75. A firm is registered for a particular sector.
A firm registered for the damage insurance sector is so registered as a damage insurance agency except when it may be registered as a brokerage firm for that sector.
Only a firm that meets the following criteria may be registered as a damage insurance brokerage firm:
(1) it is not an insurer;
(2) its capital complies with section 150;
(3) its representatives who offer damage insurance products are brokers who comply with sections 6 and 38, where those insurance products belong to a class prescribed by the regulation made for the purposes of the latter section;
(4) when offering insurance products without the intermediary of a natural person, the firm complies with sections 6 and 38, where the insurance products belong to a class prescribed by the regulation made for the purposes of the latter section.
1998, c. 37, s. 75; 2018, c. 23, s. 5271.