Section 17Part 0 —
Licensees to insure
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A licensee shall insure with authorised insurers against the losses referred to in subsection (3).
The insurance required by subsection (1) shall provide a minimum aggregate cover of one million dollars and a minimum cover of one million dollars for each and every claim.
The losses against which a licensee is required to insure are all losses arising from claims in respect of civil liability incurred in connection with the business of company management —
by the licensee;
by any of that licensee’s officers or employees, or former officers or employees; or
by any person who is or was —
a consultant to the licensee;
an associate employed by the licensee; or
working for the licensee as an agent.
An authorised insurer shall issue annually a certificate of insurance to a licensee upon payment by the licensee of the relevant insurance premiums.
A certificate of insurance issued to a licensee under subsection (4) shall specify the amount of insurance cover provided to the licensee.
The Authority may, at any time, by notice in writing, require a licensee to submit to it a copy of the current certificate of insurance issued to that licensee under this Act.
In this section — “authorised insurer” means an insurer licensed under the Insurance Act, 2010 [Law 32 of 2010] to carry on insurance business within the meaning of that Act, or any other insurer approved by the Authority.
The Cabinet may, by regulations, prescribe different amounts of minimum cover specified in subsection (2).
Defined Terms
authorised insurer
Cross References
- Section of Insurance Law
Reference in (7)