Regulatory Alerts2014-03-04
Added
Entertainment of Agents and Brokers
Registered insurers and reinsurers must cease remunerating insurance agents, brokers, and reinsurance brokers with any benefits, consideration, or payments other than monetary commission, effective 31 March 2014. This directive enforces Regulations 13 and 6 of the Long-term and Short-term Insurance Acts, which prohibit non-monetary remuneration such as overseas trips or expensive gifts. The Registrar is authorized to take action against entities that contravene these regulations or exceed legally set commission limits.