Regulatory Alerts2020-01-01
Definition of Persons to be Registered as Sales Representatives
The Financial Services Commission issued guidelines to clarify which individuals in insurance entities must register as sales representatives under the Insurance Act. The document defines a sales representative as anyone soliciting or negotiating insurance business and provides specific scenarios distinguishing registrable roles from exempt customer service or marketing functions. Enforcement actions for unregistered sales are mandated for flagrant breaches, though leniency is granted if registration applications were submitted more than six weeks prior to an examination.
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