On 19/06/2013,
you requested for the version in force on 19/06/2013
incorporating all amendments published on or before 19/06/2013.
The closest version currently available is that of 18/04/2013.
35Y.
—(1) The Authority shall not register any applicant under section 35X unless the applicant —
(a)
is a company;
(b)
has a paid-up share capital which is not less than such amount as may be prescribed; and
(c)
has in force a professional indemnity insurance policy, the cover of which is consistent with such limit and deductible requirements as may be prescribed.
[41/2001]
[23/2003 wef 01/01/2004]
(2) For the purposes of subsection (1)(b) and (c), the Authority may prescribe different amounts for different types of insurance brokers.
[41/2001]
(3) In subsection (1)(c), “professional indemnity insurance policy” means a contract of insurance with an insurer under which a person is indemnified in respect of the liabilities arising out of or in the course of his business as an insurance broker.
[41/2001]