Insurance Brokers (Registration) Act 1977

3 Qualifications for registration

(1) Subject to subsection (2) below and to section 16 of this Act, a person shall be entitled to be registered in the register if he satisfies the Council—

(a) that he holds a qualification approved by the Council under section 6 of this Act, being a qualification granted to him after receiving instruction from an institution so approved ; or

(b) that he holds a qualification recognised by the Council for the purposes of this paragraph, being a qualification granted outside the United Kingdom ; or

(c) that he has carried on business as an insurance broker, or as a whole-time agent acting for two or more insurance companies in relation to insurance business, for a period of not less than five years ; or

(d) that he holds a qualification recognised by the Council for the purposes of this paragraph and has carried on business as mentioned in paragraph (c) above for a period of not less than three years ; or

(e) that he has been employed by a person carrying on business as mentioned in paragraph (c) above, or by an insurance company, for a period of not less than five years; or

(f) that he holds a qualification recognised by the Council for the purposes of this paragraph and has been employed by a person carrying on business as mentioned in paragraph (c) above, or by an insurance company, for a period of not less than three years; or

(g) that he has knowledge and practical experience of insurance business which is comparable to that of a person who has carried on business as an insurance broker for a period of five years ; or

(h) that he holds a qualification recognised by the Council for the purposes of this paragraph and has knowledge and practical experience of insurance business which is comparable to that of a person who has carried on business as an insurance broker for a period of three years.

(2) A person shall not be entitled to be registered in the register by virtue of subsection (1) above unless he also satisfies the Council—

(a) as to his character and suitability to be a registered insurance broker; and

(b) in a case falling within paragraph (a), (b), (e) or (f) of subsection (1) above, that he has had adequate practical experience in the work of an insurance broker; and

(c) if he is carrying on business as an insurance broker at the time when the application is made, that he is complying with the requirements of rules under section 11(1) of this Act.

(3) Subject to section 16 of this Act, a person shall be entitled to be registered in the register if he satisfies the Council that he or a partnership of which he is a member is accepted as a Lloyd's broker by the Committee of Lloyd's.

(4) The Secretary of State may, after consulting the Council, by order provide that any of the paragraphs in subsection (1) or (2) above shall be omitted or shall have effect subject to such amendments as may be specified in the order.