Title | Prakas No. 865 on Insurance Licensing to Agent Broker and Loss Adjuster |
Type | Regulation |
Issuing Agency | Ministry of Economy and FinanceMinistry of Economy and Finance |
Issuing Date | 23/11/2001 |
No English Translation Available
Name | Type | Agency | Description | Comments | Law | Validity |
---|---|---|---|---|---|---|
Licensing requirement of agents, brokers and loss adjusters | Licensing (based on experience, track record, technical requirements, and/or other) | Ministry of Economy and Finance | Agents, brokers and loss adjusters are required to obtain a license by MEF prior to commencement of operations. | - | Prakas No. 865 on Insurance Licensing to Agent Broker and Loss Adjuster | 23/11/2001 |
Licensing requirement of agents, brokers and loss adjusters | Licensing (based on qualifications / education) | Ministry of Economy and Finance | Agents, brokers and loss adjusters are required to obtain a license by MEF prior to commencement of operations. | - | Prakas No. 865 on Insurance Licensing to Agent Broker and Loss Adjuster | 23/11/2001 |
Capital requirement for agents, brokers and loss adjusters | Minimum capital requirements | Ministry of Economy and Finance | Minimum capital required for agents, brokers and loss adjusters, as mentioned under article 2. | - | Prakas No. 865 on Insurance Licensing to Agent Broker and Loss Adjuster | 23/11/2001 |
Limited duration of license for agents, brokers and loss adjusters | Numerical restrictions (duration license) | Ministry of Economy and Finance | The license for agents and loss adjusters is valid for 3 years, and for broker is valid for 1 year; renewable. | - | Prakas No. 865 on Insurance Licensing to Agent Broker and Loss Adjuster | 23/11/2001 |
Fee requirement for license for agents, brokers and loss adjusters | Fee | Ministry of Economy and Finance | Agents, brokers and loss adjusters are required to pay fee for the license of as mentioned in Art. 8 of this Prakas. | - | Prakas No. 865 on Insurance Licensing to Agent Broker and Loss Adjuster | 23/11/2001 |