Commonwealth Numbered Acts

Insurance (Agents and Brokers) Act 1984 No. 75 of 1984 - SECT 19

19. (1) A person (whether an individual or a corporation) shall not, after the
expiration of 6 months after the commencement of this Part, carry on business
as an insurance broker, whether alone or in partnership, in relation to
life insurance business or general insurance business-

   (a)  unless he is registered under this Part in respect of life insurance
        business or general insurance business, as the case may be; and

   (b)  if there are liabilities prescribed for the purposes of this
        paragraph-unless there is in force a contract of insurance with an
        insurer approved by the relevant Commissioner under which the person
        is indemnified in respect of the prescribed liabilities arising out of
        or in the course of his business as an insurance broker.

Penalty:

   (a)  in the case of a natural person-$5,000 or imprisonment for 2 years, or
        both; or

   (b)  in the case of a corporation-$25,000.

(2) A person may be registered in respect of both life insurance business and
general insurance business.