Regulatory Alerts2023-06-14
Regulation 69/2023 on Licensing Requirements and Conditions for Insurance Intermediaries
The Insurance Regulatory Authority issues Regulation 69/2023 to establish comprehensive licensing requirements and operational conditions for all insurance intermediaries, including brokers, agents, loss adjusters, assessors, risk surveyors, and investigators. The regulation mandates fit-and-proper tests, minimum capital, professional indemnity insurance, and strict governance standards for license applicants and holders. It further outlines detailed application procedures, ongoing supervision, financial reporting obligations, market discipline rules, and administrative sanctions to ensure compliance and protect policyholders.
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