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Send Enquires
  • Login
CyAuSe - Cyprus Audit Services Ltd
  • Home
  • Reduce Taxation
    • Find the Right Jurisdiction
    • Select Vehicle / Company Type
    • Are You a High Net Worth Individual?
    • Tax Free Income
    • Cyprus Tax Tips
      • Cyprus Tax Calculators
        • Cyprus Corporation Tax
        • Cyprus VAT
        • Cyprus Gross to Net Salary
        • Cyprus Dividend Tax
        • Cyprus Social Insurance
        • Cyprus Capital Gains Tax
      • Cyprus Property Owners
      • Cyprus Company Owners
      • Cyprus VAT Related Tips
      • Cyprus Employed Persons
      • Cyprus Self Employed Persons
    • Cyprus Double Tax Treaty Network
    • Cyprus Crypto Tax
    • Cyprus NHS / GESY
  • Incorporation
    • Middle East Company Formation
      • Dubai Companies
      • Qatar Companies
      • Saudi Arabia Companies
    • Create an International Company
      • Cyprus
        • Cyprus as a Business Centre
        • Head Quarter Relocation
        • Cyprus Company Maintenance
        • Cyprus Bank Account
        • Cyprus Company Creation
        • Cyprus Company Tax Benefits
        • Cyprus Double Tax Treaty Network
        • Payroll System
        • Useful Information
        • Popular Cyprus Structures
        • Cyprus Start Up Information
        • Cyprus Remote Employer
      • Seychelles Companies
      • BVIs (British Virgin Island)
      • Ireland
      • Bahamas
      • Malta
      • Isle of man
      • Gibraltar
      • Cayman Island
      • United Kingdom
      • Rest of the world
    • Create an International Trust
    • Create an Investment Firm
    • Cyprus Start Up Information
      • Company vs Self Employed
      • Company Issues
      • Funding Solutions
      • Accounting Issues
      • Start Up Tips
    • Buy Ready / Shelf Companies
  • Bank Accounts
  • Services
    • Company Services
      • Company Audit
      • Internal Audit
      • Re-Domiciliation Services
      • Executive Services
      • Accounting services
      • Outsource Payroll
      • Outsource Vat & Tax
      • Final Accounts
      • Management Accounts
      • Cash Flow
      • Business Plans & Feasibility Studies
      • Fiduciary & Support
      • Substance Solutions
      • Compliance Services
      • Marketing
        • Branding
        • Email Marketing
        • Lead Generation
        • Social Media Marketing & Advertising
        • Pricelist
    • Individual Services
      • Personal Taxation
      • Capital Statement
      • Succession Planning
      • Family office services
      • High Net Worth Individuals
    • Bank Account Set Up
    • Niche Markets
      • International Business Companies
      • Services Sector
      • Cyprus Forex and Investment Firms (CIFs)
        • Specialised services
        • Best Practises
        • CySEC Glossary
        • Cyprus Investment Firms and Funds Articles
      • Travel Sector
      • Real Estate & Construction
      • Retail and Consumer
      • Funding Programmes
        • Open - Expected Programs
        • EU Cyprus Programs
          • Youth Entrepreneurship Programs
        • Cyprus Personnel Funding Solutions
      • High Net Worth Individuals
    • Company Formation
  • Knowledge Hub
    • Blog
    • Articles
    • Announcements / Cyprus News
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      • Tax & VAT Tips
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      • Tax Download Section
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Insurance Agents License

Home / Licensing / Insurance Licensing / Insurance Agents License
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CYPRUS INSURANCE AGENTS LICENSE

APPLYING FOR AN INSURANCE AGENTS LICENSE

Applying for an insurance agents license is a relatively straight forward application and an application the local Cyprus Registrar of Insurers feels very comfortable with as there are plenty of local agents licensed in the republic. As expected, the insurance agents are significantly more than the insurance brokers due to the higher licensing requirements imposed by the regulator. Nevertheless, the timeframes and the application process are similar though the requirements and characteristics significantly differ.

 

Who is an insurance agent

An insurance agent is an individual or a company licensed by the Cyprus Registrar of Insurers to represent one or more insurance companies. Its aim is to work and serve these insurance companies. In Cyprus it is common for one insurance agent to only represent one insurance company though the law permits as many representations as the agent wants.

 

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

  • 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

 

Interested?

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.cy and we will be more than happy to assist you.

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