(NAR) VOL. II NO. 2 / APRIL - JUNE 1991
“No person shall be licensed to act as an insurance agent or general agent of more than one life insurance company, AND/OR AS GENERAL AGENT OF MORE THAN ONE NON-LIFE INSURANCE COMPANY, AND/OR AS INSURANCE AGENT OF MORE THAN THREE OTHER NON-LIFE INSURANCE COMPANIES. No person licensed as an insurance agent or general agent shall be licensed as an insurance broker, nor shall a person licensed as an insurance broker be licensed as an insurance agent or general agent in the same kind of insurance business. The same limitation shall apply to the individual named in the licensed issued to a partnership, association or corporation to act as an insurance agent, general agent or insurance broker. NO PERSON HOWEVER, SHALL BE LICENSED TO ACT AS GENERAL AGENT UNLESS HE HAS BEEN LICENSED AS AN ORDINARY AGENT AND ACTIVELY ENGAGED AS SUCH FOR AT LEAST ONE YEAR.”This Memorandum Circular shall take effect upon approval.