Foreign investment in intermediary insurance services (insurance agents and brokers) is closed to FDI, as only citizens or permanent residents of Brunei Darussalam and companies owned by them are eligible for registering as intermediary providers. Corporate nominees (ie. managing directors) may be citizens, permanent residents, and foreign spouses or senior manager meeting qualification requirements.
"ANNEX III - Section A
Sector: Financial Services
Sub-Sector: Insurance intermediaries
Obligations Concerned: National Treatment (Article 11.3), Market Access for Financial Institutions (Article 11.5)
Level of Government: Central
Measures: Insurance Order, 2006; Takaful Order, 2008; Companies Act (Chapter 39); Business Names Act (Chapter 92).
Description:
1. Insurance agents: Only Brunei nationals are allowed to be registered as an insurance agent in Brunei Darussalam.
2. Insurance brokers: Insurance brokers must be established as a company incorporated in Brunei Darussalam." (ANNEX III - SCHEDULE OF BRUNEI DARUSSALAM, Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP))
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"PART I - PRELIMINARY [...]
Interpretation.
2. ( 1) In this Order - [...] 
"compant' means a company incorporated or registered under the Companies Act !Chapter 39); 
"insurance agent" means a person who does all or any of the following-{a} solicits or obtains a proposal for insurance on behalf of an insurer; {b) offers or assumes to act on behalf of an insurer in negotiating a policy; {c) does any act on behalf of an insurer in relation to the issuance, renewal or continuance of a policy;
"insurance broker" means any company who, for compensation as an independent contractor, in any manner solicits, negotiates or procures insurance or the renewal or continuance thereof on behalf of an insured other than himself;
"insurance business" includes the business of effecting and carrying out contracts {a} protecting persons against loss or liability to loss in respect of risks to which such persons may be exposed; or {b) to pay a sum of money or render money and includes reinsurance business; 
"insurance intermediary" means a person who, as an agent for one or more insurers or as an agent for insured or intending insured, arranges contracts of insurance; 
[...]
PART III - CONDUCT OF INSURANCE BUSINESS
General restriction on insurers Requirements for carrying on business as insurer. 
5. (1) Subject to this Order, no person shall carry on any class of insurance business in Brunei Darussalam as insurer unless the person is registered as a company under the Companies Act (Chapter 39). 
[...]
Requirements before registration. 
10. (l) The Authority shall not register any applicant under section 9, unless the applicant {a) is a company as defined in the Companies Act (Chapter 39) or a company incorporated outside Brunei Darussalam which has an established place of business in Brunei Darussalam; 
[...]
Insurance Intermediaries [...]
Registration of insurance agents. 
48. (1) No person shall, without being registered by the Authority, carry on insurance business in Brunei Darussalam as an insurance agent. (2) In registering an insurance agent, the Authority may appoint a person, a body of persons or an association of insurers to administer examinations for a person who wishes to apply for registration as an insurance agent. (2A) In registering an insurance agent, the Authority may impose such conditions as he thinks fit and may at any time add to, vary or revoke such conditions. [...] (8) The Minister may, with the approval of His Majesty the Sultan and Yang Di-Pertuan, by regulations, prescribe such qualifications for insurance agents as he sees fit. 
[...]
Registration of insurance brokers. 
53. Ill (1) No person shall, without being registered by the Authority, carry on insurance business in Brunei Darussalam as an insurance broker. (1A) Such person shall not be registered by the Authority unless {a} it is a company defined in the Companies Act (Chapter 39); [...] (2) In registering an insurance broker, the Authority may impose such conditions as he thinks fi.t and may at any time add to, vary or revoke such conditions. [...]"(Insurance Order, 2006, as amended)
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"F. Application to be general insurance or general takaful operator [...]
Licensing requirements: [...]
Corporate
- Must be a company registered with the 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 policies:
- Before applying to the BDCB, the corporate nominee must be: [...]
--a citizen or permanent resident of Brunei Darussalam or foreign spouse or foreigner holding senior management position;
[...]
G. Application to be a life insurance or general takaful operator [...]
Licensing requirements: [...]
Corporate
 Must be a company registered with the 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 policies:
- Before applying to the BDCB, the corporate nominee must be: [...]
--a citizen or permanent resident of Brunei Darussalam or foreign spouse or foreigner holding senior management position;[...]" (Brunei Darussalam Central Bank, "Guide to Brunei's Darussalam Financial Sector: Opprtunited in the Financial Sector", January 2024)
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"GUIDELINES ON REGISTRATION OF GENERAL INSURANCE AGENTS [...]
2. Legal Requirements
2.1. Section 48(1) of the IO 2006 requires a person carrying on insurance business in Brunei Darussalam as an insurance agent to be registered under the IO 2006.
3. Definitions
3.1. The IO 2006 provide the following definitions:- 
"general business" means all insurance business which is not life business;
"insurance agent" means a person who does all or any of the following – (a) solicits or obtains a proposal for insurance on behalf of an insurer; (b) offers or assumes to act on behalf of an insurer in negotiating a policy; (c) does any act on behalf of an insurer in relation to the issuance, renewal or continuance of a policy; 
"insurance business" includes the business of effecting and carrying out contracts – (a) protecting persons against loss or liability to loss in respect of risks to which
such persons may be exposed; or (b) to pay a sum of money or render money and includes reinsurance business; "member of his immediate family" includes a wife, husband, father, mother, son and daughter; 
3.2. For the purposes of these Guidelines,
"applicant" means an applicant for registration as a general insurance agent; [...]
[...]
4. Criteria for Registration [...]
4.4. In order for the Authority to consider an application for registration to carry on general business in Brunei Darussalam as a general insurance agent, an applicant must meet the following criteria:- [...] 4.4.2. where the applicant intends to be a corporate agent, the applicant must be: (a) a company incorporated or registered under the Companies Act (Chapter 39); (b) a citizen or permanent resident of Brunei Darussalam; and (c) approved and endorsed by BITA. [...]"(GUIDELINES ON REGISTRATION OF GENERAL INSURANCE AGENTS, 2014)
ANNEX III - SCHEDULE OF BRUNEI DARUSSALAM, Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP)
Insurance Order, 2006 
Brunei Darussalam Central Bank, "Guide to Brunei's Darussalam Financial Sector: Opprtunited in the Financial Sector", January 2024
GUIDELINES ON REGISTRATION OF GENERAL INSURANCE AGENTS, 2014, Guideline No: ITS/G-1/2014, July 1)
[<a href="Order">CPTPPhttps//www.mfat.govt.nz/assets/Trade-agreements/TPP/Annexes-ENGLISH/Annex-III.-Brunei.pdf</a>],[<a href="Guide">https//www.agc.gov.bn/AGC%20Images/LAWS/Gazette_PDF/2006/EN/s048.pdf</a>],[<a href="Guideline">https//www.bdcb.gov.bn/SiteAssets/Guide%20to%20Brunei%20Darussalam%20Financial%20Sector%20(as%20of%202%20January%202024).pdf</a>],[<a href="Other">http//www.ambd.gov.bn/SiteAssets/Pages/Legislation-And-Regulations/ITS-G%201%202014%20Guidelines%20on%20Registration%20of%20General%20Insurance%20Agents.pdf</a>],[<a href="">https//docs.wto.org/dol2fe/Pages/FE_Search/FE_S_S006.aspx?Query=((%20@Title=%20brunei%20darussalam)%20or%20(@CountryConcerned=%20brunei%20darussalam))%20and%20(%20(%20@Symbol=%20wt/tpr/s/*%20)%20or%20(%20@Symbol=%20wt/tpr/m/*%20not%20add*)%20or%20(%20@Symbol=%20wt/tpr/m/*%20and%20add*))&Language=ENGLISH&Context=FomerScriptedSearch&languageUIChanged=true#</a>]