Insurance intermediary registration requires complete ownership, financial, governance, infrastructure and compliance disclosures for fresh, renewal and branch applications. Schedule VI requires insurance intermediaries seeking fresh or renewed registration to submit a complete application, prescribed fee, organisational and ... Summary
Insurance intermediary registration requires complete ownership, financial, governance, infrastructure and compliance disclosures for fresh, renewal and branch applications.
Schedule VI requires insurance intermediaries seeking fresh or renewed registration to submit a complete application, prescribed fee, organisational and ownership disclosures, business plans, financial information, infrastructure details, personnel particulars and supporting records. Applicants must disclose disputes and economic offences, maintain an arm's-length financial relationship between intermediary activities, avoid inducement rebates, service run-off business when required, and submit eligibility and accuracy declarations. Fresh applications also require constitutional records, board authorisation, training compliance undertakings, infrastructure evidence and projected financial statements. Branch IIIO applicants must additionally demonstrate home-country compliance, branch strategy, internal controls and operational viability.
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