Insurance companies from third countries and the UK use Cyprus as their entry point within the EU. Cyprus is becoming a hub for insurance EU passporting due to its straightforward licensing applications and reasonable requirements.
Twelve common questions on the Cyprus insurance licensing process and EU passporting.
It takes 2 to 3 months. The Company must be formed with M&AoA stipulating insurance Agent or Broker activities.
Company Name: approved first by the Cyprus Registrar of Insurers, then by the Cyprus Registrar of Companies. Each name application takes about 10 working days, so both together take about 1 month.
Yes. Regulated entities in Cyprus must have local substance: office and staff.
Management must have passed the Insurance Certifications which the regulator checks as a condition for the license. Breakdown of agent vs broker differences here.
The credentials of one of the directors. They should hold professional insurance qualifications.
Even with large differences between agent and broker requirements, if management cannot present the appropriate credentials the application will be void.
General Insurance License: one director must hold an internationally accredited general insurance certificate.
Life Insurance License: one director must hold an internationally accredited life insurance certificate. We can assist with both.
The Cyprus Registrar of Insurers accepts various combinations as long as substance and regulatory requirements are met.
Simple: local director in Cyprus holding International Insurance Accreditations. Common: local director without credentials + overseas director (anywhere except Cyprus) who holds the accreditation.
Once you obtain a Cyprus Insurance License, passporting is a structured and relatively straightforward process.
Passporting takes 1 to 2 months to be approved by the Cyprus Registrar of Insurers. Specific EU countries must be specified in the application.
Cyprus Ltd companies are increasingly popular for acting as insurance agents to overseas insurance companies, usually outside the EU. Cyprus offers:
Yes. The Registrar of Insurers must pre-approve the name prior to the application.
Once approved by the Registrar of Insurers, the Cyprus Registrar of Companies must also approve it.
It is assumed both agents and brokers will have an office and registered address to service clients.
The Cyprus Registrar of Insurers is fine with agents and brokers working from home addresses, although a broker may prefer dedicated premises for prestige.
The Registrar of Insurers does not check employment status, however Cyprus Social Security requires local directors to act as employees of the companies they represent.
You can operate without registering for a few months, but it is not advisable. Some clients defer it for years but risk backdated penalties.
Yes, as long as they are internationally recognised.
The director or one of the directors should have the necessary credentials, verified by the Cyprus Institute of Insurers in a few days.
Not really, as long as one of the directors has the necessary credentials for licensing purposes.
Explore the rest of our Cyprus insurance licensing resources.
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