Question

What is the requirement for insurance brokers regarding deposit before the commencement of business?

a.

A deposit equivalent to 10% of the initial capital

b.

A deposit equivalent to 15% of the initial capital

c.

A deposit equivalent to 20% of the initial capital

d.

No deposit requirement for insurance brokers

Answer: (c).A deposit equivalent to 20% of the initial capital Explanation:Insurance brokers are required to deposit and keep deposited with any scheduled bank a sum equivalent to 20% of the initial capital before the commencement of business.

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Q. What is the requirement for insurance brokers regarding deposit before the commencement of business?

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