Insurance Act, 1989
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Disqualification of certain persons from acting as intermediaries. |
55.—A person shall not, without the permission of the Court, act as or hold himself out to be an insurance intermediary if— | |
(a) he is adjudged bankrupt, or | ||
(b) he makes a composition or arrangement with his creditors, or | ||
(c) being an insurance intermediary, he fails to meet his financial or legal obligations in relation to any sum of money received by him from or on behalf of a client, or | ||
(d) he is convicted of an offence involving fraud or dishonesty, whether in connection with insurance or not, or | ||
(e) he is or was a director of any company involved in insurance which has been wound up by the Court or by means of a creditors' voluntary winding up, or | ||
(f) he is the subject of an order under section 184 of the Companies Act, 1963 . |