Section 70: Licensing of insurance managers, insurance agents and insurance brokers

70. Licensing of insurance managers, insurance agents and insurance brokers (1) Except under the authority of a licence to that effect, no person shall act as or hold himself out as— (a) an insurance manager; (b) an insurance agent; or (c) an insurance broker. (2) For the purposes of this section a person shall be deemed to act as, or hold himself out as, an insurance manager, insurance agent or insurance broker in or from within Mauritius, where that person— (a) by way of business, as an insurance manager, insurance agent or insurance broker, occupies premises in Mauritius, or makes it known by an advertisement or by an insertion in a directory or by means of letterheads that he may be contacted at a particular address in Mauritius; (b) invites a person, by issuing an advertisement, in any place or country whatsoever, or otherwise, to do in or from within Mauritius any act in relation to an insurance policy whereby he will act as an insurance manager, insurance agent or insurance broker as the case may be; or (c) conducts himself or performs any act from which it may reasonably be inferred that he intends, or proposes to carry on, or carries on business as an insurance manager, insurance agent or insurance broker, as the case may be, in or from within Mauritius. (3) An application for a licence to act as an insurance manager, insurance agent or insurance broker, as the case may be, shall be made in such form, manner and medium, and be accompanied by such document and information as the Commission may determine. (4) Where the Commission is satisfied that an application under subsection (3) ought to be granted, it shall, on payment of the prescribed fee, issue a licence authorising the applicant to carry on business as an insurance manager, insurance agent or insurance broker, as the case may be. [Issue 2] I15 – 48 Revised Laws of Mauritius (5) The Commission shall not grant a licence under subsection (4) except where it is satisfied that— (a) the objectives of the business of the applicant are consistent with this Act and are limited to the business stated in the application and operations arising directly from it; (b) the applicant has such stated capital as may be specified in the FSC Rules; (c) the applicant is covered by a professional indemnity insurance policy acceptable to the Commission and meeting such requirements as may be prescribed; (d) the applicant meets such requirements as may be prescribed; (e) the applicant has disclosed such bona fide information as the Commission has requested in relation to the proposed business, and to persons who will, upon commencement of the applicant’s business, have any proprietary, financial or other interest in, or in connection with, that applicant; (f) the applicant has the financial resources, organisation and management capacities that are necessary to carry on the business which is the subject matter of the application; (g) the applicant, the substantial shareholders, controllers, and officers of the applicant where it is a body corporate are fit and proper persons to ensure the sound and prudent management of the business; (h) the applicant will, upon being licensed, be able to comply with and fulfil all requirements under this Act; (i) the applicant meets such other requirements as may be specified. (6) In determining an application under this section, the Commission may take into account— (a) any guidelines or international standards relating to the regulation of insurance managers, f the applicant where it is a body corporate are fit and proper persons to ensure the sound and prudent management of the business; (h) the applicant will, upon being licensed, be able to comply with and fulfil all requirements under this Act; (i) the applicant meets such other requirements as may be specified. (6) In determining an application under this section, the Commission may take into account— (a) any guidelines or international standards relating to the regulation of insurance managers, agents and brokers, as the case may be, issued by an international body; (b) the provisions of any regulations made under this Act or the FSC Rules or guidelines issued by the Commission; and (c) any information obtained from a foreign regulator or enforcement agency. (7) The Commission may, on granting a licence under this section, impose such conditions, restrictions and limitations to the scope of business of the licensee as it deems fit. (8) Any person who— (a) contravenes subsection (1); (b) fails to comply with any of the conditions, restrictions and limitations attached to his licence, I15 – 49 [Issue 1] Insurance Act shall commit an offence and shall, on conviction, be liable to a fine not exceeding 2 million rupees and to imprisonment for a term not exceeding 8 years. (9) Any person who, for the purpose of an application for a licence under subsection (3)— (a) makes a representation or statement which he knows to be false in a material particular; or (b) recklessly makes a representation or statement which is false in a material particular, shall commit an offence and shall, on conviction, be liable to a fine not exceeding one million rupees and to imprisonment for a term not exceeding 5 years. [S. 70 amended by s. 20 of Act 16 of 2007 w.e.f. 28 September 2007.]