(1) A person or organization wishing to work as an insurance intermediary or other insurance service provider shall submit an application to the authority along with the prescribed documents and fees for a license.
(2) Upon examination of the application received under sub-section (1), if it is deemed appropriate to issue a license, the authority shall issue a license to the applicant to work as an insurance intermediary in the prescribed format. (3) The term of license of insurance intermediaries and other insurance service providers shall be three years.
(4) While granting the insurance surveyor's license, the license shall be given to survey only one type (portfolio) of insurance under non-life insurance. But this provision shall not apply in case of a company established for the purpose of acting as an insurance surveyor.
(5) A person holding an insurance surveyor's license at the commencement of this Act shall maintain a license of any type (portfolio) of his/her chosen specialty within one year of the commencement of this Act.
(6) An insurance intermediary or other insurance service provider shall not give, transfer or assign or cause the license obtained under this Act to be used by anyone else.
(7) When issuing an insurance agent's license, only one insurer's insurance agent's license of the same type shall be issued.
(8) Provisions regarding the license of insurance intermediaries or other insurance service providers shall be as prescribed.