Standard Admin / Friday, May 24, 2024 / Categories: Cyprus Company Governance, Cyprus Audit Requirements, COMPLIANCE SERVICES BY CYAUSE AUDIT SERVICES INSURANCE BROKERS CYPRUS APPLICATION - EU Passporting via Cyprus 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 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 Name Approval Company Creation Application Preparation Application Examination Main differences between an insurance broker and an insurance agent Information about insurance brokers Cyprus Insurance Differences 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 kt@cyprusaccountants.com.cy and we will be more than happy to assist you. Link to our website information - click here Previous Article Cyprus Insurance Agent & Insurance Brokers Cyprus Licensing (Video) - EU Pass-Porting Made Easy Next Article Cyprus Funding Subsidies for Cyprus Companies - Financial Aid Explained (Video) Print 26 Rate this article: No rating Tags: cyprusCyprus companiesInsuranceInsurance CompaniesInsurance LicenseInsurance RegulatorCyprus insurance companiesEU passportingInsurance agentsInsurance brokers Please login or register to post comments.
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