Cyprus distinguishes two main categories of insurance intermediaries with different criteria but similar tasks. The table below summarises every key difference regulators apply when reviewing license applications.
Acts on behalf of the public, sells products from many insurers, runs its own premises and must hold a university diploma and FCA-relevant qualifications.
Acts on behalf of the insurance company, typically represents one insurer in practice. Premises and equipment are usually provided by the insurer. No capital requirement.
13 dimensions on which the regulator differentiates the two licenses.
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