(1) For the purposes of this section, "management position", in relation to an applicant for an authorisation, means - (a) a director, or (b) a management position specified by the Bank, or (c) an authorised agent.
(2) An applicant for an authorisation to carry on a specified class or description of insurance business shall provide the Bank with such information as the Bank requires concerning -
(a) the qualifications and experience of persons who hold, or whom the applicant proposes to appoint, to management positions with the applicant, and
(b) the fitness of those persons to hold those positions.
(3) The Bank shall not grant an authorisation if it appears to the Bank that a person referred to in subsection (2) -
(a) does not have the appropriate qualifications or adequate experience to hold a management position with the applicant, or
(b) is not otherwise fit to hold such a position.