s.14Power of attorney, agency agreement, guarantee or indemnity insurance
14
Section 14Part 3 — OBLIGATIONS OF LICENSEES

Power of attorney, agency agreement, guarantee or indemnity insurance

←→ Navigate  ·  Click subsection badges to collapse  ·  Press ? for help

An insurance agent shall provide evidence satisfactory to the Authority of a power of attorney, agency agreement or guarantee satisfactory to the Authority, between the insurance agent and the insurer for whom the insurance agent acts.
A power of attorney, agency agreement or guarantee provided under subsection (1) shall extend to include activities conducted on behalf of the insurer by the insurance agent.
In the event that a power of attorney, agency agreement or guarantee provided under subsection (1) is withdrawn or determined, the insurance agent shall forthwith notify the Authority and shall forthwith cease to solicit further insurance business until the power of attorney, agency agreement or guarantee has been reinstated.
An insurance agent may, as an alternative to meeting the requirement laid down in subsection (1), maintain in force professional indemnity insurance in accordance with the requirements and for the amount specified in section 13.

Cross References

Referenced By