Regulatory Alerts2020-05-25
Added · Updated
Circular No. 5 of 2020: Prohibition on Insurer Employees Acting as Sub-Agents
The Financial Services Authority (FSA) has issued a directive prohibiting all full-time and part-time insurer employees from applying for and acting as sub-agents. This restriction mitigates potential conflicts of interest and ensures fair policyholder treatment by preventing dual-role representatives from prioritizing their employer insurer. By enforcing this prohibition, the FSA levels the competitive landscape between employed sub-agents and independent agents under the Insurance Act, 2008.