ES-1.18 ES-1.18 Module IM — Insurance Intermediaries and Managers
ES-1.18.1
This Module provides a summary of Rules and Guidance applicable to
insurance intermediaries (insurance brokers andinsurance consultants ) andinsurance managers , that are contained in the main subject Modules of Volume 3 (Insurance). Module IM (Insurance Intermediaries and Managers) only contains Guidance material.Amended: January 2007ES-1.18.2
The
regulated insurance services ofinsurance consultants andinsurance managers are defined in Section AU-1.4, detailing the type of services that can be offered by these intermediaries.Amended: January 2007ES-1.18.3
The category of
insurance manager is being introduced in the Rulebook, as the CBB has also introduced a regulatory framework to cater to the unique nature ofcaptive insurers . The CBB recognises that, in most cases, the operations ofcaptive insurers are sub-contracted toinsurance managers . To simplify the approval of the management subcontracted by acaptive insurer , the licensing ofinsurance managers will have been considered by the CBB in detail as part of its licensing process.Amended: January 2007ES-1.18.4
The Module extracts the rules applicable to
insurance intermediaries andinsurance managers , including:(a) The requirements to have in place professional indemnity coverage forinsurance brokers andinsurance consultants . (Module GR);(c) Exemptions from quarterly and group financial reporting (Module BR).Amended: January 2007
Amended: October 2007
