There are additional ongoing requirements in relation to insurance and/or reinsurance intermediaries once they are authorised.
Some of these requirements and how they are dealt with are outlined below. The following list is not exhaustive and is intended to serve as a guide.
If any insurance intermediary is unclear of its obligations they should contact the Financial Institutions and Funds Authorisation Department.
Change of Director/Manager
Any change of director/manager must be notified to the Financial Regulator. This includes both proposed appointments and resignations. All proposed appointees are subject to the ‘Fitness & Probity’ regime as outlined in the Supervision Process section. No appointment is valid until approved by the Financial Regulator.
Change of Firm name
The Financial Regulator must be advised of any change in a firm’s legal name or the addition of or change to any trading name. This will allow us to update the Insurance Mediation Register, our records and systems on a timely basis.
Change of Address
Any change of address by a firm must be notified in advance to the Financial Institutions and Funds Authorisation department of the Financial Regulator. This will allow us to update the Insurance Mediation Register our records and systems on a timely basis.
Person Responsible
Changes to the “person responsible” for Insurance/reinsurance mediation as disclosed on the register must be notified to the Financial Regulator. All proposed “persons responsible” are subject to the ‘Fitness & Probity’ regime as outlined in the Supervision Process section. No appointment is valid until approved by the Financial Regulator.
Passporting Changes
An insurance and/or reinsurance intermediary is required to notify the Financial Regulator of any change in respect of the provision of cross border services or the operation of a branch at least one month before implementing the proposed change so that the appropriate notification can be made. Notification should be sent to Investment Service Providers Supervision Department. See details in “Contact Us” section.
If there is uncertainty regarding whether a change constitutes a material change for supervisory purposes you should contact the Financial Institutions and Funds Authorisation Department directly.
Cancellation of Registration
If an intermediary decides it no longer wishes to act as an intermediary and therefore no longer requires registration it must formally request cancellation of that registration from the Financial Regulator.
The request for cancellation should clearly set out the reasons for the proposed cancellation.
The Certificate of Registration must also be returned to the Financial Regulator. See contact details