5.—(1) Only companies registered under the Companies Act (Cap.50) meeting the following requirements shall act as agents for any member of Lloyd’s under these Regulations:
(a)
the company must, unless the Authority otherwise permits, be a subsidiary of a managing agent at Lloyd’s;
(b)
the company must have a paid-up capital of not less than $300,000; and
(c)
the company must be registered with the administrator under regulation 6.