Overview
The Takaful/Insurance Unit (TIU) undertakes the registration, regulation and supervision of insurance, Takaful companies and their intermediaries.
Mission Statement:
"To effectively regulate and supervise insurance, Takaful companies and intermediaries for the protection of policyholders and to promote a sound and stable financial sector in Brunei Darussalam".
Objectives:
- To contribute to a sound and stable insurance and Takaful industry in Brunei Darussalam
- To protect policyholders from undue loss
- To promote the transparent and fair treatment of consumers by insurers, Takaful companies and intermediaries
- To promote market development of the insurance and Takaful industry in Brunei Darussalam
Currently, the unit oversees the following legislations:
Insurance Order, 2006
Takaful Order, 2008
International Insurance and Takaful Order, 2002
Motor Vehicle Insurance (Third Party Risks) Act, Chapter 90
