to BDCB, the corporate nominee must be
    • At least 21 years of age;
    • A citizen or permanent resident of Brunei Darussalam or foreign spouse or foreigner holding senior management position;
    • Fit and proper;
    • Qualified and hold a qualification approved by BDCB;
    • Engaged fulltime with the corporate agent; and
    • Registered with BITA.

Relevant Fees

Note: IO, 2006 refers to Insurance Order, 2006, and TO, 2006 refers to Takaful Order, 2006.
Individual Corporate
IO, 2006 TO, 2006 Both IO, 2006 TO, 2006 Both
Registration fee (BND) 300 300 600 2,000 2,000 4,000
Annual fee (BND) 200 200 400 1,000 1,000 2,000

The Brunei Institute of Leadership & Islamic Finance (BILIF) holds classes for interested applicants wishing to sit for the Qualifying Examination for Insurance and Takaful Agent (QEFITA).

Interested applicants can contact BILIF at +6732461221/2461223 or inquiry@bilif.com.bn.

Required Documents

Individual Corporate
  1. Copy of identity card;
  2. BITA clearance letter;
  3. Copy of qualifications;
  4. Employees' copy of identity card (if any); and
  5. Fit and Proper Checklist.
  1. Copy of draft Memorandum and Articles of Association;
  2. Copy of Form X;
  3. Copy of Notice of Situation of Registered
  4. Copy certificate of Shareholder's Authorised Capital;
  5. Copy of identity card for shareholder(s), director(s), principal officer and corporate nominee(s) and employee (s);
  6. BITA clearance letter;
  7. Copy of qualifications; and
  8. Fit and Proper Checklist for shareholder(s), director(s), principal officer and corporate nominee(s).

All completed applications, including necessary documentations, with the application fees should be submitted to:

Icon
Executive Director
Supervision 2 (Takaful/Insurance)
Brunei Darussalam Central Bank
Level 7, Ministry of Finance and Economy Building
Commonwealth Drive
Bandar Seri Begawan BB3910
Brunei Darussalam

Application To Be a Life Insurance or Family Takaful Agent

An agent can be an individual or company that offers insurance/takaful on behalf of licensed insurers or takaful operators in Brunei Darussalam.

  • An agent cannot represent an insurer or takaful operator not licensed by BDCB.
  • If an agent wishes to represent conventional insurer or takaful operator, the agent must apply for registration under Insurance Order, 2006 or Takaful Order, 2008.
  • An agent can only represent 1 life insurance company or 1 family takaful operator.
  • An agent may also represent a maximum of 3 general insurance companies and takaful operators.

Licensing Requirements

Individual Corporate
  • The applicant is the only one allowed to sign off on policies.
  • Before applying to BDCB, the applicant must be:
    • At least 21 years of age;
    • A citizen or permanent resident of Brunei Darussalam;
    • A foreign spouse of citizen or permanent resident of Brunei Darussalam with valid permit document;
    • Fit and proper;
    • Qualified and hold a qualification approved by BDCB; and
    • Registered with BITA.
  • Must be a company registered with Registrar of Companies and Business Names, Ministry of Finance and Economy.
  • The owner of the company must be a citizen or permanent resident of Brunei Darussalam.
  • Corporate nominees must be appointed to carry out the agency business and sign off on policies.
  • Before applying to BDCB, the corporate nominee must be: at least 21 years of age;
    • A citizen or permanent resident of Brunei Darussalam or foreign spouse or foreigner holding senior management position;
    • Fit and proper;
    • Qualified and hold a qualification approved by BDCB;
    • Engaged fulltime with the corporate agent; and
    • Registered with BITA.

Relevant Fees

Note: IO, 2006 refers to Insurance Order, 2006, and TO, 2006 refers to Takaful Order, 2006.
Individual Corporate
IO, 2006 TO, 2006 IO, 2006 TO, 2006
Registration fee (BND) 300 300 2,000 2,000
Annual fee (BND) 200 200 1,000 1,000

The Brunei Institute of Leadership & Islamic Finance (BILIF) holds classes for interested applicants wishing to sit for the Qualifying Examination for Insurance and Takaful Agent (QEFITA).

Interested applicants can contact BILIF at +6732461221/2461223 or inquiry@bilif.com.bn.

Required Documents

Individual Corporate
  1. Copy of identity card;
  2. BITA clearance letter;
  3. Copy of qualifications;
  4. Employees' copy of identity card (if any); and
  5. Fit and Proper Checklist.
  1. Copy of draft Memorandum and Articles of Association;
  2. Copy of Form X;
  3. Copy of Notice of Situation of Registered
  4. Copy certificate of Shareholder's Authorised Capital;
  5. Copy of identity card for shareholder(s), director(s), principal officer and corporate nominee(s) and employee (s);
  6. BITA clearance letter;
  7. Copy of qualifications; and
  8. Fit and Proper Checklist for shareholder(s), director(s), principal officer and corporate nominee(s).

All completed applications, including necessary documentations, with the application fees should be submitted to:

Icon
Executive Director
Supervision 2 (Takaful/Insurance)
Brunei Darussalam Central Bank
Level 7, Ministry of Finance and Economy Building
Commonwealth Drive
Bandar Seri Begawan BB3910
Brunei Darussalam