Section 13Part 3 — OBLIGATIONS OF LICENSEES
Insurance broker or insurance manager to carry professional indemnity insurance
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Except as otherwise approved by the Authority, an insurance broker or insurance manager shall maintain in force, and comply with the conditions of cover of, professional indemnity insurance placed with an insurer licensed to carry on domestic business or an insurer accorded special dispensation under section 18.
The professional indemnity insurance required under subsection (1) shall —
provide for an indemnity of not less than eight hundred and twenty thousand dollars for any one loss, or such other figure as may be specified by the Authority;
extend to include the activities conducted on behalf of the broker or insurance manager; and
be subject to review by the Authority.
In the event that the professional indemnity insurance required under subsection (1) is invalidated, becomes voidable or is withdrawn, cancelled or not renewed, the licensee shall immediately notify the Authority and shall forthwith cease to solicit further insurance business until such professional indemnity insurance has been reinstated or replaced.
Cross References
- Section 18 of Insurance Law
under section 18
Referenced By
- Section 10 — Returns required of insurance broker and insurance manager
required under section 13
- Section 14 — Power of attorney, agency agreement, guarantee or indemnity insurance
specified in section 13