September 23, 2019 As part of the new regulatory regime for broker intermediaries the Insurance Authority has published a register for brokers, agents and technical representatives.
The register is maintained by the Insurance Authority to provide information on a licensed insurance intermediary or a responsible officer in matters of or connected with any regulated activity; or to ascertain the particulars of the licensing of a person as a licensed intermediary or the particulars of the approval of an individual as a responsible officer.
The regulator said that although the register is updated every working day, it may not contain the most up-to-date information as there is a time lag in processing and updating the information.
The IA has also published two new code of conducts and broker education criteria.
The Insurance Authority said that in order to allow sufficient time for transition, the regulator will adopt a flexible approach in considering intermediaries’ compliance with the codes and expect licensees to fully comply with the codes from January 1 2020 onwards.
For more on the move to regulation from the Insurance Authority see here.
This article and content was reproduced from Insurance Asia News by ANDREW TJAARDSTRA.