Minimum paid-up share capital
3.—(1)  For the purposes of section 17(1)(b) of the Act, an applicant shall have a paid-up share capital of —
(a)in the case of an applicant who desires to be registered as a direct general insurance broker, a general reinsurance broker or a life reinsurance broker, an amount not less than $300,000; or
(b)in the case of an applicant who desires to be registered as a direct life insurance broker, a minimum amount in accordance with the First Schedule.
(2)  An applicant who desires to be registered as an insurance broker in respect of more than one type of insurance broking business shall have a paid-up share capital of not less than the aggregate of the amounts of paid-up share capital specified under paragraph (1) in respect of those businesses.
(3)  A registered insurance broker shall maintain at all times a paid-up share capital of an amount that is not less than the minimum amount of paid-up share capital applicable to it by virtue of paragraph (1) or (2), as the case may be.