A person applying for a broker's license must fulfill the following conditions.
(A) Should have been recognized as an organized organization under the prevailing law.
(b) The authorized capital of the organization should be as prescribed by the committee. But the committee will have to make certain guidelines while determining the authorized capital.
(c) Twenty-five percent of the authorized capital of the organization should be deposited in a fixed account of a commercial bank.
(d) A person working as a chief manager of an organized organization should have fifteen years of experience in insurance related work.
(e) To fulfill other conditions prescribed by the committee.