Insurance Order, 2006 · s 56

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56.
(1)
No person shall, without being registered by the Authority, act or hold himself out as an adjuster unless -
1033
{a)
he is a member of an association of adjusters;
(b)
he has a minimum paid-up share capital as may be prescribed;
{c) and unless the Authority has been furnished with such documents and information as may be prescribed or as he may require in any particular case.
(2)
In registering an adjuster, the Authority may impose such conditions as he thinks fit and may at any time add to, vary or revoke such conditions.
(3)
The registration of an adjuster shall be for a period of one year and is renewable every year.
(4)
Adjusters shall pay such fees as may be prescribed.
(5)
The Authority may revoke the registration of any adjuster if he is satisfied that any of the conditions imposed in relation to the registration has been breached or that it is in the interests of the public for him to do so.
(6)
Nothing in this section shall apply to-
(a} advocates and solicitors and members of other professions who act or assist in adjusting insurance claims as an incident to the practice of their professions and who do not hold themselves out as adjusters;
(b} adjusters of maritime losses;
(c)
employees of an insurer who, in the course of their employment, act or assist in adjusting insurance claims and who do not hold themselves out as adjusters.
(7)
Every adjuster shall within one month after the end of each quarter of the year submit to the AuthorityLi'eport in the prescribed form of all losses which were the subject of adjustments effected by him during that quarter.
(8)
Sections 40 to 45 shall apply to adjusters.
(9)
No person who carries on business of insurance loss adjuster, loss assessor, surveyor or other registered persons providing auxiliary services to the insurance industry or any member of their immediate family, shall hold shares or other interests in an insurance company.
(10)
For the purpose of subsection (9), "member of their immediate family"
shall be deemed to include the wife, husband, father, mother, son and daughter of a loss adjuster, loss assessor, surveyor or other registered persons providing auxiliary services to the insurance industry.
( 11)
Any person who contravenes subsection ( 1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $20,000, increased by $800 for each day on which he is proved to have done so, imprisonment for a term not exceeding one year or both.
(12)
Where a person fails to submit a report as required by subsection (7), he shall be guilty of an offence and shall be liable on conviction to a fine not 1034
exceeding $20,000, increased by $2,000 for each day during on which he is proved to have done so.
Examination of person suspected of acting, holding out as insurance broker, insurance intermediary or adjuster.

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s 56

(1)

No person shall, without being registered by the Authority, act or hold himself out as an adjuster unless -

1033

{a)

he is a member of an association of adjusters;

(b)

he has a minimum paid-up share capital as may be prescribed;

{c) and unless the Authority has been furnished with such documents and information as may be prescribed or as he may require in any particular case.

(2)

In registering an adjuster, the Authority may impose such conditions as he thinks fit and may at any time add to, vary or revoke such conditions.

(3)

The registration of an adjuster shall be for a period of one year and is renewable every year.

(4)

Adjusters shall pay such fees as may be prescribed.

(5)

The Authority may revoke the registration of any adjuster if he is satisfied that any of the conditions imposed in relation to the registration has been breached or that it is in the interests of the public for him to do so.

(6)

Nothing in this section shall apply to-

(a} advocates and solicitors and members of other professions who act or assist in adjusting insurance claims as an incident to the practice of their professions and who do not hold themselves out as adjusters;

(b} adjusters of maritime losses;

(c)

employees of an insurer who, in the course of their employment, act or assist in adjusting insurance claims and who do not hold themselves out as adjusters.

(7)

Every adjuster shall within one month after the end of each quarter of the year submit to the AuthorityLi'eport in the prescribed form of all losses which were the subject of adjustments effected by him during that quarter.

(8)

Sections 40 to 45 shall apply to adjusters.

(9)

No person who carries on business of insurance loss adjuster, loss assessor, surveyor or other registered persons providing auxiliary services to the insurance industry or any member of their immediate family, shall hold shares or other interests in an insurance company.

(10)

For the purpose of subsection (9), "member of their immediate family"

shall be deemed to include the wife, husband, father, mother, son and daughter of a loss adjuster, loss assessor, surveyor or other registered persons providing auxiliary services to the insurance industry.

( 11)

Any person who contravenes subsection ( 1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $20,000, increased by $800 for each day on which he is proved to have done so, imprisonment for a term not exceeding one year or both.

(12)

Where a person fails to submit a report as required by subsection (7), he shall be guilty of an offence and shall be liable on conviction to a fine not 1034

exceeding $20,000, increased by $2,000 for each day during on which he is proved to have done so.

Examination of person suspected of acting, holding out as insurance broker, insurance intermediary or adjuster.