(1) If, at any time in the first accounting year, the aggregate of moneys lodged by an insurance intermediary to the separate bank accounts required under section 48 exceeds £25,000, the intermediary shall effect a bond in a specified form, as respects his insurance business, to the value of £25,000 in respect of the remainder of the first accounting year.
(2) Subject to subsection (4), an insurance intermediary shall hold a bond in a specified form -
(a) as respects his non-life insurance business, to the value of £25,000, and
(b) as respects his life assurance business, to the value of £25,000 or 25 per cent. of life assurance turnover, whichever is the greater, by reference to the previous accounting year.
(3) The requirement in subsection (2) for an insurance intermediary to hold a bond shall be regarded as having been discharged where the insurance intermediary holds a bond to the value of £25,000 or 25 per cent. of life assurance turnover, whichever is the greater, by refere
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