Regulations Governing Insurance Brokers Article 24

The practice license of independent brokers and brokers employed by a broker company and a bank is valid for a period of five years. A broker may not practice business unless he or she has completed the procedures for license renewal before the current practice license expires.Upon applying for renewal of practice license, a broker shall pay the fee set by the competent authority and submit the following documents:1. The original practice license.2. Certification of on-the-job training recognized by the competent authority.3. The proof of the deposit of bond, a duplicate of an insurance policy showing the purchase of professional liability insurance and bonding insurance.4. The consolidated income tax returns of the broker (listing sources of income) for the past three years, tax withholding statements accompanied by an affidavit, or other documents proving that he or she has actually practiced the business.5. A written statement by the applicant undertaking that who is free of the situations set out of the paragraph 3 , Article 6 and subparagraph 26, Article 49 herein.6. Certification showing membership in brokers association or brokerage association in accordance with Article 45.7. Other documents as required by the competent authority.