Any person acting as an insurance broker shall be registered in the Register intended for this purpose at the Ministry of Commerce and Agriculture.

An order issued by the Ministry for Commerce and Agriculture shall determine the terms and conditions to be fulfilled by those to be registered in this Register, whether they are natural or corporate persons, and conditions for renewal of registration. The said order shall regulate the other conditions for the business of insurance brokers.

Insurance companies and organisation shall not accept a local insurance transaction from any person unless he is one of the brokers registered in the Register intended for this purpose.