Who is an insurance broker

An insurance broker is a Company who is acting on the best interest of the consumers and who is licensed to offer various insurance products and services by multiple insurance companies.  An insurance broker unlike an insurance agent, is not keen to represent one specific insurance company but rather assess the needs of the consumer and present to them the best product for their needs. The insurance broker has also the capacity to make comparisons between multiple insurance products and services across various insurance companies

Timeframes

• Gathering of the information: usually takes 1 to 2 months depending on how efficient the applicant is
• Application Examination: Usually 2 months
• Creation of a Company (which will subsequently be licensed): Less than 1 month
• Overall: from experience the application takes between 4- 5 months

Trick: To speed up the process ensure the name of the brokerage is decided by the management early as it will have to be approved by the Cyprus Registrar of Insurers and then by the Cyprus Registrar of Companies a process that could take 2/3 weeks. Without the name you can not apply for the Company which takes less than a month. This process alone before applying could take 2 months! So if in hurry, prioritise the name first.

Application Pack

• University degree of the director / management of the Company
• Cyprus or FCA relevant examinations for the director / management of the Company
• Clean criminal record of all management members
• CVs of all management members
• Non solvency declarations confirmations of all management members
• Agreements with insurance companies or letters of intend with the company
• Rental agreement of the company

The process in steps

1. Name Approval
2. Company Creation
3. Application Preparation
4. Application Examination

Main differences between an insurance broker and an insurance agent

Information about insurance brokers

Cyprus Insurance Differences

Disclaimer: The information provided in this article is for general informational purposes only and should not be construed as legal or tax advice. Please consult with a professional tax advisor for advice on your specific situation.

CYAUSE Audit Services has extensive experience in the insurance industry has helped tens of insurance brokers and agents register and get licensed by the local regulator. 

Feel free to download our brochure and to contact us directly at enquiries@cyprusaccountants.com.cyand we will be more than happy to assist you.

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