Regulatory Alerts2021-09-26
Added · Updated
Instructions No. 4 of 2005 Regarding Reinsurance Broker Licensing, Regulation of Activities and Responsibilities and Amendments
The document establishes licensing requirements for natural and legal person reinsurance brokers, mandating specific educational qualifications and professional experience thresholds, such as 12 years in insurance or 7 years in reinsurance. It outlines obligations for brokers including fiduciary duties, confidentiality, prohibition on underwriting risks, and strict record-keeping for at least five years. The regulations define renewal procedures, suspension and revocation grounds for non-compliance, and require brokers to notify the regulator of any changes to licensed data or management personnel.