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  • TC-2.1 TC-2.1 Recruitment and Assessing Competence

    • Recruitment and Appointment

      • TC-2.1.1

        If an insurance licensee recruits or promotes an individual to undertake a controlled function, it must satisfy itself, where appropriate, of such individual’s relevant qualifications and experience.

        Added: October 2020

      • TC-2.1.2

        For purposes of Paragraph TC-2.1.1 insurance licensees must file Form 3 (Approved Persons) with the CBB and obtain the express written approval of the CBB for that person to occupy the desired position. In its application, the insurance licensee must demonstrate to the CBB that full consideration has been given to the qualifications and core competencies for controlled functions in Appendix TC-1 (See Article 65(b) of the CBB Law).

        Added: October 2020

      • TC-2.1.3

        Insurance licensees should refer to Module AU (Authorisation) providing detailed requirements on the appointment of individuals occupying controlled functions (approved persons).

        Added: October 2020

      • TC-2.1.4

        An insurance licensee proposing to recruit or appoint an individual has to satisfy itself, of his/her relevant qualifications and experience. The insurance licensee should:

        (a) Take into account the knowledge and skills required for the role, in addition to the nature and the level of complexity of the controlled function; and
        (b) Take reasonable steps to obtain sufficient information about the individual’s background, experience, training and qualification.
        Added: October 2020

    • Assessing Competence

      • TC-2.1.5

        Insurance licensees must not allow an individual to undertake or supervise controlled functions unless that individual has been assessed by the insurance licensee as competent in accordance with this Section.

        Added: October 2020

      • TC-2.1.6

        In determining an individual’s competence, insurance licensees may assess if the person is fit and proper in accordance with Chapter AU-3.

        Added: October 2020

      • TC-2.1.7

        Insurance licensees must assess individuals as competent when they have demonstrated the ability to apply the knowledge and skills required to perform a specific controlled function.

        Added: October 2020

      • TC-2.1.8

        The assessment of competence will be dependent on the nature and the level of complexity of the controlled functions. Such assessment of competence of new personnel may take into account the fact that an individual has been previously assessed as competent in a similar controlled functions.

        Added: October 2020

      • TC-2.1.9

        If an insurance licensee assesses an individual as competent in accordance with TC-2.1.7 to perform a specific controlled function, it does not necessarily mean that the individual is competent to undertake other controlled functions.

        Added: October 2020

      • TC-2.1.10

        An insurance licensee should use methods of assessment that are appropriate to the controlled functions as it relates to the individual’s role.

        Added: October 2020