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 kt@cyprusaccountants.com.cy and we will be more than happy to assist you.