November 25, 2024
LN BUTTON

IA amends insurance brokerage regulations

There is significant scope for Insurtech to enhance regulatory reporting to regulators in areas such as compliance with solvency requirements, stress-testing of solvency capital, automatic updating of compliance manuals etc.
The Insurance Authority Board of Directors has passed a resolution marking the amendment of some provisions of the regulations concerning insurance brokers. One such amendment that was passed concerned the issue of Letter of Guarantee: “The insurance brokers may submit to the Authority a request to reduce the amount of the Letter of Guarantee issued […]
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