Regulatory Alerts2018-12-01 | 24030Added · Updated
Procedure Document for Section 128 Returns Submission by Registered Agents, Brokers and Sales Representatives
Insurers, agencies, and brokerages must submit a Section 128 return to the Central Bank within sixty business days of the end of their financial year. The return requires detailed information on all registered agents, brokers, and sales representatives, including a list of all individuals compensated for placing, negotiating, or renewing insurance business. Submissions must be provided in both electronic Excel format and hard copy to the Intermediaries Unit and the Inspector of Financial Institutions. Failure to comply constitutes an offence under Section 254(3) of the Insurance Act, 2018, and may result in administrative fines under Schedule 6.
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