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  • CA-1.4 CA-1.4 Capital Requirements for Insurance Consultants and Insurance Managers

    • CA-1.4.1

      Insurance consultants and insurance managers must possess financial resources commensurate with the scale and nature of their insurance consultancy or management activities.

      Amended: January 2007

    • CA-1.4.2

      In determining the adequacy of the financial resources of insurance consultants and insurance managers, the CBB will consider, amongst other things:

      (a) The volume of business undertaken by the licensee;
      (b) The licensee's capacity to meet its financial obligations towards all clients in a timely and professional manner; and
      (c) The licensee's future business plans considering the capital available to meet all obligations and additional sources of capital when and if required.
      Amended: January 2007

    • CA-1.4.3

      There are no minimum capital and net assets requirements applicable to insurance consultants and insurance managers. However, Section AU-2.5 (Licensing Conditions: Financial Resources) requires all licensees to maintain adequate financial resources and to conduct their business in a prudent manner.