s 77 Registration requirements
77.—(1) The Authority must not register any applicant under section 76 unless the applicant —(a) is a company; (b) has a paid-up share capital which is not less than such amount as may be prescribed; and (c) has in force a professional indemnity insurance policy, the cover of which is consistent with such limit and deductible requirements as may be prescribed.[23/2003] (2) For the purposes of subsection (1)(b) and (c), the Authority may prescribe different amounts for different types of insurance brokers. (3) In subsection (1)(c), “professional indemnity insurance policy” means a contract of insurance with an insurer under which a person is indemnified in respect of the liabilities arising out of or in the course of the person’s business as an insurance broker.[35Y