(1) As a condition to the grant and maintaining of a valid licence under this Act, the licensee shall have a valid policy of insurance or a bond with an approved insurance company against—
(a) losses arising out of claims of negligence or breach of duty by the licensee or by its employees;
(b) the dishonesty of the licensee's employees or of the licensee;
(c) loss or destruction of documents; and
(d) such other risks as may be specified in the regulations, of an amount specified in the regulations.