Regulatory Alerts2017-03-28
Added
Replies to Comments on Draft Directive - Registration of Agents Operating from Foreign Based Call Centers
The Registrar of Short-Term Insurance and Long-Term Insurance provides replies to comments on a draft directive regarding the registration of agents operating from foreign-based call centers, with the finalized directive effective 1 June 2017. Registration is required for agents performing functions defined in the Short-Term and Long-Term Insurance Acts, including those employed by foreign entities or earning commission, while non-commission-earning employees of locally registered insurers are exempt. All applicants must comply with section 55 of the Long-Term Insurance Act, and the obligation to pay application fees and annual levies falls on the person seeking registration. Non-compliance actions are taken against the registered agent under the relevant Acts, with agents loaded onto the profile of the registered insurer on whose behalf they act.