Regulation 3

For the purposes of section 77(1)(b) of the Act, an applicant who intends to be registered as a direct insurance broker, a general reinsurance broker or a life reinsurance broker shall have a paid-up share capital of an amount not less than $300,000.

An applicant who intends to be registered as an insurance broker in respect of more than one type of insurance broking business shall have a paid-up share capital of an amount not less than the aggregate of the amounts of paid-up share capital specified in paragraph (1) in respect of each of those businesses.

A registered insurance broker shall at all times maintain a paid-up share capital of an amount that is not less than the minimum amount of paid-up share capital applicable to it by virtue of paragraph (1) or (2), as the case may be.