Regulatory Alerts2020-10-02
Added · Updated
Notice 502 Minimum Standards and Continuing Professional Development for Insurance Brokers and their Broking Staff
This Notice establishes mandatory minimum standards and examination requirements for broking staff employed by direct and exempt direct insurance brokers, requiring possession of the Certificate in General Insurance (CGI) qualification or equivalent. It mandates that new broking staff pass specific General Insurance modules before advising on or selling personal or commercial general insurance products. Registered insurance brokers must submit personal particulars of new broking staff to the Authority monthly using a specified format. The document also outlines non-mandatory best practice standards for continuing professional development and includes relief measures for staff appointed during the COVID-19 period.
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