(1) An individual shall not be registered under this Part to carry on business as an insurance agent, insurance broker or insurance salesman if that person is—
(a) under the age of 18 years in the case of a salesman;
(b) under the age of 21 years in the case of an insurance agent or an insurance broker; or
(c) an undischarged bankrupt, unless that individual has been granted leave to carry on such business by the court by which that said person was adjudged bankrupt.
(2) A director or officer of a company carrying on brokerage business shall not be registered as an insurance salesman or an insurance agent.
(3) A director, officer or employee of an insurance company shall not be registered as an insurance broker, nor be a director of a company carrying on brokerage business.
(4) A person registered to carry on business as an insurance salesman or an insurance agent shall not be registered to carry on business as an insurance broker and a person registered to carry on business as an insurance broker shall not be registered to carry on business as an insurance salesman or an insurance agent.