An insurance agent is an individual or company licensed by the Cyprus Registrar of Insurers to represent one or more insurance companies.
Applying for an insurance agents license is a straightforward application that the Cyprus Registrar of Insurers feels very comfortable with, as there are plenty of local agents licensed in the republic. The timeframes and process mirror the broker license, but the requirements are noticeably lighter.
An insurance agent is an individual or company licensed by the Cyprus Registrar of Insurers to represent one or more insurance companies. Its aim is to work for and serve those insurers. In Cyprus, it is common for one agent to represent only one insurance company, even though the law permits as many representations as the agent wants.
Decide the company name early. It must be approved by the Cyprus Registrar of Insurers and then by the Registrar of Companies, taking 2 to 3 weeks combined.
If in a hurry, prioritise the name first.
Six items the regulator expects in your application.
Cyprus or FCA-relevant insurance examinations for the director and management
Clean criminal record of all management members
CVs of all management members
Non solvency declarations of all management members
Agreements with insurance companies or letters of intent
Rental agreement of the company
Sequential stages from name approval to full license.
Insurers and Companies registrars.
Incorporate the entity.
Credentials and agreements.
Regulator approval.
Bookkeeping and management accounts.
Statutory annual audit.
Tax and regulatory filings.
Contact us for professional licensing services and avoid costly application rejections.