Cap. 487 Art. 48Use of the word "insurance".

(1) Subject to the following provisions of this article, save with the written permission of the competent authority, no person other than -

(a) a person registered in the Agents Register, Managers

Register or Brokers Register under article 13; or

(b) a person enrolled in the Agents List, Managers List or Brokers List under that article; or

(c) a person enrolled in the Tied Insurance Intermediaries under the Insurance Business Act; or

(e) a person who holds insurance qualifications of an institute of repute recognised for such purpose by the competent authority; or

(f) an institute of repute which provides instruction in insurance business studies and is recognised as such by the competent authority; or

(g) a person prescribed by regulations under this Act, shall use the word "insurance" as part of his or its description or title or make any such use on any letter paper, in any notice or advertisement, or in any other similar manner.

(2) Any foreign company enrolled or any third country insurance undertaking or third country reinsurance undertaking authorised as aforesaid may use the name used in its country of registration, incorporation or constitution save that, where there is a risk that the use of such name may be misleading, such foreign company, third country insurance undertaking or third country reinsurance undertaking shall add such explanatory particulars to its name as the competent authority shall direct.

(3) The competent authority may, by Insurance Distribution Rules made for the purpose of this article, determine the qualifications or experience for carrying out insurance distribution activities and reinsurance distribution activities which are required of persons, other than persons referred to in the foregoing sub-articles of this article, who, on application to the competent authority, may be permitted under this article to use the word "insurance" as part of their description or title.

(4) For the purposes of this article, the expression "insurance" includes reinsurance, assurance and reassurance and any of their derivatives or other words as may indicate or purport to indicate the carrying on of business of insurance or the carrying out of insurance distribution activities or reinsurance distribution activities or the carrying on of such business or the carrying out of such activities in any language in the description or title under which a person is carrying on such business or carrying out such activities.