(1) A licence as an insurance broker or an insurance loss adjuster shall only be granted to a company or a partnership.

(2) A director, officer or employee of a company holding a licence as an insurance broker, a partner or employee of a partnership holding a licence as an insurance broker or a person holding a significant interest in an insurance broker shall not be granted a licence as an insurance agent, an insurance subagent or an insurance loss adjuster.

(3) A director, officer or employee of an insurer and a person holding a significant interest in an insurer shall not be granted a licence as an insurance broker.

(4) A person holding a licence as an insurance broker shall not hold a licence as an insurance broker or an insurance agent or sub-agent.