Regulatory Alerts2023-07-06
COI Directive No. 5 - Insurance Agent
The Controller of Insurance of the Solomon Islands issued Directive No. 5 to establish minimum licensing, operational, and conduct standards for all insurance agents soliciting business in the jurisdiction. The directive mandates fit-and-proper requirements for agents and principal officers, prohibits specific unfair sales practices, and outlines strict responsibilities for insurers regarding agent nomination, training, and liability. It further regulates premium remittance timelines, record-keeping obligations, and enforcement mechanisms to ensure professional competence and protect policyholder interests.
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