4-1

An Insurance Broker must not combine its role in such a capacity on the one hand and the role of any other Insurance-Related Professions on the other hand.

4-2

An Insurance Broker must not be partner or agent of any other Insurance Broker.

4-3

An Insurance Broker must notify the Central Bank of the appointment of any Specialised Employees, and of any modification or alteration that may arise regarding their transfer or termination, stating the reasons thereof. An Insurance Broker must also notify the Central Bank once any of the Specialised Employees become vacant and an alternative must be appointed until such vacant post is permanently filled within a maximum period of thirty (30) days from the date of vacancy.

4-4 

An Insurance Broker must have:

a.

adequate Staff who possess the requisite qualifications, competencies and skills to individually and collectively provide the range of services in all lines of business in which the Insurance Broker is Licensed to operate; and

b.

at least one Specialized Employee for each Licensed insurance type/line of business at all times.

4-5

An Insurance Broker must fully comply with the following obligations on an ongoing basis:

a.

the Insurance Broker’s legal status, its ownership and capital or its premises must not be altered without the prior written approval of the Central Bank;

b.

dealings between the Insurance Broker and its Clients must be supported by official documents for all Insurance Brokerage operations;

c.

the Insurance Broker must not encumber any of its assets without the prior written approval of the Central Bank;

d.

any of the Insurance Broker’s Representatives must not withdraw any amount from the Insurance Broker in excess of his/her share of the annual net profit; to this end current accounts connected to Insurance Brokers for withdrawal/ cash injection purposes are prohibited;

e.

the Insurance Broker’s Representatives, or Senior Management or any of their equivalents must not borrow from the Insurance Broker or lend to any Person any of the Insurance Broker’s funds; and

f.

the Insurance Broker must provide, upon the Central Bank’s request, all data, information, documents or statistics, at any time and for any specified period. Such information must be identical to the records of the Insurance Broker and must be treated as confidential information by the Insurance Broker.

g.

the Insurance Broker must have the necessary policies and procedures that ensure updating the unsernames and passwords for the users that are authorized to access the electronic platforms supplied by the Companies to sell insurance policies, and to cancel them for the Staff that were terminated.