Section 3 Qualifications for registration.

United Kingdom

(1)

Subject to subsection (2) below and to section 16 of this Act, a person shall be entitled to be registered in the register if he satisfies the Council—

(a)

that he holds a qualification approved by the Council under section 6 of this Act, being a qualification granted to him after receiving instruction from an institution so approved; or

(b)

that he holds a qualification recognised by the Council for the purposes of this paragraph, being a qualification granted outside the United Kingdom; or

(c)

that he has F1pursued in an EEA State, within the meaning of section 96(1) of the Insurance Companies Act 1982, F2 other than the United Kingdom, any of the activities set out in Article 2(2)(a) of Council Directive 77/92/EEC of 13 December 1976 F3 (which relates to insurance agents and brokers) for a period which—

(i)

meets the requirements set out in paragraph (a), (b) or (c) of Article 4 of that Directive, and

(ii)

did not end more than ten years before the date on which the application is made.

F4(d)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(e)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(f)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(g)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(h)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(2)

A person shall not be entitled to be registered in the register by virtue of subsection (1) above unless he also satisfies the Council—

C1(a)

as to his character and suitability to be a registered insurance broker; and

(b)

in a case falling F5within paragraph (a) or (b) of subsection (1) above, that he has had adequate practical experience in the work of an insurance broker; and

(c)

if he is carrying on business as an insurance broker at the time when the application is made, that he is complying with the requirements of rules under section 11(1) of this Act.

(3)

Subject to section 16 of this Act, a person shall be entitled to be registered in the register if he satisfies the Council that he or a partnership of which he is a member is accepted as a Lloyd’s broker by the Committee of Lloyd’s.

(4)

The F6Treasury may, after consulting the Council, by order provide that any of the paragraphs in subsection (1) or (2) above shall be omitted or shall have effect subject to such amendments as may be specified in the order.

Annotations

Textual amendments

F1: Words in s. 3(1)(c) substituted (1.1.1997) by S.I. 1995/2906, art. 2(2)
F2: 1982 c.50. The definition of EEA State was inserted in section 96(1) by S.I. 1994/1696, reg 50(1)(g).
F3: O.J. L26. 31.1.1977. p. 14.
F4: S. 3(1)(d)-(h) omitted (1.1.1997) by S.I. 1995/2906, art. 2(3)
F5: Words in s. 3(2)(b) substituted (1.1.1997) by S.I. 1995/2906, art. 2(4)
F6: Words in s. 3(4) substituted (1.1.1997) by S.I. 1997/2781, art. 8(1), Sch. Pt. II para. 107(with art. 7)

Modifications

C1: S. 3(2)(a) modified by Financial Services Act 1986 (c. 60, SIF 69), s. 138(1)

Notes on the whole Act

Textual amendments

F1: Act repealed (30.4.2001) by 2000 c. 8, ss. 416(1)(c), 432(3), Sch. 22; S.I. 2001/1282, art. 2