Registration shall be affected according to the insurance classes and types stated in the Law and the Executive Regulation.
A broker may cumulate operations of brokerage in insurance of persons and fund accumulation operations on one side and brokerage in insurance of property and liabilities on the other side provided that complete separation between them be maintained whether as to records, books, or the individuals working in each class of insurance. The broker, as well, may take up specialization in certain class of insurance or in one type of insurance or more.
The broker shall not cumulate the broker’s role as an insurance broker for one side and as an insurance agent, consultant, adjuster or an actuary on the other side. In case the broker is licensed to carry out re-insurance, the broker shall not cumulate the two roles as to the same operation for the same entity the broker is working for its account.
Registration in the register shall not be subject to sale or assignment to any other person or entity.
A broker shall conclude within three months as from date of registration two brokerage agreements in insurance operations with at least two insurance companies operating in the State.
