Insurance Act 1966 · 2020 Revised Edition · Part 2B · Insurance Intermediaries
77. Registration requirements
Feedback & supportLast amended by an amending law of 2003.
The Authority must not register any applicant under section 76 unless the applicant —
is a company;
has a paid-up share capital which is not less than such amount as may be prescribed; and
has in force a professional indemnity insurance policy, the cover of which is consistent with such limit and deductible requirements as may be prescribed.
For the purposes of subsection (1)(b) and (c), the Authority may prescribe different amounts for different types of insurance brokers.
In subsection (1)(c), “professional indemnity insurance policy” means a contract of insurance with an insurer under which a person is indemnified in respect of the liabilities arising out of or in the course of the person’s business as an insurance broker.[35Y