Approval of insurance brokers
4.—(1)  A designated entity may apply in writing to the Authority for approval for the purposes of these Regulations in such form and manner as the Authority may specify.
(2)  The designated entity shall furnish such information and provide such supporting documentary evidence as the Authority may require.
(3)  Upon receiving an application under paragraph (1), the Authority shall consider the application and may, subject to regulation 5 —
(a)approve the applicant with or without conditions; or
(b)refuse to approve the applicant.
(4)  The Authority may approve the applicant as an approved MAT insurance broker, an approved general reinsurance broker, an approved life reinsurance broker or a combination of any of these.