(1) An application for registration as an insurance agent or as an insurance broker, where the applicant is a firm or company, shall be accompanied by—
(a) the audited balance sheet, profit and loss account and revenue account of the applicant for the financial year immediately preceding the date of application;
(b) copies of the articles and memorandum of association or other rules constituting the company or firm, together with the certificate of registration;
(c) a statement of the beneficial shareholding in the case of a firm, or details regarding the interests of the partners, in the case of a partnership; and
(d) personal particulars of every director, partner and manager prepared on Form GR101.
(2) Where the application is for registration as an insurance agent, the applicant shall submit together with the application form, certified copies of the agency agreement and power of attorney as well as any agreement relating to commissions and other remuneration payable in respect of the agency.
(3) Where an application is for registration as an insurance broker, the applicant shall submit evidence that there is in force professional indemnity insurance of $500,000 or 20% of commission income, whichever is the greater, and placed with an insurer approved by the Registrar.
(4) The deductible to be applied in respect of any claim under the professional indemnity insurance policy should not exceed 15% of the capital and reserves of the company or firm.
(5) Where a firm or company applies for registration the firm or company shall specify the managers of the company, and shall specify the officers or the partners who may act in the name of the firm or company.