Section 75, The Insurance Act, 2016

(1) No person who- (a) is under the age of twenty-one years; (b) is found by a court to be of unsound mind; (c) is an undischarged bankrupt; (d) has been convicted by a court of an offence involving dishonesty, criminal misappropriation or criminal breach of trust or cheating or forgery or an abetment of or an attempt to commit such offence; or 48 49 Holder of licence for specified insurers Disqualification of insurance agents etc. (e) has been found guilty of dishonesty or gross professional misconduct in any financial institution, shall be granted a licence under section 73. (2) The Commissioner may cancel the licence of a holder, if the holder- (a) suffers from any of the disabilities under subsection(1); (b) induces a prospect to insure with an insurer not registered under this Act; (c) knowingly contravenes any provision of this Act or any rule or order made under it; (d) knowingly procures by fraudulent representations payment of or the obligation for payment of any premium on an insurance policy; or (e) collects insurance premium under any policy when he is not authorised to do so, or having authority to collect premium retains it for a period longer than he is entitled to. (3) The cancellation of a licence shall be without prejudice to any penalty of which the holder of the licence may be liable to.