(1)The Authority or an officer authorised by it in this behalf shall, in the manner determined by the regulations made by the Authority and on payment of the fees determined by the regulations made by the Authority, issue to any person making an application in the manner determined by the regulations, and not suffering from any of the disqualifications herein mentioned, a registration to act as an intermediary or an insurance intermediary under this Act:Provided that--(a)in the case of an individual, he does not suffer from any of the disqualifications mentioned in sub-section (3) of section 42, or(b)in the case of a company, or firm, any of its directors of partners does not suffer from any of the said disqualifications.
