A natural person or sole proprietorship applying for licensing and registration in the Register as an Insurance Consultant must satisfy the following conditions:
1. Have full legal capacity.
2. Have good reputation and conduct.
3. Have not been convicted with a felony or misdemeanor involving moral turpitude, trustworthiness or against public morals, or have been declared bankrupt and not rehabilitated.
4. The license to practice the insurance consultancy or any of the professions associated to insurance should not have been canceled or suspended as a disciplinary penalty, unless the effect of the penalty has elapsed.
5. To meet any of the requirements of the educational qualifications and practical experience in the insurance, reinsurance or any of the insurance associated professions mentioned in paragraph (A) or in paragraph (B) of this clause, as a minimum:

1. A Doctorate Degree in Insurance, Law, Finance, or subjects related to insurance, or a fellowship designation (FCII) from the Chartered Insurance Institute in London or equivalent institutes accredited by the Authority, which grant similar certificates along with a practical experience of not less than (5) years for Nationals and (10) years for non-Nationals.
2. a Bachelors or Masters degree in Insurance, Law, Finance or subjects related to insurance or Associateship designation (ACII) from the Chartered Insurance Institute in London or equivalent institutes accredited by the Authority, along with a practical experience of not less than (7) years for Nationals and (15) years for non-Nationals.

6. To pass the assessment conducted by the Authority for the applicants to register in the Register.