Section 3Part 2 — LICENSING
Requirement for licence
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Subject to subsection (3), a person shall not carry on —
insurance business;
reinsurance business; or
business as an insurance agent, insurance broker, or insurance manager, unless that person holds a valid licence issued for that purpose under this Law.
A person who contravenes subsection (1) commits an offence and is liable on summary conviction to a fine of one hundred thousand dollars or to imprisonment for a term of five years, or to both.
For the purposes of this Law, a person shall not be considered to be carrying on insurance business solely by reason of the fact that the person effects or carries out a contract of reinsurance with an insurer in the Islands, unless the person’s principal place of business is in the Islands.
Referenced By
- Section 22 — Duties of the Authority
Reference to contravention in section 22(2)(b)
- Section 23 — Directions by the Authority
Reference to contravention in section 23(1)