Regulation Of Insurance Industry Act (No. 43 of 2000)

Sri Lanka Consolidated Acts

Qualifications for registration as a broker

80.

(1) No person shall be registered as; an insurance broker under this Act. unless such person-

	(a) is a company registered under the Companies Act. No. 17 of 1982. having a paid up share capital not less than such amount as shall be determined by the Board, by rules made in that behalf ;

	(b) has in its employment or on it's directorate, persons with such qualifications and experience in insurance business as shall be acceptable to the Board ;

	(c) takes out a policy or policies of insurance for professional indemnity with two or more insurers :

	(d) fulfils such other requirements as may be laid down by the Board by rules made in that behalf, for the purpose ensuring the protection of the interests of the insured public.

(2) No company shall be entitled to be registered as an insurance broker, where"-

	(a) such company is a shareholder of any insurer; or

(b)

(i) a director or specified officer of such company;

(ii) a director or the chief executive officer of an associated or subsidiary company of such company,