Restrictions on use of insurance terms

Subject to the provisions of this section– (a) no person carrying on any class of insurance business specified in Schedule I may have or use, or continue to have or use, the word “Insurance” or “Assurance”, or any other word or derivative thereof which connotes insurance business, in the name under which such person is carrying on business, unless such person is licensed under this Act or exempted from licensing thereunder; and (b) no person carrying on any class of Insurance business specified in Schedule I may have or use or continue to have or use, in the name under which such person is carrying on business any words indicating that such person is a principal insurer unless that person is licensed under Part II or III or is exempted from licensing thereunder; Schedule I. (c) no person licensed under Part Il or Part III may, without the written consent of the Supervisor, carry on any insurance business unless such person has and uses as part of the business name of such person the word “Insurance” or “Assurance”, “casualty”, “guarantee”, “reinsurance”, “surety”, “underwriting” or any word or a derivative thereof which, in the Supervisor’s opinion, connotes insurance business; (d) no person licensed under Part IV as a broker may, without the written consent of the Supervisor, carry on business as such unless such person has and uses as part of the business name of such person the words “Insurance Broker” or “Assurance Broker”; (e) no person licensed under Part IV as an agent, collector, sub-agent (and not also licensed under Part II) may, without the written consent of the Supervisor, carry on business as such unless such person has and uses as part of the business name of such person the words “Insurance Agent” or “Assurance Agent” or “Insurance Sub-Agent” or “Assurance Sub- Agent” or “insurance collector”.