The Minister may require a licensee to effect a policy of insurance with a reputable insurance company against—
(a) losses arising out of claims of negligence or breach of duty by the licensee or any of its directors or employees;
(b) the dishonesty of employees of the licensees;
(c) loss of documents; and
(d) such other risks as the Minister may stipulate,
in such amount and of such nature as the Minister may determine to be fit and proper, having due regard for the nature and type of business carried on by the licensee; and, in the event that the insurance is withdrawn, cancelled or not renewed, the licensee shall immediately notify the Director and shall cease to carry on its international insurance business until the insurance has been reinstated or replaced.