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Objectives

This Regulation sets out the requirements concerning:

  1. conditions for licensing Insurance Brokers;
  2. rights and obligations of Insurance Brokers towards Companies and Clients;
  3. prudential requirements addressing financial soundness, risk management, Internal Controls, reporting and disclosure;
  4. powers of the Central Bank with regard to the supervision of Insurance Brokers.

In exercising its powers and functions under this Regulation, the Central Bank has regard to the following objectives:

  1. fair treatment of Clients;
  2. ensuring the safety, soundness and efficiency of insurance industry;
  3. promoting the reliability and efficiency of Insurance Brokerage operations, as well as public confidence in the insurance industry;