5. Approval requirements
Feedback & supportThe Authority shall not approve any applicant under regulation 4 unless the applicant has in force a professional indemnity insurance policy of at least $1 million in respect of each type of insurance broking business for which it is applying for approval.
In paragraph (1), “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 his business as an approved insurance broker.
Subregulation 1
The Authority shall not approve any applicant under regulation 4 unless the applicant has in force a professional indemnity insurance policy of at least $1 million in respect of each type of insurance broking business for which it is applying for approval.
Subregulation 2
In paragraph (1), “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 his business as an approved insurance broker.