Cap. 487 Art. 32Underwriting agreements.

(1) Subject to the following sub-articles, any person enrolled in the Brokers List under article 13 may make or enter into any underwriting agreement with any authorised undertaking.

(2) No person enrolled as aforesaid shall make or enter into any underwriting agreement unless, with respect to that underwriting agreement, the person complies with or satisfies such requirements as the competent authority may by Insurance Distribution Rules made for the purpose of this article determine.

(3) Any person enrolled as aforesaid shall register with the underwriting agreement unless the underwriting agreement has been duly registered as aforesaid.

(5) The competent authority shall determine an application for registration of an underwriting agreement under this article within one month of receiving the information required to be submitted under the Insurance Distribution Rules; and if it refuses to register the agreement it shall inform the applicant in writing of the reasons for the refusal.

(6) Subject to the provisions of this Act, the competent authority may subject registration of any underwriting agreement made under this article to such conditions as it may from time to time deem fit to impose.

(7) For the purposes of this article "underwriting agreement", in relation to business of insurance, means an agreement between an authorised undertaking and a person enrolled in the Brokers List under article 13 under which the enrolled person may, in accordance with the terms thereof, accept risks on behalf of the authorised undertaking; and, in this context, any other arrangement, by whatever name it may be called, whose objects and purposes are similar to an underwriting agreement, for the purposes of this article, is deemed to be an underwriting agreement.