Regulatory Alerts2020-01-01
Circular No. 15 of 2020 – Prohibition on Employees of Insurance Licensees Acting as Sub-Agents
The Financial Services Authority extends its existing prohibition to bar full-time and part-time employees of insurers, brokers, agents, and insurance managers from acting as insurance sub-agents during their employment. Building on Circular No. 5 of 2020, this directive explicitly includes brokers, agents, and insurance managers alongside insurers to prevent conflicts of interest. All affected licensees must ensure that their personnel do not apply for or hold sub-agency roles concurrently with their primary employment under the Insurance Act, 2008.
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