THE 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.
In some cases, individuals only discovered that the policies are fake when trying to submit claims or obtain information on the 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,” AMBD said in a statement yesterday.
AMBD has advised 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 authorised to provide financial services in Brunei Darussalam.”
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.
For any questions regarding their insurance/takaful policies, the members of public are advised to contact their insurer or takaful operator directly.
“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,” the statement said.
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