Licence to carry on general business with Lloyd’s underwriters
8.—(1) No person shall —
(a)
act as an insurance agent for any individual in respect of a contract of insurance with any Lloyd’s underwriter; or
(b)
in the course of business as a registered insurance broker, negotiate any contract of insurance with any Lloyd’s underwriter,
except under the authority of a licence issued by the Authority or in respect of any risk for which the registered insurance broker has been permitted under section 23(5) to negotiate with any insurer.
(2) Any person who desires to obtain a licence under subsection (1) shall apply to the Authority in writing and shall furnish such information as the Authority may require.
(3) In issuing a licence under subsection (1), the Authority may impose such conditions as it thinks fit and may at anytime add to, vary or revoke such conditions.
(4) Sections 19 and 20 shall apply, with the necessary modifications, in relation to the annual fees payable for and the cancellation of a licence issued under subsection (1).
(5) Any person who contravenes subsection (1) or who fails to comply with any of the conditions of a licence issued under subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $10,000 or to imprisonment for a term not exceeding 12 months or to both and, in the case of a continuing offence, to a further fine of $1,000 for every day or part thereof during which the offence continues after conviction.