Section 97: Prohibition to act

1) No person shall act as an insurance agent or insurance intermediary without a license or whose license has not been renewed.

2) If any insurer has appointed insurance intermediaries who have not complied with sub-section (1), all the responsibilities shall be borne by the insurer himself.

3) Any liability arising from any insurance business activity carried out by an insurance intermediary or other insurance service provider whose license has been revoked during the term of the license shall be borne by the concerned insurer.

4) No insurance agent or intermediaries shall act as a director or, chief executive officer or employee or, advisor of Insurer.