Regulatory Alerts2015-03-31
Added
Contracting the Services of Unregistered Intermediaries
Registered insurers and reinsurers are prohibited from conducting business with unregistered insurance agents, insurance brokers, or reinsurance brokers after 01 April 2015. Entities that violate this prohibition shall be held liable under section 69(a)(i) of the Long-term Insurance Act, 1998, and/or section 68(a)(i) of the Short-term Insurance Act, 1998. This directive enforces the registration requirements previously mandated for all individual insurance and reinsurance brokers by the same deadline.
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