Regulatory Alerts2023-10-27
Instruction No. 005/2023-CSBF on the Conditions for Exercising Activities of Insurance and Reinsurance Intermediaries and Distribution Channels
The Commission for Banking and Financial Supervision (CSBF) of Madagascar issued Instruction No. 005/2023-CSBF to establish the regulatory framework governing insurance and reinsurance intermediaries (IARs) and distribution channels. The directive mandates strict professional competence requirements, detailed application procedures for preliminary authorization, and ongoing governance, financial guarantee, and reporting obligations for all IARs and their mandating insurance enterprises. It further outlines specific operational rules for general agents, brokers, and reinsurance intermediaries, while defining suspension, withdrawal, and sanction mechanisms to ensure market integrity and policyholder protection.
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