Insurance Authority publishes consultation conclusions on cap for insurance agent representatives and insurance broker rules
The Insurance Authority published consultation conclusions on two sets of rules required for the new statutory regulatory regime for insurance intermediaries, deciding that the cap on authorised insurers that an insurance agent may represent will remain at four, rather than being raised to five. The Insurance Authority also extended the transition period for licensed insurance broker companies by one year to slightly more than four years, and shelved the proposal to raise the minimum indemnity limit for professional indemnity insurance; the two sets of rules will be submitted to the Legislative Council for scrutiny and will take effect on the day the new regime is implemented.
Why read this: The conclusions state that the cap on insurers an agent may represent remains at four, and that the transition period for insurance brokers will be extended by one year, allowing the two final decisions to be checked against the original proposals.