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An application for grant and renewal of licence of an insurance broker company under sub rule (1) of Rule 14 of the Insurance Rules, 2002.
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Certified true copy of certificate of incorporation duly certified by the Company Registration Office.
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Certified true copy of Memorandum and Articles of Association duly certified by the Company Registration Office.
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The minimum paid-up share capital of not less than ten million rupees for local brokers and 0.3 million US dollars for a foreign insurance broker. |
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To deposit with a bank cash or approved securities to the value of not less than a half million rupees. |
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The professional indemnity insurance (in original) to a limit of ten million rupees for any one occurrence. |
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Fee for grant/renewal of licence to act as an Insurance broker shall be Rs.10,000/-. |
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Not fewer than two employees (at least one of whom must be a director) having a minimum of five years experience working in or in relating to the insurance industry, as |
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an employee of an insurer; or
(ii) an agent; or
(iii) an employee of an agent; or
(iv) an employee of an insurance broker; or
(v) in such capacity, related to the business of insurance, as satisfies the Federal Government that the person has appropriate experience and knowledge to undertake the business of insurance broking.
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A letter of support not fewer than five registered insurers in the prescribed form each sign by a duly authorised representative.
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A statement showing the numbers of persons working in the company along with their complete names, addresses and other particulars.
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Every application made under sub rule (1) of Rule 14 of the Insurance Rules, 2002 shall be accompanied by a declaration by the applicant stating that:- |
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The information given by him in accordance with sub-rule (1) is complete and correct;
(b) He has complied with the requirements of the Ordinance and rules made thereunder concerning the required qualifications of an insurance broker;
(c) He undertakes to comply and (in the case of an existing insurance broker) declares that he has during the previous twelve months complied with being the Ordinance and the rules made thereunder concerning the conduct of an insurance broker;and
(e) Neither the body corporate, nor any director of the body corporate, nor any officer of the body corporate engaging in the business of insurance broking is disqualified from acting in the business of insurance broking by virtue of:-
(i) Being a minor;
(ii) Having been found of unsound mind by a Court of competent jurisdiction;
(iii) Having been found guilty, within five years preceding the date, of the declaration, of criminal misappropriation or criminal breach of trust, cheating or forgery or an abetment of or attempt to commit any such offence by a Court of competent jurisdiction;
(iv) Having served any custodial sentence imposed by a Court of competent jurisdiction, ending within five years preceding the date of declaration;
(v) Having been found guilty by a Court of competent jurisdiction of any offence involving insurance; or
(i) Having been otherwise declared as disqualified by the Insurance Tribunal, other than for a term which had expired prior to the date of the declaration.
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An application and declaration shall be made in writing and declaration shall be signed by at least two directors of the body corporate. |
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The declaration should be on stamp paper, which should be attested by the Notary Public. |
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