Registration requirements
35Y.—(1)  The Authority shall not register any applicant under section 35X unless the applicant —
(a)is a company;
(b)has a paid-up share capital which is not less than such amount as may be prescribed; and
(c)has in force a professional indemnity insurance policy, the cover of which is consistent with such limit and deductible requirements as may be prescribed.
[41/2001]
(2)  For the purposes of subsection (1)(b) and (c), the Authority may prescribe different amounts for different types of insurance brokers.
[41/2001]
(3)  In subsection (1)(c), “professional indemnity insurance policy” means a contract of insurance with an insurer under which a person is indemnified in respect of the liabilities arising out of or in the course of his business as an insurance broker.
[41/2001]