Insurance Act, 1989
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Insurance agents' qualifications. |
49.—(1) No person shall act as, or hold himself out to be an insurance agent unless— | |
(a) he holds an appointment in writing from each undertaking for which he is an agent, | ||
(b) he states on his letter headings and business forms that he is an insurance agent and the name or names of every undertaking for which he is an agent, and | ||
(c) he informs any proposer of an insurance contract that he is an insurance agent and of the name or names of the undertakings for which he is an agent. | ||
(2) Subject to subsection (3), an insurance agent shall hold— | ||
(a) in the case of non-life insurance, an appointment in writing from not more than four undertakings authorised under the Regulations of 1976, | ||
(b) in the case of life insurance, an appointment in writing from not more than four undertakings authorised under the Regulations of 1984. | ||
(3) The provisions of subsection (2) shall come into force on such date as the Minister prescribes not being less than two years after the commencement of this section. | ||
(4) A tied insurance agent shall: | ||
(a) state on his letter headings and business forms that he is a tied insurance agent and the name or names of every undertaking for which he is a tied insurance agent, | ||
(b) inform any proposer of an insurance contract that he is a tied insurance agent and the name or names of every undertaking for which he is a tied insurance agent, provided always that the insurance contract in question is of a type which is subject to a tied agency agreement or arrangement entered into by the said tied insurance agent. | ||
(5) A tied insurance agent shall not act in relation to contracts of insurance offered or issued by any other undertaking authorised under the same Regulations as the undertaking with whom the tied insurance agent has entered into a tied agency agreement or arrangement. | ||
(6) For the purposes of this section— | ||
“Regulations” means the Regulations of 1976 or the Regulations of 1984, as the case may be; | ||
“tied insurance agent” and “tied insurance agreement or arrangement” have the meanings assigned to them, respectively, in section 51 . |