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Warning on Unauthorised Insurance/Takaful Policies


PRESS RELEASE

WARNING ON UNAUTHORISED INSURANCE/TAKAFUL POLICIES

 

  1. Autoriti Monetari Brunei Darussalam (AMBD) has found that there have been recent fraudulent incidents involving the sale of insurance/takaful policies by unlicensed insurance/takaful agents or other persons to the public.
     
  2. In some cases, individuals only discovered that the policies are fake when trying to submit claims or obtain information on the said insurance/takaful policy from the Insurance Companies/Takaful Operators. It is not a normal practice for insurers/ takaful operators to issue and provide their customers with photocopies of the policies only.
     
  3. AMBD would like to advise the public to deal only with takaful operators, insurance companies and general insurance/takaful agents that are licensed by AMBD. Members of the public who choose to deal with unlicensed and unregulated persons offering financial services or products will not have enforceable contracts, nor the protection afforded under the regulatory framework administered by AMBD.  AMBD's regulatory framework aims to safeguard the interests of the public and consumers by ensuring that only competent and qualified persons are authorized to provide financial services in Brunei Darussalam.
     
  4. The list of insurance companies and takaful operators licensed by AMBD, as well as registered general insurance/takaful agents may be obtained through the AMBD App, which can be downloaded free of charge on both 'App Store' for iPhone users and 'Google Playstore' for Android users; or visit AMBD's website at http://www.ambd.gov.bn.
     
  5. For any questions regarding your insurance/takaful policies, you are advised to contact your insurer or takaful operator directly.
     
  6. To report any fraudulent sale of insurance/takaful policies; or if your policy is confirmed to be illegitimate, please contact AMBD at 2233371; or email info@ambd.gov.bn; or by visiting Financial Consumer Issues Services located at the Ground Floor, Dar Takaful IBB Utama Building, Bandar Seri Begawan.

 

Autoriti Monetari Brunei Darussalam

Reference: AMBD/COMMS/3/2016

Date:      24 Safar 1438/  24  November 2016

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