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  • EN-5.3A EN-5.3A Financial Penalties for Non-Compliant Registered Appointed Representatives

    • EN-5.3A.1

      Section AU-1.3A and Chapter GR-9 dealing with appointed representatives, outlines specific requirements which insurance firms must comply with, particularly with regard to the registration and the fit and proper requirements of appointed representatives and their dealings with potential policyholders.

      Adopted: October 2009

    • EN-5.3A.2

      This Section outlines specific financial penalties dealing with the non-compliance of specific provisions of Section AU-1.3A and Chapter GR-9. The CBB views the breach of these requirements as a serious concern.

      Adopted: October 2009

    • EN-5.3A.3

      Where an insurance firm has appointed an individual appointed representative or the designated individuals of an incorporated appointed representative and these individuals do not comply with the requirements of Section AU-1.3A and/or Chapter GR-9, a financial penalty of BD500 will be imposed to the insurance firm for each individual found in breach of these provisions.

      Adopted: October 2009

    • EN-5.3A.5

      A decision to impose a financial penalty for non-compliance with Section AU-1.3A and/or Chapter GR-9 is unrelated to whether the CBB issues a formal warning; it is the insurance firm's responsibility to ensure that its appointed representatives comply with the requirements of Section AU-1.3A and Chapter GR-9.

      Adopted: October 2009